Perverse Abitibi test produces perverse results in Nortel, Northstar appeals
The Ontario Court of Appeal has released its decisions in the Ministry of the Environment’s appeals from Justice Geoffrey Morawetz in Re Nortel and Re Northstar. In both cases, Justice Morawetz rejected MOE attempts to claim priority over secured creditors by ordering insolvent compani…
View the post titled Perverse Abitibi test produces perverse results in Nortel, Northstar appealsCreditor or regulator? Nortel, the MOE and environment v insolvency
If there are continuing operations, there has to be ongoing compliance with environmental legislation. But if there are no ongoing operations, the environmental regulator has to rely on its security, failing which it has unsecured status.
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