In the News Detail

2008   |   2007  

Derrick Tay talks to the Financial Post about the asset-backed commercial paper case and how it's part of the Companies' Creditors Arrangement Act process, which was used in the restructuring of the troubled market.

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Excerpt

Derrick Tay, an insolvency partner at Ogilvy Renault, says the ABCP case is a natural stage in the evolutionary cycle of the CCAA.

''Since the 1980s, courts have treated the statute as remedial and been consistent in interpreting it widely and expansively, treating technical requirements as just what they were-- technical requirements,'' he says.

In the 1980s, for example, the CCAA required applicant companies to have issued trust indentures.

''We had these companies issue such indentures just to qualify and the courts said that was fine,'' Mr. Tay recalls.

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