Précis: The British Columbia Court of Appeal confirmed the trial judgment holding that an administrative charge under the Companies Creditors Arrangement Act applied to the proceeds from the sale of a vessel and had priority over a mortgage.
Full SummaryNordea Bank Norge ASA v. KINGUK (Ship), 2007 FC 434
Two vessels had been sold by the Court for the sum of $5.8 million and this case was to determine priorities and distribute the proceeds. The fees and disbursements incurred in selling the ships were incurred by the mortgagee. These fees and expenses, including solicitors fees and brokerage fees, were given priority akin to Marshall’s fees. The next claims in …
Full SummaryNanaimo Harbour Link Corp. v. Abakhan & Associates Inc., 2007 BCSC 109
This matter concerned the bankruptcy of the owner and operator of a passenger ferry. The issue was whether maritime lien claimants are caught by the statutory stay of proceedings under the Bankruptcy and Insolvency Act. More specifically, the issue was whether the maritime claimants could proceed with their actions in the Federal Court and have priorities determined in accordance with …
Full Summary