The Attorney General of Canada, at the request of the Superintendent of Financial Institutions, applied for a winding-up order under the Winding-up and Restructuring Act in respect of the Canadian business of an authorized foreign bank.
The bank had admitted insolvency following the emergence of significant German tax claims and the imposition of a moratorium by German regulators.
The court found that the Superintendent had ample basis to take control of the bank's Canadian assets under the Bank Act.
Given the bank's admitted insolvency and the appointment of a German insolvency administrator, the court concluded it was just and equitable to grant the winding-up order and appoint a liquidator.
