No prior background in bankruptcy or insolvency law is required. The course is designed to be accessible and relevant to students regardless of their intended area of practice. In addition to students considering practice in insolvency, corporate law, or litigation, the course may be of interest to students focused on public policy, governance, financial regulation, or complex dispute resolution.
This seminar examines the most challenging and interesting legal, strategic, and policy issues that arise in Canadian corporate insolvency and restructuring proceedings. The primary focus will be on reorganizations under the Companies’ Creditors Arrangement Act (CCAA), with reference to select provisions of the Bankruptcy and Insolvency Act (BIA) and to cross-border proceedings involving Chapter 11 of the U.S. Bankruptcy Code. Topics covered will include debtor-in-possession financing, novel orders such as reverse vesting orders (RVOs), springing vesting orders, broad third-party releases, litigation funding approvals, interim distributions, and ‘closing without plan’ structures, jurisdictional and judicial authority questions, governance challenges during restructuring, professional compensation and conflicts, post-plan implementation issues, and cross-border coordination of insolvency proceedings. We will also consider emerging asset classes and challenges for insolvency from, for example, cryptocurrency, AI, and digital assets.
The course will incorporate recent case law, statutory materials, academic commentary, and problem-based exercises. Guest speakers, including leading international practitioners and scholars who have published recent books on emerging insolvency issues, will participate in select sessions by zoom. Students will engage with both the practical and theoretical dimensions of corporate financial distress, examining the perspectives of multiple stakeholders involved in the restructuring process.
Method of Evaluation: 60% 7,000 Paper; 40% Participation/Leading Class Discussion