Which group of creditors is entitled to the money held by a monitor for purposes of carrying out a plan of arrangement under the Companies’ Creditors Arrangement Act (“CCAA”) when the debtor goes bankrupt prior to the distribution: only the creditors covered by the plan of arrangement, or all of the creditors, even those not covered by the plan, for example, subsequent creditors? This controversial issue was considered by Judge Jean-Yves Lalonde in
I once heard that Chinese architects have a curious, but effective, way of designing public squares. First, they will sow seeds over the surface of the square and wait till the grass grows. Then, they will let people walk around the square for a period of time. Finally, the stepped areas will help the architects decide which paths across the square to pave ...
a recent Superior Court decision rendered in the Province of Quebec is of interest. This decision rendered by Judge Jean-François Emond, sitt ing in Bankruptcy division for the Superior Court in the District of Quebec City, deals with a Progress Payment Agreement and a Mast er Lease Agreement between a financing company, Maxium Financial Services Inc. (hereinafter: “Maxium”) and a golf cart rental company, Desrosiers Golf Inc. (hereinafter: “Desrosiers”) ...
The UK is a mature oil and gas province, past its peak, competing for investment in a global market. Nevertheless, there are still huge reserves of oil and gas remaining. Industry association Oil and Gas UK (OGUK) estimates that up to 25 billion barrels of oil equivalent could still be produced from UK waters. To put that in perspective, around 40 billion barrels have been produced to date ...
The UK is a mature oil and gas province, past its peak, competing for investment in a global market. Nevertheless, there are still huge reserves of oil and gas remaining. Industry association Oil and Gas UK (OGUK) estimates that up to 25 billion barrels of oil equivalent could still be produced from UK waters. To put that in perspective, around 40 billion barrels have been produced to date. OGUK forecasts that with sufficient investment the UK could be producing 1 ...
This is Lawson Lundell’s web-based publication dedicated to keeping readers informed aboutdevelopments in Canadian mining law. For more information regarding the articles in thisnewsletter, please contact Chris Baldwin at 604.631.9151 or [email protected] orChristine Kowbel at 604.631.6762 or ckowbel@lawsonlundell ...
On April 16, 2010, the Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
The Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
Maintaining cash flow is a significant challenge in the current economic climate. What started as a 'credit crunch' is now a real squeeze for business - with customers trying to defer payment terms while suppliers apply pressure for earlier payment. Pre-contract Truly effective credit management begins at the pre-contractual stage, as this is usually the point of greatest leverage with the customer ...
1. The Concepts of “Trust” and “Security Trustee” It would be difficult to identify a universally accepted definition of “trust” and “security trustee” although these legal concepts appear to be well-developed in common law systems and are also acknowledged in a few civil law jurisdictions ...
A recent ruling should provide some comfort for non-U.S. companies involved in U.S. trademark oppositions or cancellations. The United States Patent and Trademark Office (USPTO) has clarified that companies with no U.S. operations cannot easily be forced to travel to the U.S. for oral depositions. In 2007, an appeals court ruled that a foreign corporation party to a proceeding before the Trademark Trial and Appeal Board (TTAB) of the USPTO can be subjected to oral deposition in the U.S ...
The European Court of Justice (ECJ) has today given its decision on the question of whether or not Google AdWords are a trade mark infringement. This case had the potential to change dramatically the way we viewed the question of what constitutes ‘trade mark use’ and therefore ‘infringement’ ...
Contents* Quebec Modernizes its Corporate Law * Choosing a Name you Intend to Keep * Deemed Year-End on Loss of CCPC Status: One Possible Solution * Renewal Option or Privilege QUEBEC MODERNIZES ITS CORPORATE LAWValérie [email protected] Bill 63 – The Business Corporations Act was tabled before the National Assembly on October 7, 2009 and assented to on December 4, 2009 ...
Following the public discussions which took place after the approval of the Decree-Law no. 317/2009 of 30 October (Decree-Law 317/2009)[1], Decree-Law no. 3/2010 of 5 January (Decree-Law 3/2010) was published in the Official Gazette, imposing a prohibition on credit institutions to charge on automated teller machines[2] (ATM) transactions, as well as, a prohibition on beneficiaries to charge payment transactions in automatic payment terminals and devices[3] ...
One of the main talking points in the energy sector in recent months has been concerned with 'getting smart metering right'. But what is it about smart metering that businesses in particular have to 'get right'? To start, smart metering is not new – a number of countries have already been using it for different purposes. For example, in Italy, one of the motivating factors was to improve customer payment for energy ...
Recent developments in health and safety law will affect all those involved in offshore renewables projects, which are very much in focus following the Crown Estate’s announcement of Round 3 awards in early January. However, the new rules do bring clarity and consistency for those working in the sector and bring offshore health and safety regulation in line with onshore projects ...
Interest rates have remained at an all time low of 0.5% for 10 months in a row and the Bank of England is continuing with its quantitative easing programme. It has been upped to a £200bn asset purchase programme to increase the money in the UK’s financial system and boost bank lending. Meanwhile, total government debt is projected to rise to £1.4 trillion, nearly doubling to 80% of GDP ...
To support the mining business the Minister of Energy and Mineral Resources issued Regulation No.28 of 2009 regarding Mineral and Coal Mining Services Business (“GR No.28/2009”) on 30 September 2009. This regulation facilitates the implementation of Article 127 of Law No.4 of 2009 regarding Mineral and Coal Mining (“Mineral and Coal Mining Law”). The regulation repeals and replaces, certain previous ministerial decrees.Under Article 3 of GR No ...
As an initiative to develop Islamic finance and Islamic fund management in Hong Kong, the SFC signed a Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes (Declaration) with the Securities Commission of Malaysia (MSC) on 9 November 2009, which provides a framework for the mutual recognition of Islamic funds (excluding hedge funds, wholesale funds and real estate investment trusts as defined in the
Chapter 10.2 of the SFC's Code on Unit Trusts and Mutual Funds (Code) requires that pricing errors for SFC authorised funds should be corrected as soon as possible and all necessary action should be taken to avoid errors occurring in the future. If the pricing error results in an incorrect price of 0 ...
As a consequence of the recent wave of successful SFC insider dealing criminal prosecutions, responsible officers (ROs) are asking what they need to do to protect their companies and themselves. ROs are obliged to take all reasonable measures to ensure that proper safeguards exist to prevent the licensed corporation and its employees from insider dealing ...
Following the public consultation early this year on proposals for a legislative framework to upgrade the current anti-money laundering (AML) regime in the financial sector, Hong Kong's Financial Services and Treasury Bureau (FSTB) has launched a second-round consultation ...
Last November 6, the government of Québec held an important working session that brought together various northern partners for the purpose of ensuring the sustainable and socially responsible development of the vast territory covered by the Plan Nord.Back in the fall of 2008, the Québec government announced the introduction of this Plan Nord for the economic development of the territory of northern Québec ...
FINANCING AND INTELLECTUAL PROPERTY — MAXIMIZING FINANCING OPTIONS THROUGH INTELLECTUAL PROPERTY ASSETS Steve Boucratie [email protected] In recent years, lenders have demonstrated an increasing interest in intellectual property assets, which may be described as “intangible” assets. This is excellent news for businesses in the knowledge and technologies sector whose main assets are often their intellectual property rights ...
