Canada: Financial Restructuring

When is a physical supply contract an eligible financial contract that cannot be disclaimed in CCAA proceedings? The Alberta Court of King's Bench provides detailed guidance on this recurring question for commodity suppliers, lenders and restructuring professionals, expressly disagreeing with earlier authority in a landmark decision involving natural gas supply agreements in Colombia.

Receiverships and bankruptcy proceedings often share objectives, including preserving value, centralizing control and maximizing recoveries, but involve different decision-makers and different statutory frameworks.

Le gouvernement fédéral canadien a lancé le programme CGETDD pour soutenir les grandes entreprises confrontées à des déficits de liquidités causés par les droits de douane et les contre-mesures commerciales. Quelles sont les conditions d'admissibilité strictes que doivent remplir les entreprises pour accéder à ce financement de dernier recours, et comment démontrer de manière convaincante leur viabilité malgré les chocs commerciaux?

Plusieurs décisions judiciaires notables rendues en 2025 demeurent importantes pour les entreprises, les prêteurs commerciaux et les professionnels de l’insolvabilité.

The Alberta Court of King's Bench recently appointed a receiver to facilitate foreign liquidators running a claims process to recover funds from "net winners" of a Ponzi-type scheme located in several different provinces in Canada. This decision illustrates a powerful tool available in cross-border insolvency proceedings to recover assets located in Canada, particularly where assets are held by individuals in multiple provinces and recovery may involve determination of common issues.

In One Bloor West Toronto Group (The One) Inc. (Re), 2026 ONSC 1854 (“One Bloor West”) the Ontario Superior Court of Justice helpfully confirmed the jurisdictional basis for...

On a motion to approve a distribution order in Re: 1000156489 Ontario Inc., the Ontario Superior Court of Justice declined to exempt the Monitor from the provisions of certain tax legislation regarding the tax and withholding obligations of taxpayers' representatives on distributions.

In Cineplex Inc. v. The King, 2026 TCC 15, the Tax Court of Canada examined whether a large lump-sum payment made in connection with the closure of unprofitable business operations should be characterized as a current expense deductible...

Bien que les procédures d'insolvabilité de sociétés aient diminué en 2025 par rapport à 2024, les développements juridiques d'intérêt n'ont pas manqué.