Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 05 OCTOBER 2008

Banking & Finance Law Reveiw

Torys
Torys
Contributor
Torys

Torys

Torys LLP is an international business law firm that works with clients who expect the best advice...

View firm profile
Explore more from Torys

Canada has taken steps to enact portions of the Model Law on Cross-Border Insolvency, which was adopted on May 30, 1997, by the UN Commission on International Trade Law (UNCITRAL).

CanadaInsolvency/Bankruptcy/Re-Structuring
Scott Bomhof
Scott Bomhof
Adam Slavens
Adam Slavens
Author LinkedIn connections

Originally published in Banking & Finance Law Review, vol. 24, no. 1, September 2008.

Shifting Gears in Cross-border Insolvencies: From Comity to COMI

Canada has taken steps to enact portions of the Model Law on Cross-Border Insolvency, which was adopted on May 30, 1997, by the UN Commission on International Trade Law (UNCITRAL). Portions of the Model Law were incorporated into both the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act. Although not yet proclaimed into force, practitioners should expect that the new regime will eventually become the law of Canada. This article briefly reviews the development of the law in Canada related to cross-border insolvency, analyzes how the concept of centre of main interests (COMI) has been interpreted in Europe and the United States, and examines some practical considerations flowing from the new regime for international insolvencies. Finally, the authors include a list of guiding principles that

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Restructuring Before Insolvency: What Ravelin Means For Distressed Public Companies

A publicly listed REIT successfully restructured approximately $1 billion in defaulted debt through a CBCA plan of arrangement without filing for CCAA protection, demonstrating how corporate law mechanisms can serve as practical alternatives to formal insolvency proceedings. The Ontario Superior Court's decision in Re Ravelin Properties REIT also clarified that confidential restructuring negotiations do not necessarily trigger material change disclosure obligations for public companies.
CanadaInsolvency/Bankruptcy/Re-Structuring
Miller Thomson
Miller Thomson
Article

Priority Over Produce: Canada’s New Deemed Trust For Fresh Fruit And Vegetable Suppliers Cuts Into Secured Creditor Collateral

Canada's new Financial Protection for Fresh Fruit and Vegetable Farmers Act creates a deemed trust that prioritizes unpaid produce suppliers over secured lenders in bankruptcy and insolvency proceedings. How will this legislative change reshape lending practices and collateral valuations in the agricultural sector, and what steps should secured creditors take to protect their interests?
GlobalInsolvency/Bankruptcy/Re-Structuring
McMillan LLP
McMillan LLP
Article

The Supreme Court Of Canada Reviews Québec’s Bill 21

Québec's Bill 21, enacted in 2019, bans public sector workers from wearing religious symbols and is shielded from most Charter challenges by the notwithstanding clause. The Supreme Court of Canada is now reviewing this controversial law, with a ruling expected as early as November 2026 or later in 2027. Former Minister of Justice Arif Virani discusses the court's struggle to balance competing constitutional principles in this landmark case.
CanadaLitigation, Mediation & Arbitration
Torys
Torys
Article

Government Of Canada Makes Significant Changes To Energy Project Approvals Process

On September 3, the Government of Canada published amendments removing seven types of energy projects from the Physical Activities Regulations (the Project List) under the Impact Assessment Act (IAA). As a result, these types of projects will no longer be subject to the IAA but will continue to be regulated by the Canada Energy Regulator Act (CER Act) or applicable provincial environmental assessment regimes.
CanadaEnergy and Natural Resources
Torys
Torys
Article

Legal Landscape Of Artificial Intelligence In Canada

Financial service providers using artificial intelligence face a complex regulatory landscape in Canada, with evolving federal and provincial legislation addressing transparency, consumer protection, privacy, and competition. As regulators increase scrutiny of AI-enabled practices and new frameworks like OSFI's Model Risk Management guidelines take effect, institutions must strengthen governance policies and prepare for heightened compliance obligations.
CanadaStrategy
Torys
Torys
Article

New Flight Path: Canada Seeks Private Investment In Airports Through Long-term Concession Arrangements

Canada has announced plans to attract private investment through long-term concessions to operate its four largest airports: Toronto-Pearson, Vancouver International, Montréal-Trudeau, and Calgary International. The federal government will retain ownership of the underlying airport land and assets while seeking tens of billions of dollars in private capital to be reinvested in regional airports and local transport infrastructure. Key details regarding the scope of private operational involvement, award
CanadaGovernment, Public Sector
Torys
Torys