UNIVERSITY OF TORONTO FACULTY OF LAW 3 2 1 0 8 0 1 6 0 1 6 7 1 3 Advanced Bankruptcy Law UNIVERSITY OF TORONTO/ OSGOODE HALL LAW SCHOOL WINTER 2008 Supplementary Materials VOL. I PROFESSOR STEPHANIE BEN-ISHAI PROFESSOR ANTHONY DUCKiAN These materials were prepared with the assistance of Virginia Torrie, Osgoode 2009. I hey are solely lor the use of students enrolled in Advanced Bankruptcy Law, Winter 2008. Digitized by the Internet Archive in 2018 with funding from University of Toronto hive.org/details/advancedbankrupt01beni Advanced Bankruptcy Law University of Toronto/ Osgoode Hall Law school WINTER 2008 SU PPL EM ENTARY MATE RI AES VOL. I professor Stephanie ben-Ishai PROFESSOR ANTHONY DUGGAN These materials were prepared with the assistance of Virginia Torrie, Osgoode 2009. They are solely for the use of students enrolled in Advanced Bankruptcy Law, Winter 2008. I II ADVANCED BANKREPICA LAW University of Toronto/ osgoode Hate law Sc hool WINTER 2008 PROFESSOR STEPHANIE BEN-ISIIAI PROFESSOR ANTHONY DUGGAN Fable of Contents I. Class Schedule. i IF Course Outline.ii Partly Performed Quit rads_ Donum Industries Ltd., Re. 2004 BCSC 733, B.C.J. No. 1 149 (WL). 1 Dylex Ltd., Re, [1995] O.J. No. 595, 31 C.B.R. (3d) 106 (Sup. Ct.) (WL). 11 Blue Range Resource Carp., Re, 1999 ABQB 103IS, A.J. No. 7<S8 (QL). 16 T Eaton Co.. Re, [1999J O.J. No. 4216. 14 C.B.R. (4th) 288 (WL). 33 Erin Features No. 1 Ltd. Re. ( 199 IJ B.C.J. No. 3330 (S.C.) (QL). 41 Lubrizol Enterprises v. Richmond Meta! Finishers Inc., 756 F.2d 1043, 226 U.S.P.Q. 961 (WL). 44 Armadale Properties Ltd v. 7(H) Ring Street (1997) Ltd.. [2001] O.J. No. 1 727 (Sup. Ct.) (QL). 51 Derivatives _ Blue Range Resource Carp., Re. 2001 WL 34065415 (Alta. Q.B.), CarswellAtla 1949 (WL). 55 Androscoggin Energy LLC, Re, 75 O R. (3d). [2005] 552. O.J. No. 592 (C.A.) (QL)...'. 59 Calpine Energy Ltd.. Re, 2006 ABQB 743, A.J. No. 1273 (QL). 66 Capline Energy- Ltd.. Re, 2007 ABC A 266, A.J. No. 917 (QL). 78 North American Steamships Limited. Re, 2007 BCSC 267. B.C.J. No. 390 (QL). 89 Prio nti es__ (i) Unperfected Security Interests in CCAA Proceedings 77? G Sen* 1 ices Inc.. Re, (2006) 26 C.B.R. (5th) 203, 1 1 P.P.S.A.C. (3d) 139 (On. Sup. Ct.)(WL). 98 Ivaco Inc.. Re(2006). 275 D.L.R. (4th) 132 (O.C.A.)(QL). 1 12 Anthony Duggan. “Unperfected Security Interests in Insolvency Proceedings" [unpublished]. 134 (ii) Subordination of Equity Claims Blue Range Resource Carp., Re, 2000 ABQB 4, 1 5 C.B.R. (4th) 169 (WL). 1 57 Menegon v. Philips Services Corp., [ 1999] O.J. No. 4080 (Sup. Ct.) (QL). 173 111 Jams Sana, “From Subordination to Parity: An International Comparison of Securities Law Claims in Insolvency Proceedings” [unpublished]. 190 Review of Pre-Bankruptcy Transactions_ Canada Wide Fmir Wholesalers Inc. (Trustee of) v. Hapco Farms Inc.. [1998] Q.J. No. 1527 (C.A.) (QL). 255 St Atme-Nackawic Pulp Co., Re, 2005 NBC A 55, 255 D.L.R. (4th) 137 (WL).... 