Veris Gold Corp. (Re), 2015 BCSC 399 And 2015 BCSC 1204

In 2014, Veris Gold Corp. and its subsidiaries began experiencing financial difficulties due to, among other things, the declining price of gold. It also received notice from its major secured creditor, Deutsche Bank A.G., that it was in default under its security agreements. What followed was a filing under the Companies' Creditors Arrangement Act (CCAA) and Chapter 15 proceedings in the United States. The principal assets of Veris included a gold mine in Nevada and mining properties in the Yukon.

The first decision, indexed as 2015 BCSC 399, involved an application for an order authorizing the payment of fees to a special committee of Veris' board of directors. The committee had been formed prior to filing under the CCAA for the purposes of investigating various restructuring options. The committee had decided on the remuneration to be paid to each of them, which they performed both before and after filing under the CCAA, but the fees had not been approved by the