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The court approved an interim distribution of surplus funds to a foreign insolvency administrator, interpreting insolvency legislation flexibly.
The Liquidator of Maple Bank GmbH's Canadian business sought an interim distribution of surplus funds to the German Insolvency Administrator (GIA) during winding-up proceedings.
The motion was unopposed.
The court approved the interim distribution, finding it appropriate given that adequate reserves were established to cover all proven and potential claims, ensuring no prejudice to Canadian creditors.
The court emphasized a broad, flexible interpretation of insolvency legislation and the policy of assisting foreign insolvency proceedings.
