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Canada

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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;…

On November 1, 2019, reforms to Canada’s Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) that were announced in Canada’s federal 2019 budget will come into force. Key changes to the insolvency regime include: require participants in an insolvency proceeding to act in good faith; provide for the possibility of court-ordered disclosure of a creditor’s real economic interest in an insolvent company; explicitly permit management to consider the interests of workers…