On Thursday, May 17, lawyer Bruce Taylor presented on the topic of “Hostage Payments” at the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) Insolvency and Restructuring Forum in Winnipeg.
The presentation to licenced insolvency trustees, lawyers and others touched on circumstances which endeavour to hold a debtor (in a Companies’ Creditors Arrangement Act proceeding or Bankruptcy and Insolvency Act proposal process) or a court-appointed receiver “hostage” to obtain a payment for which the creditor is otherwise stayed or subordinated. The presentation provided insight into the legal rights of parties involved as well as pragmatic solutions for dealing with hostage scenarios.
Bruce is a member of a dedicated team of MLT Aikins insolvency practitioners who have represented stakeholders in complex restructuring proceedings in Canada and the United States.
CAIRP is the national professional organization representing more than 980 members working in the insolvency system, as well as over 500 articling, life and corporate associates. Almost 90 per cent of Licensed Insolvency Trustees, licensed under Canada’s Bankruptcy and Insolvency Act, are members of CAIRP.