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Key Developments In Canadian Insolvency Case Law In 2020 - Insolvency/Bankruptcy/Re-structuring

Bellatrix Exploration Ltd. (Bellatrix) obtained protection under
the
Companies'
Creditors Arrangement Act
(Canada) (CCAA). At the time of the CCAA filing, Bellatrix was
party to certain contracts with an energy producer (EP) for the
purchase and sale of natural gas (Contract). Bellatrix sought to
disclaim the Contract and cease delivery of natural gas to the
EP.
The EP argued that the disclaimer notice provided by Bellatrix was
invalid because the Contract constituted an eligible financial
contract (EFC) for the purposes of the CCAA. Under section 32(9) of
the CCAA, a debtor company is not permitted to disclaim contracts
that are EFCs. Pursuant to the express terms of the Contract, the

Yukon-territory , Yukon , Canada , United-kingdom , Quebec , British , Canadian , Quest-university-canada , Sears , Like-the-federal-court , Blakes-marketing-department

Key Developments In Canadian Insolvency Case Law In 2020 | Blake, Cassels & Graydon LLP

Bellatrix Exploration Ltd. (Bellatrix) obtained protection under the
Companies’
Creditors Arrangement Act (Canada) (CCAA). At the time of the CCAA filing, Bellatrix was party to certain contracts with an energy producer (EP) for the purchase and sale of natural gas (Contract). Bellatrix sought to disclaim the Contract and cease delivery of natural gas to the EP.
The EP argued that the disclaimer notice provided by Bellatrix was invalid because the Contract constituted an eligible financial contract (EFC) for the purposes of the CCAA. Under section 32(9) of the CCAA, a debtor company is not permitted to disclaim contracts that are EFCs. Pursuant to the express terms of the Contract, the parties acknowledged that the Contract was an EFC.

Canada , Yukon-territory , Yukon , United-kingdom , Quebec , British , Canadian , Quest-university-canada , Sears , Like-the-federal-court , Land-title-office