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ARTICLE · 15 MARCH 2017

Alberta Court Provides Clarity On Oppression Claims In CCAA Context

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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Lightstream is a light oil-focused exploration and production company, operating primarily in Alberta and Saskatchewan.

CanadaInsolvency/Bankruptcy/Re-Structuring
Michael Barrack
Michael Barrack
Richard Bell
Richard Bell
Caitlin McIntyre
Caitlin McIntyre
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The Alberta Court of Queen's Bench (Court) has provided clarity on how oppression claims will be adjudicated in the context of the Companies' Creditors Arrangement Act (CCAA). In the recent decision in Lightstream Resources Ltd. (Re), the Court confirmed that it has jurisdiction to hear oppression claims, but held that the exercise of this discretion is limited to appropriate circumstances. The remedy awarded as a result of a successful oppression claim must accord with the remedial purposes and scheme of the CCAA and help the creditor achieve a compromise or plan.

Blakes acted as counsel for the insolvent company, Lightstream Resources Ltd. and its subsidiaries (Lightstream).

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