From the Courts – Insolvency/Bankruptcy
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Insolvency Insider Features Lawson Lundell’s successful case in its “From the Courts” newsletter
Lawson Lundell’s attorneys Bryan Gibbons and Noor Mann presented one of their cases in the Insolvency Insider‘s ‘From the Courts’ newsletter which summarizes recent court decisions focusing on insolvency. Bryan and Noor represented the lender in a request to rescind pre-sale contracts and approve a purchase offer for a six-story commercial project in Vancouver. Colin Brousson of DLA Piper represented the receiver, Bowra Group Inc.
Bidder Stalking Horse has been granted approval for a Stalking Horse bidding process with respect to the sale of the entire development and an order awarding title to bidder Stalking Horse subject to outcome of the Stalking Horse bidding process.
The main issue before the court was whether it was appropriate to grant a vesting order in favor of the bidder as the horse approached, subject to receipt of a better offer. The developer’s attorney argued that a conditional vesting order could not be made, however, the court disagreed and granted the order as it represented the best chance of maximum recovery.
Lawson Lundell was joined in his motion by CD Brousson of DLA Piper, who was counsel for the receiver, Bowra Group Inc.
Read the full judgment here.
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