Supreme Court

Decision Information

Northwest Territories (Commissioner) v Simpson Air Ltd.

Court Supreme Court
Date 1994-05-11
Other citations [1994] N.W.T.R. 184 – [1995] N.W.T.R. 65 (N.W.T. S.C.) – 27 C.B.R. (3d) 190 (N.W.T. S.C.) – 27 C.B.R. (3d) 190 at 198 – affirmed on reconsideration (1994)
File numbers CV 04464
Judge(s) Vertes
Location Yellowknife
Cases and statutes considered Cases considered:
Crown Trust Co. v. Rosenberg (1986), 39 D.L.R. (4th) 526 (Ont. H.C.)
Re Dunham (1982), 40 C.B.R. (N.S.) 25 (Ont. S.C.)
Royal Bank of Canada v. Sefel Geophysical (1989), 76 C.B.R. (N.S.) 29 (Alta. Q.B.)
Re Dominion Lock (1985), 56 C.B.R. (N.S.) 148 (Que. S.C.)
Bank of Montreal v. Bell's Dairy Ltd. (Trustee of) (1986), 60 C.B.R. (N.S.) 244 (Sask. Q.B.)
Ronald Elwyn Lister Ltd. v. Dunlop Canada (1982), 135 D.L.R. (3d) 1 (S.C.C.)
Arctic Co-operatives Ltd. v. Sigyamiut Ltd. (Receiver of) (1991), 5 C.B.R. (2d) 271 (N.W.T.S.C.)

Statutes considered:
Bankruptcy and Insolvency Act, R.S.C.1985, s. 79
Bankruptcy and Insolvency Act, R.S.C.1985, s. 130
Bankruptcy and Insolvency Act, R.S.C.1985, s. 131
Bankruptcy and Insolvency Act, R.S.C.1985, s. 132
Bankruptcy and Insolvency Act, R.S.C.1985, s. 69.3 (as amended, S.C. 1992, c. 27, s. 36)
Bankruptcy and Insolvency Act, R.S.C.1985, s. 128 (as amended, S.C. 1992, c. 27, s. 52)
Decision information:

Abstract: Motion by the receiver-manager to approve the sale of the assets of the bankrupt. Cross-motion by the trustee for a stay of proceedings and a direction of the Court for an accounting of the loan account between the BCC and the Defendant Company, Simpson Air (1981) Ltd.
Decision: The Receiver has, with regard to the proposed sale of the assets, acted in an efficient and commercially reasonable manner and therefore there is no cogent reason why the sale should not go forward. The cross-application by the Trustee for a stay is denied. The direction for an accounting of the loan account between BCC and Simpson Air is a reasonable request and the order directs that within 30 days of the completion of the sale, the plaintiffs are to provide the Trustee with a statement of the loan account of Simpson Air (1981) Ltd. setting out a history of all credits, debits and charges.
Subjects: Bankruptcy and insolvency - Secured creditors - Realization of security
Bankruptcy and insolvency - Legislation - Interpretation
Receivers - Appointment under private power - Status of receiver

Decision Content

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