261 Royal Bank of Canada v. Whalley (2002), 59 O.R. (3d) 529, [2002] O.J. No. 2028 (C.A.) (QL).. 269 Standard Trustco Ltd. (Trustee of) v Standard Trust Co. (1995)), 26 O.R. (3d) I, [1995] O.J. No. 3151 (C.A.) (QL). 287 Labour Issues __ Kevin Davis & Jacob Ziegel, “Assessing the Economic Impacts of a New Priority Scheme for Unpaid Wage Earners and Suppliers of Goods and Sendees” (1998) Corporate Law Policy Directorate online: <http://strategis.ic.gc.ca/pics/cl/unpaid_ws.pdF> at 1 1-15. 310 Syndicat nationa/e de 1'amiantc d'Asbestos me. v. Jeffrey Mines Inc., [2003] Q.J. No. 264 (C.A.) (QL).. 313 GMAC Commercial Credit Carp. - Canada v. T.C.T. Logistics Inc., 2006 SCC 35, 2 S.C.R. 123 (QL)..'.. 338 I)ebtor-in-Possession Financing_ Skydome Carp. v. Ontario. [1998] O.J No. 6547, 16 C’.B.R. (4th) 1 18 (Ct. J. Gen. Div. (C.L.)) (QL). 383 Skydome Corp. v. Ontario, [ 1998] O.J No. 6548, 16 C.B.R. (4th) 125 (Ct. .1. Gen. Div. (C.L.)) (QL). 389 Royal Oak Mines Inc., Re, 1999 CarswellOnt 988, 1999 WL 33185546 (Ont. Gen. Div. (C.L.)) (WL). 397 Royal Oak Mines Inc., Re, [ 1999] O.J. No. 709, 6 C.B.R. (4th) 314 (Ont. Gen. Div. (C.L.)) (WL). 404 Royal Oak Mines Inc., Re, [1999] O.J. No. 864, 7 C.B.R. (4th) 293 (Ont. Gen. Div. (C.L.)) (WL). 414 General Electric Capital Canada Inc. v. Euro United Corp., [2001] O.J. 896 (Sup. Ct. J. (C.L.)) (QL). 417 Corporate Governance _ Rostom, Kent and Weerasooriya, “Deepening Insolvency: Will the U.S. Theory' be Adopted in Canada?” (2007) McMillan Binch Mendelsohn Restructuring Bulletin (June) online: <www.mcmbm.coin/Upload/Publication/DeepeningInsolvency_0607.pdL>. 420 David C. Thompson, “A Critique of Deepening Insolvency” (2007) 12 Stan. J. L. Bus. & Fin. 536-552. 425 Lynn LoPucki, “A Team Production Theory of Bankruptcy Reorganization” (2004) 57 Vand. L. Rev. 741..... 437 IV Exilic Tech Inc., AY, 299 B.R. 732 (Bkrtcy.D.Del., 2003) (WL). 470 Peoples Department Stores Inc (Trustee of) v. Wise, 2004 SCC 68, 3 S.C.R. 461 (QL). 492 Ste/co Inc.. AY, [2006] O.J. No. 593 (On. Sup. Ct. .1. (CL.)). Farley .1 (QL). 522 Stelco Inc., Re, (2005) 253 D.L.R. (4th) 109 (O.C.A.) (QL). 529 Cross Border Insolvencies Christian Charron, “Whose Interests? Corporate Groups and the UNC1TRAL Model Law on International Insolvencies” [unpublished]. 553 Singer Sewing Machine Co. of Canada Ltd (Re), 2000 ABQB 1 16, A.J. No. 212 (QL)... !.. 572 Babcock & Wilcox Canada Ltd. (Re), [2000] O.J. No. 786 (Sup. Ct. .1. (C.L.)) (QL). 579 Bia/ek, Re, 18 O.R. (3d) 462, [ 1994] O.J. No. 1016 (Ct. .1. Gen. Div.) (QL). 591 Consumer Bankruptcies_ Charles Tabb, “The Top Twenty Issues in the History of Consumer Bankruptcy” (2007) U. 111. L. Rev. 9. 