Regional news: Canada

Canada’s largest tobacco vender files Chapter 15 in New York

The Canadian subsidiary of British American Tobacco has sought recognition of its Ontario Companies’ Creditors Arrangement Act proceedings in New York, as it faces billions of dollars’ worth of claims in Canada.

15 March 2019

Cayman conference criticises comity in Congo concealment case

US speakers at GRR Live Offshore have criticised a New York District Court’s dismissal on comity grounds of a litigation against Canada’s Banro Corporation, solely because it is in CCAA proceedings in Ontario.

14 March 2019

Canadian academic named IWIRC Woman of the Year

The International Women’s Insolvency and Restructuring Confederation (IWIRC) has named University of British Columbia law professor Dr Janis Sarra as its 2019 Women of the Year in Restructuring.

12 March 2019

Payless plans to liquidate with latest Chapter 11

Discount shoe retailer Payless has filed for Chapter 11 protection in Missouri, replacing Kirkland & Ellis with Akin Gump for its second bankruptcy in less than two years.

20 February 2019

Canadian cryptocurrency exchange enters CCAA

A cryptocurrency exchange has entered Companies’ Creditors Arrangement Act proceedings in Canada after its director died suddenly in India, leaving at least 92,000 customers unable to withdraw over C$260 million worth of cash and cryptocurrency.

08 February 2019

A new dawn for HMV as business sold to Sunrise Records

A multidisciplinary team from Browne Jacobson has been advising Canadian music company Sunrise Records as it acquires insolvent UK-based entertainment retailer HMV’s business and assets.

06 February 2019

Environmental obligations survive bankruptcy, Canadian Supreme Court rules

An insolvent oil producer under the receivership of Grant Thornton must use its assets to satisfy its environmental clean-up obligations before addressing creditors’ claims, following a ruling by Canada’s highest court.

04 February 2019

Gymboree to wind down in US and Canada

Children’s clothes retailer Gymboree has filed for Chapter 11 protection in Virginia and commenced parallel proceedings in Ontario under the Bankruptcy and Insolvency Act, just over a year after it exited another bankruptcy process.

23 January 2019

Texas holdem... fraud actions: Canadian court says claim against gambler must wait

A Texas couple’s request for leave to purse a claim against a professional gambler, whom they say defrauded them out of US$9.7 million for a “show of wealth” at an elite Las Vegas casino, must be heard with an appeal of a decision by his Canadian bankruptcy trustee.

30 November 2018

Venezuela to keep Citgo in Crystallex deal

Canadian mining company Crystallex, which is undergoing CCAA proceedings in Toronto, has received US$500 million from Venezuela as partial payment for an arbitral award, under a deal allowing the state to keep hold of its national oil company’s US refining subsidiary.

29 November 2018

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