Kiyan Jamal

The appellant challenged orders in bankruptcy proceedings including standing rulings, estate consolidation, and treatment of approved claims.

The court found no right of appeal under s. 193(a) or (c) of the BIA, declined leave under s. 193(e), and held the appellant had not timely invoked available statutory claim-challenge mechanisms.

The appeal was dismissed.

In Companies’ Creditors Arrangement Act (CCAA) proceedings, LoyaltyOne, Co. and its Monitor sought a declaration that a Tax Matters Agreement (TMA) was not binding or was void as a transfer at undervalue (TUV), and sought to disclaim the TMA to secure a $96 million tax refund.

Bread Financial Holdings, Inc. (formerly ADS) cross-moved to set aside the disclaimer, asserting its entitlement to the refund under the TMA.

The court ruled that LoyaltyOne was bound by the TMA, the TMA was not void as a TUV, and the disclaimer was not approved.

The court found it premature to determine the specific nature of Bread's rights to the refund.

The applicant, a co-founder and former CTO of the respondent technology company, brought an application to wind up the company under section 207 of the Business Corporations Act.

The applicant alleged the company could not continue its business due to its liabilities and that a breakdown in the relationship between the founders made it just and equitable to wind up the company.

The court dismissed the application, finding the company had recently raised significant capital and was not insolvent.

The court also held that while there was a breakdown of trust, the company was not a two-person partnership, and winding up was not a just and equitable remedy given the presence of other investors and employees.

This motion concerned the priority of new home purchasers' deposits in the bankruptcy of residential real estate developers (Stateview entities).

Tarion Warranty Corporation sought declaratory relief, arguing that the deposits were subject to express or constructive trusts due to unjust enrichment, which would elevate purchasers' claims.

The court dismissed Tarion's motion, finding that purchasers' agreements contained subordination clauses giving priority to secured lenders.

The court also determined that while express trusts existed for some purchasers with early termination provisions, these were not statutory deemed trusts.

Furthermore, there was no unjust enrichment for purchasers without express trusts, as the operation of the Bankruptcy and Insolvency Act constituted a juristic reason.

The court declined to impose a remedial constructive trust, emphasizing the high bar for such remedies in insolvency proceedings and the lack of a close causal connection between the deposits and the real property proceeds.

In the receivership of the Stateview entities, Tarion Warranty Corporation brought a motion seeking declaratory relief on behalf of purchasers who had paid deposits for pre-construction homes.

Tarion argued that the deposits were subject to an express or constructive trust and sought a remedial constructive trust to elevate the purchasers' priority.

The court dismissed the motion, finding that the purchasers had contractually subordinated their interests to secured lenders.

While an express trust existed for contracts with early termination provisions, the funds were not segregated.

The court declined to impose a remedial constructive trust, as doing so would improperly upset the priority scheme under the Bankruptcy and Insolvency Act.

The defendant sought to bring a motion to strike the plaintiff's Statement of Claim for lack of cause of action, arguing the contract's "affiliate" definition was not met.

At a case conference, the court declined to decide the complex motion, which involved contractual interpretation and surrounding circumstances.

Instead, the parties agreed to proceed with a two-day summary trial to resolve the matter more efficiently and cost-effectively.