2017 saw a number of interesting and important developments in Canadian insolvency and restructuring matters. Some of the highlights (which, in certain instances, will continue as issues in 2018 and beyond) are set forth below: 1) Trends: Fewer CCAA Filings and Retail Insolvencies in the News According to OSFI, in the one year period ending September 30, 2017, only twenty-one Companies’ Creditors Arrangement Act (“CCAA”) proceedings were filed, compared to forty filings in the one year period ending September 30, 2016. View Full Post
On January 12, 2018, the U.S. Supreme Court granted certiorari over the Eleventh Circuit’s decision in R. Scott Appling v. Lamar, Archer & Cofrin, LLP, which held that a fraudulent statement regarding a single asset may constitute a statement concerning the debtor’s financial condition, thereby allowing a debt incurred in reliance on the false statement to be discharged through a bankruptcy. View Full Post
The Lack of Counseling in Credit Counseling Before a person can file bankruptcy they must take an approved credit counseling class and their attorney must file a Certificate proving the class was taken with the court.  The idea is to make sure that consumers are being educated about alternatives to bankruptcy, and when this new requirement was introduced in 2005 there was hope that such a class would significantly decrease the number  of bankruptcy cases being filed each year in the United Sates. View Full Post
ToxicoGenomica Blog Provides Insights into Genetics and Torts ToxicoGenomica is the doing business name for a collaboration between me and scientists at ArrayXpress and Innovative Science Solutions. We are now posting more frequently at the ToxicoGenomica blog, which is located at http://www.toxicogenomica.com/blog/ . Below, a screenshot from the ToxicoGenomica blog. View Full Post
The ongoing deconstruction of Carillion Media attention has waned from the initial deluge of front-page headlines regarding the Carillion collapse. It would therefore be easy to be ignorant of the ongoing disintegration of the web of Carillion companies beneath Carillion Plc, the ultimate parent company of the Carillion group, which (according to its latest accounts) holds interests in over 350 subsidiaries or joint ventures all over the world. View Full Post
On January 22, 2018, in an adversary proceeding arising within the Haggen bankruptcy (Adv. No. 16-51204), Judge Gross of the Delaware Bankruptcy Court issued a ruling against the Plaintiff, denying the relief requested in the complaint and dismissing the adversary proceeding.  View Full Post
In its recent decision in In re Peregrine Financial Group, the Seventh Circuit became the first circuit to accept a definition of “customer property” which excludes retail foreign exchange contracts, or “forex contracts”, and spot metal contracts.[1]  The Court’s ruling highlights the risk parties that transact in foreign exchange transactions and OTC metal transactions may face in the event that a future commodities merchant is forced into liquidation. View Full Post