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.
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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 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.
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.
The Brazilian Bankruptcy Law — enacted in February 2005 — has not adopted the UNCITRAL Model Law regarding transnational insolvency.
For the Cayman Islands insolvency community, 2017 could fairly be called the Year of the Redeeming Shareholder. The Judicial Committee of the Privy Council, the ultimate appeal court for Cayman and several other important offshore jurisdictions, delivered two judgments originating from the Cayman Islands this past year.
Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call: “Tally, I think one of the world’s largest shipping companies is going to file for bankruptcy in Korea and seek chapter 15 protection in New York, are you up for being my local counsel?” This was in early August 2016, and my life has not been the same since.
This article addresses foreign discovery pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) and the application of the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters (the “Hague Convention” or the “Convention”) to such discovery.
Since the seminal decision of the Ontario Court of Appeal in Metcalfe & Mansfield Alternative Investment II Corp. (“Metcalfe”) in 2008, third party releases have been part of the restructuring landscape. Metcalfe involved the asset back commercial paper crisis that resulted from the financial crisis of 2007-2009.
More than a decade after chapter 15 was added to the Bankruptcy Code,[1] there has been an influx of large, complex cases brought by foreign representatives in the U.S. Bankruptcy Court.
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