Developments in CCAA Asset Sales
Article originally published in the National Insolvency Review, February 2016
Excerpt from: "Developments in CCAA Asset Sales":
The monetization of an insolvent company’s assets continues to be an integral feature in many proceedings under the Companies’ Creditors Arrangement Act [CCAA].
This article provides a brief history of asset sales in CCAA proceedings before s. 36 was added to the legislation in 2009, outlines the seminal pre- and post-amendment decisions that continue to shape courts’ considerations in sale transaction and sale process approval cases, and then discusses additional factors courts have considered in recent decisions, including in “bitter bidder” scenarios.