Cross-Border Bankruptcy and Insolvency Proceedings in the United States and Canada

In this session, conducted by bankruptcy and insolvency practitioners from both the U.S. and Canada, we will explore the interplay between U.S. and Canadian Bankruptcy Law as we are faced with more and more restructurings that involve both jurisdictions such as Calpine, Sem Energy, Terrestar, Nortel, AbitibiBowater, Quebecor, Smurfit-Stone, Pope & Talbot and others. We will discuss the relevant similarities and differences between Chapter 11 and the Canadian Companies Creditors Arrangement Act (CCAA). We will look at the fairly recent enactment of Chapter 15 in the United States and Part IV of the CCAA, both of which follow the UNCITRAL Model Law on cross-border insolvencies. We will also discuss the use of cross-border protocols between the U.S. Courts and Canadian Courts in dealing with the issues that can arise in concurrent proceedings in both countries and how those issues have been addressed, from claims determination and asset allocation to the treatment of existing contractual relationships. We will identify both credit and contract-related issues that you should focus on when confronted with cross-border situations.