Subordination of equity security holders' claim for bankrupt corporation in Canada

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Other Title
  • カナダにおける株主の損害賠償請求権等の会社倒産時の劣後化
  • カナダ ニオケル カブヌシ ノ ソンガイ バイショウ セイキュウケントウ ノ カイシャ トウサンジ ノ レツゴカ

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Shareholders may result in having share related claim against the corporation, such as when they purchase share while the corporation is making misstatement. When the corporation goes bankrupt, what kind of treatment should be taken for such claim? Regarding this issue, Canadian Bankruptcy Law amended on 2007 defies the concept of "Equity Inteest" and then "Equity Claim" as any claim that is in respect of an aquity interest and provides subordinated treatment of such claim. In this paper, in order to provide material for discussion in Japan, I will discuss the purpose of Canadian Bankruptcy Law amended on 2007, focusing on 1. On what grounds was the subordinated treatment of Equity Claim provided, 2. As a corollary of such grounds,what kind of claim is provided to receive subordinated, and 3. How is the suborinated treatment implemented in bankruptcy proceedings.

Journal

  • 同志社法學

    同志社法學 67 (2), 863-901, 2015-06-30

    The Doshisha Law Association

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