July 21, 2020 - In a unanimous decision, the Québec Court of Appeal (QCA) put an end to a controversy in the case law regarding the implementation of the receiver regime under the Bankruptcy and Insolvency Act (BIA) in Québec. The QCA confirmed that a secured creditor can have a receiver appointed under...
Imperial Tobacco Canada Obtains Creditor Protection
Davies is acting for FTI Consulting Canada Inc. in its capacity as court-appointed monitor of Imperial Tobacco Canada Limited and its affiliated corporation, Imperial Tobacco Company Limited, in proceedings under the Companies' Creditors Arrangement Act and Chapter 15 of the U.S. Bankruptcy Code.
Imperial filed for protection amidst ongoing litigation claims across Canada, including a Québec Court of Appeal judgment holding the industry liable to pay a maximum of $13.6 billion in damages to Québec class action plaintiffs. The protection will allow the company to operate in the normal course while it seeks to resolve the billions of dollars’ worth of tobacco-related claims it is currently facing, including numerous class actions in various provinces and provincial government health care cost recovery actions.
May 27, 2020 - As part of the federal government’s response to the COVID-19 pandemic, the Department of Finance recently published a draft legislative proposal, the Time Limits and Other Periods Act (COVID-19) (Proposal), that, if implemented, would provide for an automatic six-month suspension of...