Open AccessReorganizing the Insolvent Oil and Gas Corporation: The Courts and Fairness
Author(s) -
Frank R. Foran,
Terrence M. Warner
Publication year - 1990
Publication title -
alberta law review
Language(s) - English
Resource type - Journals
eISSN - 1925-8356
pISSN - 0002-4821
DOI - 10.29173/alr705
Subject(s) - insolvency , bankruptcy , creditor , aside , corporation , business , law and economics , law , economics , accounting , finance , political science , debt , art , literature
The authors discuss how, once all the concerned parties have concluded an agreement, a financially troubled organization can be reorganized. Aside from proceeding under Part III of the Bankruptcy Act or under the Companies' Creditors Arrangement Act, the authors note that such a reorganization can be, and has been, effected under the Business Corporations Act The authors discuss the details of the CBCA reorganization, and explain how courts have given great latitude to insolvent corporations, to allow them to reorganize.