To mark the looming onslaught of bills from holiday expenses, it is fitting, albeit in somewhat of a sadistic way, to discuss the Supreme Court of Canada's ("SCC") most recent pronouncements in the field of insolvency law. On December 16, 2010 the SCC released its decision in Century Services Inc v Canada (Attorney General), 2010 SCC […]
The pressing need to modernize the federal Bank Act, SC 1991, c 46 [Bank Act] was recently highlighted in the Supreme Court of Canada’s ("SCC") decision in Bank of Montreal v Innovation Credit Union, [2010] 3 SCR 3. In this case, the SCC was forced to engage in legal acrobatics in order to remedy a legislative […]
This November, the Supreme Court of Canada ("SCC") will weave in and around federal and provincial legislation that has generated consternation over divorce and property division equity in Canadian provinces. The judges will hear party submissions from the Manitoba Court of Appeal ("MCA") decision of Schreyer v Schreyer, 2009 MBCA 84, a judgment that ultimately released […]
Last week, The Court discussed the constitutionality of the proposed federal Securities Act. This second post discusses the potential effects that the Act may have on the securities trade in Canada. In a move to address systemic inconsistencies in Canadian securities regulation, the federal government recently drafted a federal Securities Act, intended to coordinate and […]
Newfoundland has failed in its latest effort to compel AbitibiBowater Inc. to clean up industrial sites that the company once owned and operated in the province. The Quebec Court of Appeal decision in Newfoundland v. AbitibiBowater Inc., 2010 QCCA 965, denied the province leave to appeal of an earlier decision by the Superior Court in […]
On April 1st, 2010, the Supreme Court of Canada granted leave to appeal to I-Trade Finance Inc. v. Bank of Montreal. In a nutshell, financing was obtained from an innocent party through fraudulent means. These assets were then used to obtain credit from a second innocent party. After the fraud was discovered, there were insufficient assets to […]
The only surprising thing about the recent Supreme Court of Canada ("SCC") decision in Quebec (Revenue) v Caisse Populaire Desjardins de Montmagny, [2009] 3 SCR 286 [CP Desjardins de Montmagny] is that the Quebec Superior Court ("QCSC") at first instance found in favour of the Crown in all three cases from which the appeals arose. The issue […]
On October 23, 2008, the Supreme Court of Canada announced that it granted leave to appeal to an unusual B.C. case that, despite a recognized need for refinement, is unlikely to significantly clarify the law of fiduciary duty. Perez v Galambos, 2008 BCCA 91 presents a fact scenario in which the relationship between the parties suffers […]
On September 2, 2008, various holders of Asset Back Commercial Paper notes, sought leave to appeal to the Supreme Court of Canada in Metcalfe & Mansfield Alternative Investments II Corp, (Re), 2008 ONCA 587 [Metcalfe]. following the Ontario Court of Appeal’s approval of a Plan of Compromise and Agreement, which takes away the ABCP holders’ rights […]
Both sides in Barclays Bank PLC v Metcalfe & Mansfield Alternative Investments VII Corp., in its capacity as trustee of Devonshire Trust, et al. [Metcalfe & Mansfield] (involving the treatment of asset-backed commercial paper in a bankruptcy settlement) have now stated their hopes that, should the Supreme Court of Canada hear the case, it might come to […]