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BIA: Equity claims in proposals – A look at new section 54.1 BIA

- Jean-Yves Simard

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On October 28, 2010, Justice Yves Poirier of the Quebec Superior Court rendered a decision, which enforced the application of new section 54.1 of the Bankruptcy and Insolvency Act. The case, Aliments Möpure inc. (Avis d’intention et de proposition de) (“Möpure”), addressed the question of whether a creditor advancing an equity claim has the right to vote at creditors’ meetings. More specifically, the case discusses the scope of the Court’s discretionary powers in granting or annulling an equity claimant’s right to vote at such meetings.

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