C. Ho

The United States Securities and Exchange Commission brought a motion to lift the stay of proceedings under s. 69.4 of the Bankruptcy and Insolvency Act to continue actions enforcing foreign judgments against the bankrupt and the debtor.

The moving party argued the judgments arose from fraud or misappropriation and would survive discharge under s. 178(1).

The respondents opposed, citing a recent US Supreme Court decision and limitation period defences.

The court granted the motion, finding a fair issue to be tried regarding the limitation periods and the nature of the claims, but ordered that no enforcement steps be taken without further leave.

A court-appointed receiver sought approval of an agreement of purchase and sale for the debtor’s real property following a court-approved sales and marketing process.

The debtor moved for a temporary stay of the receivership sale process to pursue refinancing that would redeem the first mortgage.

The court held that granting the stay would undermine the integrity of the court-sanctioned sales process, particularly where multiple bidders complied with the process and the debtor attempted to introduce a late proposal after the bid deadline.

The debtor’s refinancing proposal was neither firm nor sufficient to discharge the first mortgage and receivership costs.

Applying the principles from Royal Bank of Canada v. Soundair, the court approved the receiver’s sale and dismissed the debtor’s stay motion.

A purchaser of assets from a bankrupt estate brought a motion to amend a prior court approval order to expressly include intellectual property within the assets conveyed.

The original order had approved the sale of the bankrupt’s residual assets, but the trustee refused to execute a bill of sale including trademarks, asserting uncertainty about whether they formed part of the estate.

The court held that the approval order clearly conveyed all remaining assets and criticized the trustee for failing to deal with the issue promptly and for raising concerns inconsistent with the record.

The court concluded that the motion should not have been necessary and that the trustee’s conduct justified a personal costs award.

Partial indemnity costs were ordered against the trustee.

A court-appointed monitor sought directions on an ex parte motion relating to the administration of court-ordered elections within a not-for-profit corporation experiencing internal governance disputes.

The monitor requested an extension of the deadline for the elections and authorization to assist election supervisors with implementing procedural rules governing nominations, campaigning, and notice to members.

The court accepted that additional time was necessary to ensure a fair election process and avoid rushed procedures in a conflict‑ridden organization.

It also held that temporary confidentiality of the proposed election rules was appropriate so that all members would receive the information simultaneously.

The court varied its prior order to extend the deadline for holding elections and expanded the monitor’s mandate to provide election‑related assistance.