Exploring the Reach of Redwater

According to the SCC, an order is monetary in nature if (1) there is a debt, liability or obligation to a creditor; (2) that debt, liability or obligation is incurred as of a specific time; and (3) a monetary value can be attached to the debt, liability or obligation. [...]when a regulator is acting...

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Bibliographic Details
Published inAmerican Bankruptcy Institute journal Vol. 43; no. 9; pp. 22 - 53
Main Author Coordes, Laura N
Format Journal Article
LanguageEnglish
Published Alexandria American Bankruptcy Institute 01.09.2024
Subjects
Bankruptcy laws
Court hearings & proceedings
Environmental restoration
Insolvency
Canada
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Summary:According to the SCC, an order is monetary in nature if (1) there is a debt, liability or obligation to a creditor; (2) that debt, liability or obligation is incurred as of a specific time; and (3) a monetary value can be attached to the debt, liability or obligation. [...]when a regulator is acting to enforce a public duty, it is not a creditor at all. [...]if 12-10 Capital sold its land, which was its only asset, Qualex alleged that 12-10 Capital would be unable to satisfy its own obligations out of the proceeds, much less Qualex's damages claim. The chambers judge further found that if 1210 Capital were to sell its land, Qualex would be hindered in its attempt to enforce its environmental-remediation claims against 12-10 Capital. [...]12-10 Capital appealed the chambers judge's order, arguing that the judge was not bound by Redwater.
ISSN:1931-7522