Monday, August 27, 2012

Companies’ Creditors Arrangement Act appeals to be granted rarely

Timminco Limited (Re), 2012 ONCA 552 is a helpful source for the law that CCRA appeals will be granted only sparingly:

[2]          In the CCAA context, leave to appeal is to be granted sparingly and only where there are serious and arguable grounds that are of real and significant interest to the parties. In determining whether leave ought to be granted, this Court is required to consider the following four-part inquiry:

·        whether the point on the proposed appeal is of significance to the practice;

·        whether the point is of significance to the action;

·        whether the proposed appeal is prima facie meritorious or frivolous; and

·        whether the appeal will unduly hinder the progress of the action.

See Re Stelco (2005), 78 O.R. (3d) 241

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