The Supreme Court of Canada (7:0) allowed the appeal and reinstated the supervising judge’s order under the CCAA

Bankruptcy and insolvency can trigger catastrophic consequences. Often, large claims of unsecured creditors are left unpaid (Para. 1 of Sun Indalex Finance v. United Steelworkers2013 SCC 6). The Companies’ Creditors Arrangement Act (“CCAA”) is one of the three principal insolvency statutes in Canada. The CCAA pursues an array of overarching remedial objectives. These legislative objectives include: “providing for timely, efficient and impartial resolution of a debtor’s insolvency; preserving and maximizing the value of a debtor’s assets; ensuring fair and equitable treatment of the claims against a debtor; protecting the public interest; and, in the context of a commercial insolvency, balancing the costs and benefits of restructuring or liquidating the company.” (Para. 40 of Callidus2020 SCC 10)

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