In the recent decision In re Xerium Technologies Inc., the Ontario Superior Court of Justice recognized an order made by the U.S. Bankruptcy Court for the District of Delaware that confirmed the debtor’s pre-packaged Chapter 11 plan of reorganization. The decision provides useful guidance to practitioners on both sides of the border on how an Ontario court or other Canadian courts may consider similar applications in the future. Many will take comfort in the fact that the decision revisits a number of relevant factors established in Canadian case law that predate the current formulation of the cross-border provisions of Canadian insolvency legislation.
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