fmc-law.com RSS Feeds - Publications - Insolvency | Restructuringhttp://www.fmc-law.com/upload_net/rss/en/Insolvency.xmlThu, 31 May 2012 10:01:17 GMTen-us5In this article, Mary Picard and Jane Dietrich highlight key portions of two decisions from February 2012 of the Ontario Superior Court in Re Timminco Limited. In these decisions, the Court applied the reasoning of the Ontario Court of Appeal in the controversial Re Indalex decision (which previously held that in certain circumstances a pension plan wind-up deficit should be paid in priority to claims of secured creditors). The Supreme Court of Canada is scheduled to hear an appeal of Re Indalex on June 5, 2012.  In Re Timminco Limited, Justice Morawetz applied the reasoning of the Ontario Court of Appeal in Re Indalex but came to a different result. Justice Morawetz concluded that in the context of the CCAA proceedings at issue in Re Timminco Limited, it was appropriate and necessary for the Ontario statutory deemed trusts in respect of pension amounts to rank subordinate to the court-ordered administration charge, directors & officers charge and the debtor-in-possession charges.   Read more by clicking the download button.http://www.fmc-law.com/Publications/0212_Picard_Dietrich_Re_Timminco_Limited.aspxFri, 17 Feb 2012 07:00:00 GMThttp://www.fmc-law.com/Publications/0212_Picard_Dietrich_Re_Timminco_Limited.aspxIn a recent decision released in the Hollinger Inc., Companies' Creditors Arrangements Act (CCAA) proceeding, the Ontario Court of Appeal upheld a sealing order that protects from public disclosure the settlement amounts to be paid by Torys LLP and KPMG LLP under their respective settlement agreements with Hollinger, until such time as the settlements receive court approval. This decision is one of the few in which a sealing order has been granted in order to protect settlement privilege. While sealing orders are often used to protect commercially sensitive information, they have not typically been granted to protect settlement negotiations or settlement agreements. This update outlines the court's decision in Hollinger (Re) and discusses the types of information and contexts that most often engage the subject of confidentiality orders. While settlement privilege has been protected by sealing orders in previous cases, such cases are uncommon. This update also attempts to explain why the court upheld the sealing order in this case, despite the limited precedent. Arguably, it may have done so, in part, because of the narrow and time-limited nature of the order. Republished with permission. Read more by clicking the download button.http://www.fmc-law.com/Publications/1111_The_Hollinger_Sealing_Order_Emblem.aspxTue, 08 Nov 2011 07:00:00 GMThttp://www.fmc-law.com/Publications/1111_The_Hollinger_Sealing_Order_Emblem.aspxIn this publication, FMC's John Sandrelli and Owen James discuss the seminal case of Century Services Inc. v Canada (Attorney General), where by the Supreme Court of Canada for the first time, directly interpreted key provisions of the Companies’ Creditors Arrangement Act (the CCAA), Canada’s “statute of choice” for complex insolvencies and restructurings. The judgment of Canada’s highest court is notable for the following reasons: it reconciled an apparent conflict between the CCAA and the Excise Tax Act (the ETA), which lower courts across Canada had previously interpreted as conferring a priority for goods and services taxes (GST) on the Crown in CCAA proceedings; and more importantly for insolvency practitioners, who are regularly required to seek the court’s assistance in resolving the novel and often complex challenges that arise in a CCAA restructuring, it addressed the scope of the court’s jurisdiction and discretion when supervising a CCAA reorganisation. To read more, click here.http://www.fmc-law.com/Publications/Whos_Who_Insolvency_Restructuring_2011.aspxFri, 01 Jul 2011 06:00:00 GMThttp://www.fmc-law.com/Publications/Whos_Who_Insolvency_Restructuring_2011.aspx