Regional news: Canada

Recognition of US judgment upheld in Canada

A Canadian footwear company will have to pay the professional costs of a US affiliate’s Chapter 11 case, after failing to overturn the recognition of a Nevada judgment in Saskatchewan on appeal.

20 April 2021

HSBC strikes out two Stanford Ponzi scheme claims on appeal

Liquidators of the Stanford International Bank Ponzi scheme will neither be able to bring a dishonest assistance claim, nor a Quincecare damages claim against HSBC for money it paid out to creditors before the scheme was wound-up, after a double success on appeal for the Hong Kong and Shanghai bank.

15 April 2021

Cryptocurrency is property, rules Canadian court

In the first Canadian case of its kind, cryptocurrency has been recognised as “property” under the country’s Business and Insolvency Act.

14 April 2021

Texas court recognises Just Energy’s CCAA process

A Texas bankruptcy court has granted full recognition to Canadian retail energy provider Just Energy’s CCAA proceedings, which were triggered by the unprecedented winter storms and skyrocketing electricity prices in Texas in February.

09 April 2021

Argentine power provider enters Chapter 11

Power plant operator Stoneway Capital Corporation has applied for Chapter 11 protection in the US and is likely to abandon its Canadian restructuring, after environmental claims filed against it in Argentina prevented the extension of a standstill agreement with creditors.

08 April 2021

Fried Frank continues growth with New York hire

Weeks after Mandip Englund joined its London restructuring group, Fried Frank has hired veteran Kasowitz Benson Torres partner Adam Shiff in New York.

06 April 2021

Weil Gotshal advising as Brooks Brothers enters UK administration

UPDATED: US clothing group Brooks Brothers has placed its UK arm into administration after securing approval of a Chapter 11 plan to wind down its remaining assets following a sale last year.

06 April 2021

US paparazzi agency files for bankruptcy following Meghan Markle lawsuit

Blaming an “unbearably expensive” privacy claim lodged against it in England by Meghan Markle, US paparazzi outlet Splash News & Picture Agency has filed Chapter 11 proceedings in Nevada – with plans to hire Pinsent Masons to seek recognition in the UK.

25 March 2021

Knotel sold out of Chapter 11 after Canadian recognition

Struggling flexible office space operator Knotel has received court approval for its sale to a subsidiary of US commercial real-estate giant Newmark, after its Chapter 11 proceedings were recognised in Canada.

24 March 2021

Opioid maker Purdue submits US$10 billion Chapter 11 plan

A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.

16 March 2021

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