In WURA proceedings concerning the wind-up of a foreign bank’s Canadian business, the court considered an unopposed motion by the court-appointed liquidator for approval of reports, fees, discharge of employee representative counsel, termination of proceedings, and related releases.
The court held the remaining tasks were administrative and that the affairs in Canada had been fully wound up subject to completion of those tasks.
The court approved the reports, activities, fees, and proposed releases, finding the releases appropriately limited and consistent with analogous third-party release principles developed under federal insolvency jurisprudence.
The court accepted that CCAA release principles could be applied by analogy in WURA proceedings.
The motion was granted and a discharge and termination order issued with immediate effect.
