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Ontario Court of Appeal clarifies equitable subordination Add to ...

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Has Ontario’s highest court closed the door on claims of equitable subordination in bankruptcy proceedings? That was one interpretation of a decision that dealt with the Companies’ Creditors Arrangement Act. The Court of Appeal’s decision regarding U.S. Steel Canada Inc. means that creditors won’t be able to litigate conduct-based allegations among themselves in CCAA proceedings, according to one Toronto lawyer.

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