‘Unprecedented' Nortel ruling spans Canadian and U.S. Courts
"One of the largest corporate failures in Canadian history has led to an unusual and controversial multi-jurisdictional decision, as judges in Canada and the United States simultaneously ruled that the remaining U.S. $7.3 billion in assets of bankrupt Nortel Networks Corp. must be distributed on a pro-rata basis to the company's worldwide subsidiaries, for ultimate delivery to creditors...
...Monique Jilesen, a partner with Lenczner Slaght Royce Smith Griffin in Toronto, called it a carefully considered but innovative solution to the problem that both courts faced.
'It's not every day that two courts across jurisdictions have to come to a decision,' said Jilesen, who was not involved in the case but whose specialties include bankruptcy and insolvency law."
Click here for the article in the Bottom Line Newspaper.
Click here for the article in the Lawyers Weekly.