On September 19, 2008, the Supreme Court of Canada refused leave to appeal the approval of an all-encompassing restructuring plan for the Canadian market in Asset-Backed Commercial Paper and put an end to all legal challenges relating to what is now appearing to be merely the first Canadian chapter in a financial crisis that has since swept the globe. [more] Full article

Ontario’s Court of Appeal recently recognised a U.K. High Court’s initial order in a scheme of arrangement aimed at winding up the reinsurance business of Cavell Insurance Company Limited. It did so despite the fact that the U.K. court’s order did not meet the traditional requirement that only a final judgment of a foreign court for the payment of a definite sum of money will be enforced in Canada. [more] Full article