On October 10, 2019, the Supreme Court of British Columbia (the
“BCSC” or the
“Court”) released its decision in
8640025 Canada Inc. (Re)1
(“8640025 Canada”), denying
an application to replace the monitor (the
“Monitor”) in a Companies’
Creditors Arrangement Act2 (the
"CCAA") proceeding because the
applicant was not a creditor and therefore had no standing to bring
such an application.
8640025 Canada appears to be the first reported
decision to address the application of 11.7(3) of the
CCAA, which came into force with the 2009 amendments and
reads:
On application by a creditor of the company, the court may, if
it considers it appropriate in the circumstances, replace the
monitor by appointing another trustee, within the meaning of
subsection 2(1) of the Bankruptcy and Insolvency Act, to monitor
the business and financial affairs of the company.3
