The court lifted a bankruptcy stay of proceedings to allow a creditor to pursue an insurance claim.
Canopy Growth Corporation brought an unopposed motion under section 69.4 of the Bankruptcy and Insolvency Act to lift the stay of proceedings against 3 Sixty Secure Corp. and 3 Sixty Risk Solutions Ltd. The purpose was to pursue a claim related to a fire at Canopy's property, seeking recovery on a potential insurance contract.
The court granted the order, finding no prejudice to the company or other creditors, as any insurance proceeds would only be available to third parties like Canopy, not general creditors.
SCJSuperior Court of JusticeJun 12, 2023