Canadian Bankruptcy and Insolvency Law: Cases, Text, and Materials, 3rd Edition

Author(s):

Anthony Duggan, Stephanie Ben-Ishai, Janis Sarra, Thomas Telfer, Roderick Wood

ISBN:

978-1-55239-641-4

Publisher:

Emond Publishing

Page Count:

1,008

Status:

Available

Publication Date:

December 2014

Subjects:

Business, Corporate, and Commercial Law

Overview
Features
Contents
Authors

Authored by leading experts from across the country, the third edition of Canadian Bankruptcy and Insolvency Law: Cases, Text, and Materials provides detailed and cutting edge commentary on all aspects of Canadian bankruptcy and insolvency law. The presentation of content fosters an appreciation for the intellectual, political, and practical importance of bankruptcy law, and the manner in which it permeates many aspects of modern corporate, commercial, and consumer law. In addition to providing students with an overview of the key issues in contemporary bankruptcy law, this casebook addresses the procedural aspects involved in different types of bankruptcy and insolvency proceedings, and their impact on debtors and creditors.

This edition of Canadian Bankruptcy and Insolvency Law: Cases, Text, and Materials has expanded in several areas to account for recent developments and elaborate upon particular subjects. It features new material on fraud, the objectives and outcomes of corporate restructuring proceedings, liquidations proceedings and asset sales under the CCAA, and developments following the enactment of the new BIA and CCAA cross-border insolvency provisions.

This casebook offers insight into the interplay of social, economic, and legal issues in the development of modern bankruptcy policy, and it is an invaluable resource for law students seeking to understand the actual operation of the Canadian bankruptcy system.

Discusses the influence that global interconnectedness has had on bankruptcy policy development
Presents a comparative analysis of the approaches taken in other jurisdictions
Provides a sequential account of voluntary and involuntary bankruptcy proceedings under the Bankruptcy and Insolvency Act for consumer and commercial bankruptcies, and commercial restructuring of debt pursuant to the Companies’ Creditors Arrangement Act
Outlines conflict of laws rules governing cross-border insolvencies, and Canada’s adoption of the UNCITRAL Model Law on Insolvency
Examines the developments that have been made to regulate the credit counselling industry in various jurisdictions, and the impact of the economic recession on consumer debt levels
Offers insightful commentary on how the bankruptcy system balances its policy objectives and operations (i.e. the rehabilitation of debtors and maintaining the integrity and efficiency of the system)

Part I — Introduction

Chapter One — Introduction, Evolution, and Modern Objectives

I. Introduction

II. Evolution of Bankruptcy Law

III. Modern Bankruptcy Objectives

Chapter Two — Constitutional Aspects and the Structure of the Bankruptcy System

I. Constitutional Aspects

II. The Structure of the Bankruptcy System

III. Conclusion

Part II — Bankruptcy

Chapter Three — Initiation of Bankruptcy Proceedings and Consequences of Bankruptcy

I. Introduction

II. Initiation of Bankruptcy Proceedings

III. Consequences of Bankruptcy Order: Stay of Proceedings

Chapter Four — Property of the Estate

I. Introduction

II. What Is "Property"?

III. Secured Creditors

IV. Bona Fide Purchasers and the Like

V. Trusts

VI. The Intersection of Bankruptcy and Family Law

VII. Sales

VIII. Set-ff

Chapter Five — Review of Pre-Bankruptcy Transactions

I. Introduction

II. The Provincial Fraudulent Conveyance Laws

III. The BIA Transfers at Undervalue Provision

IV. The BIA Preference Provisions

V. The Provincial Preference Provisions

Chapter Six — Executory Contracts

I. Introduction

II. Disclaimer

III. Affirmation

IV. Assignment

Chapter Seven — Claims Against the Estate and Recovery of Claims

I. Introduction

II. Illustrative Cases

III. The Rule Against Double Proof

Chapter Eight — Secured Creditors, Crown Claims, and Statutory Deemed Trusts

I. Introduction

II. Secured Creditors' Claims

III. Crown Claims

Chapter Nine — Ranking of Creditors and Distribution of Proceeds

I. The Bankruptcy Scheme of Distribution

II. Unpaid Suppliers

III. Wage Claims

IV. Pension Fund Contributions

V. Environmental Claims

VI. Preferred Claims

VII. The Pari Passu Rule

VIII. Postponed Claims

Chapter Ten — Liability of Corporate Directors and Insolvency

I. Introduction

II. Directors' Personal Liability for Corporate Debts

III. Sanctions for Director and Officer Conduct Detrimental to Creditors

Chapter Eleven — Individual Bankruptcies and Consumer Issues

I. Introduction

II. Role of Trustees

III. Exempt Property

IV. Debtor's Obligation to Contribute Surplus Income to the Estate

V. Discharge

VI. Reaffirmation of Discharged Liabilities

VII. Credit Granting Practices and Their Impact on Bankruptcy Filings

Part III — The Companies' Creditors Arrangement Act

Chapter Twelve — The Companies' Creditors Arrangement Act: An Introduction

I. introduction

II. The Essentials of Restructuring Law

III. Scope of the CCAA

IV. The Initial Filing

V. Scope of the Stay

Chapter Thirteen — Carrying On Business During CCAA Proceedings

I. Introduction

II. The Monitor

III. Governance

IV. Executory Contracts

V. Derivatives

VI. Interim (DIP) Financing

VII. Critical Suppliers

VIII. Aspects of the Sale Process in Liquidating CCAAs

Chapter Fourteen — Claims

I. Introduction

II. Disputed and Late Claims

III. Mass Tort Claims

IV. Priorities

V. Avoidable Transactions

VI. Set-Off

Chapter Fifteen — Approval of CCAA Plans

I. Introduction

II. Voting and Classification of Claims

III. Acquisition of Claims

IV. Treatment of Shareholders

V. Treatment of Equity Claims

VI. Court Approval

Part IV — Bankruptcy and Insolvency Act Proposals

Chapter Sixteen — Bankruptcy and Insolvency Act Commercial Proposals

I. Genesis and Evolution of Commercial Proposals

II. Key Features of the Commercial Proposal Regime

III. Case Law

IV. Operational Experience Under BIA Part III.

Chapter Seventeen — Consumer Proposals

I. Alternatives to Consumer Bankruptcies

II. Case Law on Consumer Proposals

III. Credit Counselling and Consumer Education as Part of the Bankruptcy Process

Part V — Receiverships

Chapter Eighteen — Receiverships

I. Introduction

II. The Position at Common Law

III. The Statutory Regulation of Receiverships

IV. Priorities

V. The Rise and Fall of the Interim Receiver

VI. The New Approach to Receiverships

VII. Template Receivership Orders

Part VI — International Insolvencies

Chapter Nineteen — International Insolvencies

I. Introduction

II. Jurisdiction of Canadian Courts

III. Recognition and Enforcement of Foreign Insolvencies

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