Uncategorized
Litigation Funding in the Insolvency Context Gets the Green Light in Canada
On May 8, 2020, the Supreme Court of Canada released its reasons in 9354-9186 Quebec Inc. v. Callidus Capital Corporation [1]. The Supreme Court unanimously overturned the Quebec Court of Appeal and reinstated the Superior Court’s decision confirming that a debtor under the Companies’ Creditors Arrangement Act (“CCAA”) does not require creditor approval for a third-party financing agreement. This decision marks the first time the Supreme Court has addressed litigation funding.