596 V ADVANCED BANKRUPTCY LAW CLASS SCHEDULE 1. Friday, January 1 1 Introduction 2. Friday, January 18 Partly Performed Contracts 3. Friday, January 25 Derivatives 4. Friday, February 1 Priorities 5. Friday, February 8 Review of Pre-Bankruptcy Transactions 6. Friday, February 15 Labour Issues Friday, February 22 U ofT Reading Week No Class Friday, February 29 Osgoode Reading Week No Class 7. Friday, March 7 Debtor-in- Possess ion Financing 8. Friday, March 14 Corporate Governance Friday, March 21 Good Friday No Class 9. Friday, March 28 Cross-Border Insolvencies 10. Friday, April 4 Consumer Bankruptcies i ADVANCED BANKRUPTCY LAW COURSE OUTLIN E Class 1, Friday January 11: Introduction Reading: B-l & D, Chapter 1 Class 2, Friday January 18: Partis’ Performed Contracts Reading: B-l & D, Chapter 2 Cases for discussion: • Donum Industries Ltd., Re, 2004 BCSC 733, B.C..I. No. 1 149 (WL). • Dy/e.x Ltd., Re, [1995] O.J. No. 595, 3 I C.B.R. (3d) 106, (Sup. Ct.) (WE). ® Blue Range Resource Carp., Re, 1999 ABQB 1038, A.I No. 788 (WL). • TEaton Co., Re, [1999] O.J. No. 4216, 14 C.B.R. (4th) 288 (WL). • Erin Features No.l Ltd., Re, [1991] B.C..I. No. 3330 (S.C.) (QL). ® Luhrizol Enterprises v. Richmond Metal Finishers Inc., 756 I 2d 1043, 226 U.S.P.Q. 961 (WL). • Armadale Properties Ltd. v. 700 King Street (1997) Ltd. [2001] O.J. No. 1727 (Sup. Ct.) (QL). Class 3, Friday January 25: Derivatives Reading: S-B & D, Chapter 3. Guest: Margaret Grottenthaler B.C.L., LL.B., Partner, Stikeman Elliot LLP Cases for discussion 0 Blue Range Resource Corp., Re, 2001 WL 34065415 (Alta. Q.B.), CarswellAtla 1949 (WL). • Androscoggin Energy LLC, Re, 75 O.R. (3d), [2005] 552, O.J. No. 592 (C.A.) (QE). • Calpine Energy Ltd., Re, 2006 ABQB 743, A.J. No. 1273 (QL). ® Capline Energy Ltd., Re, 2007 ABCA 266, A.J No. 91 7 (QL). ® North American Steamships Limited, Re. 2007 BCSC 267, B.C.J. No. 390 (QL). n Class 4, Friday February 1: Priorities Reading: • S-B & D, Chapter 5 (i) Unperfected Security Interests: • TRG Sendees Inc., Re, (2006) 26 C.B.R. (5th) 203, 1 1 P.P.S.A.C. (3d) 139 (On. Sup. Ct.) (WL). • Ivaco Inc., Re (2006), 275 D.L.R. (4th) 132 (O.C.A.) (QL). • Anthony Duggan, Unperfected Security Interests in Insolvency Proceedings [unpublished], (ii) Subordination of Equity Claims: • Blue Range Resource Corp., Re, 2000 ABQB 4, 15 C.B.R. (4th) 169 (WL). • Menegon v. Philips Services Corp., [ 1999] O.J. No. 4080 (Sup. Ct.) (QL). Janis Sarra, “Prom Subordination to Parity: An International Comparison of Securities Law Claims in Insolvency Proceedings” [unpublished]. Class 5, Friday February 8: Review of Pre-Bankruptcy Transactions Reading: S-B & D, Chapters 6 and 7 Guest: Tamara Buckwold LL.B., L.L.M., Professor, University of Alberta, Faculty of Law (by video to talk about ULCC project) Cases for discussion: • Canada Wide Fruit Wholesalers Inc. (Trustee oj) v. Hapco Farms Inc., [ 1998] Q..I. No. 1527 (C.A.) (QL). • St A nne-Nackawic Pulp Co.. Re, 2005 NBC A 55, 255 D.L.R. (4th) 137 (WL) • Roval Bank of Canada v. Whatley (2002), 59 O.R. (3d) 529, [2002] O.J. No. 2028 (C.A.) (QL). • Standard Tn/stco Ltd. (Trustee of) v. Standard Trust Co. (1995)), 26 O.R. (3d) 1, [1995] O.J. No. 3151 (C.A.) (QL).