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Corporate Breakout: NOI’s vs CCAA’s
Presenters: Paul Casey, Deloitte Restructuring Inc. Harvey Chaiton, Chaitons LLP Francois Gagnon, Borden Ladner Gervais LLP William Kennedy, National Bank of Canada
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CCAA v. BIA PROPOSAL PROCEEDINGS: 2010 – 2015
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SOME SIMILARITIES BETWEEN PART III BIA AND CCAA
authorization for sale of assets out of ordinary course of business assignment and disclaimer of agreements interim financing charges to secure interim financing, directors and officers indemnification, professionals and stakeholders cross-border insolvency provisions removal of directors required payment of employee remuneration claims and pension contributions Crown claims avoidance transactions classification of creditors
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SOME DIFFERENCES BETWEEN PART III BIA AND CCAA
qualification criteria how proceedings commenced roles of trustee/monitor scope of stay of proceedings joinder of debtors critical suppliers claims process provisions meeting of creditor provisions landlord claim formula stay extension requirements automatic bankruptcy on non-approval of proposal
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