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Hosted by the International and Legislation Committees: In recent years, multiple jurisdictions have reformed or modernized their insolvency laws, either through incremental amendments or by entirely replacing the legislation. In this session, attendees will hear from practitioners from various jurisdictions about what motivated the decisions to amend their insolvency laws — and how the process unfolded in practice.
As Canada moves toward marijuana legalization in 2018, the cannabis industry is quickly emerging as one of the most promising Canadian markets. Early estimates predict that the medical/recreational cannabis industry will reach $10 billion by 2020, offering exciting opportunities for astute entrepreneurs.
The new safe harbour from insolvent trading is the most significant change to corporate insolvency law in Australia since the introduction of voluntary administration in 1993. Before the reform was enacted, directors of insolvent companies were effectively mandated to appoint a voluntary administrator. The new safe harbour encourages directors to attempt an informal turnaround upon insolvency rather than immediately appointing a voluntary administrator or liquidator.
Background: Insolvent Trading Prohibition and Voluntary Administration
The collapse of the Urbancorp group of companies has provided an opportunity for an unusual interplay of bankruptcy proceedings between Canada and Israel. The courts in both countries have had to address issues and demonstrate significant judicial cooperation between two countries with vastly different legal systems. This article provides a brief background around the companies and touches on three of the orders that are of interest to practitioners from an international perspective.
The recent decision by the Federal Court of Appeal (FCA) in Canada v Callidus Capital Corporation[1] has turned on its head the commonly understood ordering of priorities amongst secured creditors and the Canada Revenue Agency’s (CRA) “deemed trust” claims in and out of bankruptcy proceedings.
