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ARTICLE · 29 DECEMBER 2025

Insolvency Litigation: Year In Review

Torys
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This past year has featured a diverse range of consequential, precedent-setting insolvency disputes across various industries, reflecting both the breadth of challenges facing Canadian businesses...

CanadaInsolvency/Bankruptcy/Re-Structuring
Torys LLP
Torys LLP
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Torys' Insolvency Practice

This past year has featured a diverse range of consequential, precedent-setting insolvency disputes across various industries, reflecting both the breadth of challenges facing Canadian businesses and the adaptability of Canada's insolvency framework in resolving these issues. The most consequential decisions in which we have been involved are described below, alongside key takeaways for stakeholders participating in insolvency proceedings in 2026 and beyond.

Landmark decision on forced contractual assignment and ipso facto clauses: Hudson's Bay Company ULC et al.

In a case that captured the public's attention throughout 2025, eight objecting landlords successfully opposed Hudson Bay Company's (HBC's) proposed sale of 25 of its most consequential leases to Ruby Liu Commercial Investment Corp (Central Walk)1. This dispute tested the boundaries of Section 11.3 of the Companies' Creditors Arrangement Act (CCAA) and the ability to force

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