Commercial Insolvency in Canada, 4th Edition
In the opening chapter of the latest edition of Commercial Insolvency in Canada, author and insolvency expert Kevin McElcheran sets the stage for the content of the rest of the book: “Each of the many stakeholders affected by the insolvency of a business enterprise [from creditors and employees, to landlords, suppliers and shareholders] may seek to invoke their various legal remedies to achieve a resolution of the business problem of insolvency in accordance with their best interests from their perspective.” As he goes on to explain, our legal system attempts to address the ensuing conflicts “through the patchwork of statute and case law that is Canadian commercial insolvency law.”
Throughout this treatise, McElcheran strives to focus on insolvency as a whole – rather than discussing the patches in isolation, he describes the overall state of the quilt.
This fourth edition of Commercial Insolvency in Canada continues the practical approach of earlier versions and proceeds from the basic premise that all persons interested in or affected by commercial insolvency are entitled to be treated with respect in the insolvency process and are entitled to participate in the process effectively to pursue their legitimate interests.
The first two chapters of the book form the basis of discussion of the position of each group of constituents of the insolvent debtor that follows in subsequent chapters. In the final chapter, readers will find an outline of Canada’s version of the UNCITRAL Model Law for recognizing and giving effect to foreign insolvency proceedings in Canada as well as an analysis of cross-border restructuring proceedings based in Canada.
Updates in this latest edition include:
- A discussion of the most recent developments in the relevant case law
- A revised, practical table of cases and detailed index
- Content that reflects the amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (CCAA) that were passed in June 2019. The effect of these changes will be to restrict the scope of Initial Orders made under the CCAA and impose new director liabilities for payments made to compensate managers of insolvent businesses
- Revisions to Chapter 2 that address the distribution among stakeholders of the value in businesses preserved in the insolvency process and that follow developments that further constrict the scope of claims that can be compromised or eliminated through the restructuring process
A Practical Acquisition
Commercial Insolvency in Canada, 4th Edition is an invaluable resource that will be particularly relevant to:
- Corporate/commercial lawyers who advise businesses facing bankruptcy or insolvency issues
- In-house counsel at a company facing bankruptcy or insolvency issues
- Lenders, insolvency, restructuring and turnaround professionals, and distressed debt investors who require an informational resource to assist with navigating day-to-day issues affecting clients
- Law libraries who want to provide comprehensive research resources for their patrons
Table of contents
Chapter 1: Introduction – Insolvency is a Business Problem
Chapter 2: Claims, Priorities and Performance
Chapter 3: Rights and Remedies of Unsecured Creditors
Chapter 4: Rights and Remedies of Secured Creditors
Chapter 5: Commercial Reorganization
Chapter 6: The Role of Directors and Officers in the Restructuring Process
Chapter 7: Cross-Border Insolvencies