In a Canadian Lawyer article, partner Natasha MacParland notes that the recent crypto bankruptcy cases present “novel” issues regarding the treatment of cryptocurrency assets and the relief available to stakeholders in insolvency proceedings.
These cases have exposed “a gap in the insolvency legislation in Canada.” She says it would be good, for instance, to have a “transparent” set of guidelines in the insolvency legislation for dealing with digital assets.
Natasha also comments in an article in Law Times on the difficulty of enforcing the cryptocurrency fraud remedies that are available in Ontario. She says the province’s “court system is not really set up to deal with irreversible transactions that pose questions about where they have been created and who has created them.”
What could the collapse of a cryptocurrency exchange look like in the Canadian context? Read the latest issue of Davies Insolvency Now.
2023 Business Insolvencies in Canada
Mar. 05, 2024 - As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look...
Business Insolvency on the Rise in Canada: Understanding the Role of AI
Oct. 12, 2023 - The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine the impact of this rolling recession by sector and region. We...
