Correct record in the Reorganization Agreement

Aug 6th, 2022
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Pass a special resolution. To change your companys name, memorandum, or articles, or to approve an amalgamation, your company must pass a special resolution. Get an Alberta NUANS report. Fill out the forms. Send the forms to Corporate Registry.
Section 11.3 of the CCAA provides the court with the discretion to make an order assigning the rights and obligations of the debtor company to another person usually a purchaser of assets from the debtor company.
The filing of a Chapter 11 petition creates a separate legal bankruptcy estate. The estate contains all legal or equitable interests of the debtor in property as of the commencement of the case. A CCAA filing does not create a separate legal estate.
Basic legislative structure of Canadian insolvency law The CCAA is generally considered as the Canadian equivalent to Chapter 11 of the Bankruptcy Code.
It provides for plans of arrangement to allow debtors to docHub compromises with their creditors or a sale of the business under the supervision of the court. The Winding-up and Restructuring Act, which is primarily used to wind up regulated bodies such as banks, insurance companies and trust corporations.
A corporation, either alone or with its affiliates, must have amounts owing to creditors in excess of $5 million to be eligible to use the CCAA and each applicant must be insolvent.
The Court will issue an Order giving the company 10 days of protection (often referred to as the Stay) from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company.
The Companies Creditors Arrangement Act (commonly referred to as the CCAA or the CC, double A) is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs.

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