Regional news: Canada

Ontario court upholds claim against Cassels Brock for conflict in GM bankruptcy

A Canadian appeals court has found that car dealers who settled with General Motors as part of the conglomerate’s restructuring cannot now bring claims over the settlement, but simultaneously ruled that the dealers’ counsel, Cassels Brock & Blackwell, should compensate them for a conflict of interest.

07 July 2017

California businessman denied leave to appeal relief decision in Canada

A Canadian entrepreneur who has resided in California for 27 years and was formerly bankrupt in the US, has been denied leave to appeal a Canadian court’s refusal to declare him insolvent, as a hearing looms to consider whether his bankruptcy is res judicata.

06 July 2017

Essar Steel creditors denied leave to appeal in Ontario

A Canadian appeals court has denied two motions for leave to appeal brought by creditors of bankrupt steel producer Essar Steel Algoma, after three previous attempts to extract payments from the company failed in a lower court.

15 June 2017

Canadian court throws out Fairfield funds’ suit against PwC

A Toronto court has found that investment vehicle Fairfield Sentry, a victim of the Bernie Madoff fraud to the tune of US$7 billion, has no case against its auditors PricewaterhouseCoopers because alleged failures on the consultancy’s part resulted in a net benefit to the fund.

15 June 2017

Nortel judge joins Thornton Grout Finnigan and Arbitration Place in Canada

After sitting on the bench in the Ontario Superior Court of Justice for more than 10 years, Justice Frank Newbould QC has returned to private practice in Toronto.

13 June 2017

Canadian court rejects Essar Steel motion in landmark DIP extension ruling

A Canadian court has rejected an attempt by bankrupt steel producer Essar Steel Algoma to extend a DIP loan, despite the proposal attracting support from DIP lenders, noteholders, and the court-appointed monitor, Ernst & Young.

01 June 2017

Canadian music company seeks Chapter 15 relief in harmony with Canadian stay

A company that provides background music to shops has sought Chapter 15 protection in New York, citing concerns that creditors will not respect the stay imposed by the Ontario court overseeing its restructuring.

24 May 2017

Community roundup: New appointments at Pepper Hamilton, Gardere Wynne Sewell and CMS

Pepper Hamilton, Gardere Wynne Sewell and CMS Cameron McKenna Nabarro have all witnessed lateral partner hires and promotions over the past few weeks, while consultancies announced changes at the top in England, Scotland and Canada.

22 May 2017

Ontario court allows distribution of Maple Bank assets in Germany

An Ontario court has allowed the liquidators of defunct Canadian-German lender Maple Bank to hand a portion of the proceeds of its winding-up to German authorities to pay creditors facing “considerable foreign exchange risks”.

02 May 2017

Community round-up: lateral hires and promotions in Canada, UK, Australia and Isle of Man

Firms in Canada, Isle of Man, Melbourne and London have announced hires in recent weeks, while a leading magic circle firm has promoted a new restructuring lawyer.

26 April 2017

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