G.B. Morawetz

The applicants in CCAA proceedings sought an extension of the Stay Period to April 15, 2016, as they prepared an Amended and Restated Plan of Compromise.

The court found the parties were working in good faith and with due diligence, and granted the extension.

The court also approved an agreement to lift the Co-Tenancy Stay on acceptable terms and extended the Notice of Objection Bar Date.

In the context of CCAA proceedings, the applicant sought to add its highly integrated subsidiary, GuestLogix Ireland Limited, as an applicant to facilitate a comprehensive sale and investor solicitation process.

The applicant also sought approval for an Administration Charge, a Directors' Charge, and an Interim Lender's Charge to secure interim financing of up to US $3,000,000.

The court granted the unopposed motion, finding the addition of the subsidiary appropriate and the requested charges and financing necessary and reasonable under the CCAA.

The moving party, a former CFO of a company undergoing CCAA restructuring, sought a declaration that a court-approved settlement and release barred the Chartered Professional Accountants of Ontario (CPAO) from commencing disciplinary proceedings against him.

The court dismissed the motion, finding that the CPAO's regulatory proceedings regarding professional misconduct did not constitute a 'claim' under the CCAA, nor were they claims against him in his capacity as a director or officer.

Furthermore, the disciplinary proceedings did not fall within the definition of released claims in the settlement order, and the CPAO was not bound by the order as it had not received notice.

In the context of a receivership, representative counsel for the investors of Redstone Capital Corporation brought a motion for leave to deliver a new affidavit in an ongoing substantive consolidation hearing.

The hearing had already commenced and was adjourned pending this motion.

The court applied the test under Rule 39.02(2) of the Rules of Civil Procedure and found that the proposed evidence, which detailed an individual investor's motivation for investing, was not relevant to the test for substantive consolidation.

The motion for leave was dismissed.