Regional news: Canada

Discount shoe retailer kicks off restructuring with Chapter 11 and CCAA filings

Global discount footwear retailer Payless has filed for Chapter 11 bankruptcy protection in the US, and is due to seek ancillary relief under the Companies’ Creditors Arrangement Act in Canada by the end of the week.

06 April 2017

Ontario court upholds global injunction in dispute over troubled Chinese forestry group

An Ontario court has found that a worldwide Mareva injunction can be imposed over the assets of the former head of a Chinese forestry company, even though none of those assets are in Canada.

31 March 2017

Receiver in 15-year Canadian fraud case ordered to disclose Swiss counsel fees

An Ontario court has ordered an interim receiver working to track down assets in a collapsed fraud scheme to disclose invoices for fees owed to counsel in related litigation in Switzerland, noting “palpable hostility” from scheme claimants worried about the dissipation of the estate.

21 March 2017

Debt investor seeks bankruptcy protection in New York and Ontario

US-Canadian consumer debt investor SquareTwo has filed for bankruptcy protection in New York, with recognition of the proceeding to be sought in Ontario.

21 March 2017

UK court breaks new ground in enforcing New York “judgment by confession”

An English court has for the first time upheld the enforceability of a US judgment that was not preceded by active proceedings between the parties, ruling that a US$172 million judgment debt against international metalworking group Essar Steel is enforceable in the UK.

20 March 2017

Delaware court upholds legal fees from Nortel settlement

A Delaware judge has upheld claims for legal fees in the bankruptcy proceedings surrounding Nortel Networks, finding that the complexity of the case justified most of the charges.

17 March 2017

Cassels Brock poaches DLA Piper’s Canada restructuring head

Cassels Brock & Blackwell has hired two DLA Piper restructuring partners with experience in cross-border matters, including the firm’s Canadian restructuring chair.

10 March 2017

Helicopter group set for Cayman relaunch after Texas court approves global plan

A Texas bankruptcy court has sanctioned a global restructuring plan for helicopter group CHC, clearing the path for the group to close proceedings in the US, Canada and the Cayman Islands in a matter of weeks.

07 March 2017

Bermudian court grants accelerated winding-up for Chapter 11 debtor

A Bermudian court has granted an application for the voluntary accelerated liquidation of a Bermudian oil & gas company, to assist in driving through its US parent’s US$1.3 billion debt restructuring plan recently approved by a Texan judge.

03 March 2017

Canadian logistics group gets provisional Chapter 15 relief

A Delaware Court has granted provisional relief under Chapter 15 of the US bankruptcy code to Axios Logistics, providing it with immediate protection pending an Ontario court-supervised receivership initiated by an office of the Canadian government.

02 March 2017

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