PDF version: Ride the Coattails –Yahoo!
Case considered: Toronto Dominion Bank v Letendre, 2012 ABQB 323 rev’g 2012 ABQB 369.
This was a competition for the surplus funds paid into court in a mortgage foreclosure action.The case examined policy and operational aspects of the two year limitation in section 3(1) of the Limitations Act, RSA 2000, c L-12 (“Act”).
Case considered: Budget Waste Inc., Re, 2009 ABQB 752.
PDF version: Restructuring under the CCAA: Should A Debtor Always Be Allowed to Proceed?
LoVecchio J.’s decision in Budget Waste Inc., Re (“Budget Waste“) is a great example of the questions courts need to keep in mind as they are deciding on issues that arise in the context of restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36 (“CCAA“).
PDF version: The GM Saga So Far
The current financial crisis is arguably the largest corporate debacle and multi-market crash since the Great Depression. Its costs for corporations are substantial and many high profile companies have filed for bankruptcy protection under Chapter 11 (U.S. Code, Title 11, Chapter 11) or the Companies’ Creditors Arrangement Act (R.S., 1985, c. C-36) (“CCAA“). In the United States and elsewhere, this has even affected financial institutions, institutions previously viewed as “too big to fail”, namely AIG, Citigroup, Bear Stearns, IndyMac Bank, F.S.B. (the second largest bank failure in U.S. history), Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Lehman Brothers, and Wells Fargo. To date, many Canadian corporations have filed for CCAA protection.
Cases Considered: BG International Limited v. Canadian Superior Energy Inc., 2009 ABCA 127; BG International Limited v. Canadian Superior Energy Inc., 2009 ABCA 73 (Justice Carole Conrad, chambers)
PDF Version: Extraordinary times justify extraordinary remedies: interim measures under the AIPN standard form operating agreement
This is the first Alberta and indeed Canadian decision to consider the standard form operating agreement of the Association of International Petroleum Negotiators (AIPN) (2002). The Court of Appeal has upheld the order of Justice Barbara Romaine [unreported, February 11, 2009] sitting in chambers to issue an interim receivership order with respect to Canadian Superior Energy Inc’s (CSEI) interest in an exploration property in the offshore area of Trinidad and Tobago. In the course of doing so the order effected a change of operatorship and provided significant interim relief to BG International (BGI) in order to preserve the jointly owned property and to ensure continued drilling and testing operations.
Cases Considered: San Juan Resources Inc (Re) 2009 ABQB 55 (Registrar in Bankruptcy).
PDF Version: Co-ownership is a messy business (even with an operating agreement)
Co-ownership is a legal relationship for parties who are able to get along together. For those who cannot the court will order partition or sale under the Law of Property Act, R.S.A. 2000, c. L-7. But co-ownership is also the typical foundation for oil and gas operations in this province and elsewhere since oil and gas companies will typically be tenants in common (working interest owners) of their title documents (the freehold and Crown leases) on which their operations rely.
Powered by WordPress & Theme by Anders Norén