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Insolvency

By McCarthy Tétrault LLP | 3 Minutes Read March 20, 2020

COVID-19 Considerations from our bankruptcy & restructuring experts

Because of the speed with which the recent adverse circumstances have developed, businesses that may have otherwise been able to adapt may not have had an opportunity to do any meaningful contingency planning.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Information Technology, Privacy / contingency planning, COVID-19, Insolvency, revenue, risk management, supply chain disruption, supply chain risk management Leave a Comment

By McCarthy Tétrault LLP | 5 Minutes Read December 20, 2019

Firepower: Guidance on whether commissions owed to salespersons are held in trust by a business and outside of insolvency

In Firepower Debt GP Inc. v. TheRedPin, Inc., 2019 ONCA 903 (“Firepower”), the Ontario Court of Appeal recently affirmed a decision of Justice Penny that commissions held by an insolvent real estate brokerage but owed to real estate salespersons were not held in trust and were thus subject to the security of the brokerage’s lenders.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Payroll / bankruptcy, commission trust, commissions, employment contracts, financial statements, Insolvency, salesperson

By McCarthy Tétrault LLP | 7 Minutes Read September 20, 2019

The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding

Ontario’s highest court has created a framework for determining when it is appropriate for courts to approve sales and vest out interests in assets in the context of insolvency proceedings. This has given resource extraction industries and insolvency practitioners some much needed clarity on how to navigate situations when assets subject to encumbrances and other interests are being sold, especially when land subject to a royalty interest is involved.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / bankruptcy and debt, Insolvency, insolvency proceeding, mining and energy assets, resource extraction industry, vest out a royalty

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