44 Canada Labour Code , RSC 1985, c L-2. 45 Securities Act (Ontario) , RSO 1990, C S.5, section 122. 46 Ibid , sections 129.2, 134. 47 CBCA, sections 124(1)–(3). 48 CCAA, section 11.51(1); BIA, section 64.1(1); Re Northstar Aerospace Inc , 2013 ONSC 1780 (ON SCJ), at para 29. 49 BIA, section 95(1); CCAA, section 36.1. 50 CBCA, sections 238–241; First Edmonton Place Ltd v 315888 Alberta Ltd (1988), 40 BLR 28; 1988 CarswellAlta 103 (AB QB); Olympia & York Developments (Trustee of) v Olympia & York Realty Corp (2001), 16 BLR (3d) 74, 2001 CarswellOnt 2954 (ON SCJ). 51 BCE, supra note 1, at paras 70–94. 52 Ibid , at para 72. 53 Wilson v Alharayeri , 2017 SCC 39 (SCC), at paras 50–51, 61. 54 BCE, supra note 1, at para 40; UPM-Kymmene Corp v UPM- Kymmene Miramichi Inc (2004), 42 BLR (3d) 34, 2004 CarswellOnt 691 (ON CA). 55 Rea v Wildeboer , 2015 ONCA 373 (ON CA), at paras 15, 18, 36. 56 Ernst & Young v Essar Global Fund Limited , 2017 ONCA 1014 (ON CA). 57 Ibid , at paras 49–53. 58 Ibid , at para 128. 59 Ibid , at para 133. 60 Stelco Inc Re , 48 CBR (4th) 299 at para 26, 2004 CarswellOnt 1211 (ON SCJ); See BIA, section 2 for the definition of “insolvent.” 61 CCAA, section 3(1). 62 CBCA, section 192. 63 9354-9186 Québec inc v Callidus Capital Corp , 2020 SCC 10 (SCC), at paras 42–43. 64 Stephanie Ben-Ishai & Thomas GW Telfer, eds, Bankruptcy and Insolvency Law in Canada: Cases, Materials, and Problems (Toronto: Irwin Law, 2019) at 510. 65 Ibid at 506. 66 Janis P Sarra, Rescue! The Companies’ Creditors Arrangement Act , 2nd ed (Toronto: Thomson Carswell, 2013), at 346 [Sarra]; Re Nortel Networks Corp , [2009] OJ No 1044, 2009 CarswellOnt 1330 (ON SCJ). 67 Sarra, ibid .
68 Supra note 64, at 506, 670, 682. 69 CBCA, section 192(3): Where it is not practicable for a corporation that is not insolvent to effect a fundamental change in the nature of an arrangement under any other provision of this Act, the corporation may apply to a court for an order approving an arrangement proposed by the corporation. 70 CBCA, section 192(7): The Director’s role extends to the issuance of a certificate of arrangement once the court has granted an order approving the arrangement and the Director has received articles in the proper form. 71 CCAA, section 5.1(1); BIA, section 50(13); Re Fraser Papers Inc , 2012 ONSC 4882 (ON SCJ). 72 Metcalfe & Mansfield Alternative Investments II Corp, (Re) , 2008 ONCA 587 (ON CA), at para 70. 73 CCAA, section 5.1(2); BIA, section 50(14). 74 FTI Consulting, “Canwest Global Communications Corp. and the Other Applicants Listed on Schedule ‘A’: Pre- filing Report of the Proposed Monitor” (October 5, 2009), online: cfcanada.fticonsulting.com/cmi/docs/Prefiling%20 Report%20of%20the%20proposed%20Monitor%20-%20 Oct%205%202009.pdf. 75 EY Canada, Nortel , online: https://documentcentre.ey.com/#/ detail-engmt?eid=66; see particularly “Fifth Amended and Restated Initial Order” (February 25, 2011). 76 FTI Consulting, “Sino-Forest Corporation: Pre-filing Report of the Proposed Monitor” (March 30, 2012) at 6, online: http:// cfcanada.fticonsulting.com/sfc/docs/SFCPre-Filing%20 Report.pdf, at 6; FTI Consulting, “Sino-Forest Corporation: Sixth Report of the Monitor” (August 10, 2012), online: http:// cfcanada.fticonsulting.com/sfc/docs/Sixth%20Report%20 of%20the%20Monitor.pdf, at 12. 77 FTI Consulting, “The Cash Store Financial Services Inc. and Related Applicants,” First Report of the Monitor, EY Canada (15 April 2014), online: http://cfcanada.fticonsulting.com/ cashstorefinancial/docs/First%20Report%20of%20the%20 Monitor.pdf, at 13. 78 EY Canada, U.S. Steel Canada Inc , online: https:// documentcentre.ey.com/#/detail-engmt?eid=220; see particularly “Pre-Filing Report of the Monitor” (September 16, 2014). 79 EY Canada, CannTrust Holdings Inc , online: https:// documentcentre.ey.com/#/detail-engmt?eid=370; see particularly “Report of the Proposed Monitor” (March 31, 2020), at 4.
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Governance Insights 2020
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