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ACIC PRIVATE NOTES
Welcome to the June 2022 edition of the ACIC Private Notes!
This edition brings you:
A message from the College’s President Chris Dallas (Pacific Life)
International legal developments from:
Canada, prepared by Danielle Maksimow (Norton Rose Fulbright Canada); and
the United Kingdom, prepared by Tom Bannister and Lauren Pflueger (Akin Gump); and
A spotlight on some of the College’s new members, courtesy of Chiraag Kumar (MetLife).
Please click here for a summer message from the ACIC’s President, Chris Dallas of Pacific Life, with some thoughts about hybrid work, gratitude for a great Spring Investment Forum, and excitement for the Fall Annual Meeting.
Save the Date for the Fall Annual Meeting
The College will be hosting the 2022 Fall Annual Meeting on October 20 - 21, this year in Boston! It will offer timely educational sessions as well as great networking opportunities. Details regarding specific panel topics and speakers are soon to follow, so please mark it on your calendar now!
Registration and agenda to follow; for more information click here.
International Legal Developments
In December 2021, the Supreme Court of Canada (the SCC) confirmed the majority decision of the Quebec Court of Appeal (the QCA) in Montréal (City) v. Deloitte Restructuring Inc. (City v Deloitte). In its decision, the SCC rejected the previous QCA judgement in Quebec (Agence du revenue) v. Kitco Metals Inc. where it was held that pre-post set-off was prohibited under the Companies’ Creditors Arrangement Act (the CCAA). The SCC in City v Deloitte decided that while pre-post set-off is permitted under the CCAA, it is subject to the court’s discretion. City v Deloitte clarifies that pre-post set-off is possible under the CCAA and also guides courts as to the circumstances under which they may permit such set-off. Click here to read more, including practical considerations related to this latest ruling.
In June 2020, the Corporate Insolvency and Governance Act 2020 introduced a new standalone moratorium process in England, alongside the restructuring plan and certain temporary measures in response to the pandemic. Over 18 months later, in early February 2022, the English court considered (and clarified) certain of the legislative provisions relating to the moratorium. It was the first time that a case concerning the moratorium was before the court. Click here to read about the Corbin & King matter, and the welcome guidance it provides regarding the moratorium.
Spotlight on New Members
Among other new members who have joined since February 2022, the ACIC is thrilled to welcome:
Taylor Courtade (Baker Botts)
Gregory (Greg) LaHood (Mayer Brown)
Eric Larson (Greenberg Traurig)
Jeff Leider (Milbank)
Clara Pauw (Chapman & Cutler)
David Shim (Morgan, Lewis & Bockius)
To learn more about our newest colleagues, please click here.