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Michael Nowina

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In a recent decision 9354-9186 Québec inc. v. Callidius Capital Corp, 2020 SCC 10 , the Supreme Court of Canada affirmed that: under Canada’s Companies’ Creditors Arrangement Act (“CCAA”), supervising judges have broad powers and discretion to enforce the requirement that parties act in good faith; a CCAA judge has the discretion to bar a creditor from voting on a plan of arrangement where they determine that the creditor is acting for an improper purpose;…

The current COVID-19 market environment presents unique circumstances to companies and investors who may, as a result of the tumultuous markets and the financial and personal effects of COVID-19, have opportunities to acquire distressed businesses at potentially depressed prices. Particularly in this market environment, though, one or more of the following scenarios may apply: The target needs to consummate a sale quickly because the target’s cash resources are dwindling. The buyer wonders whether the distressed…