Does mutual recognition of foreign insolvency proceedings mean the end of concurrent Chapter 11 and CCAA filings?
The enactment of Chapter 15 has not meant the end of concurrent or parallel filings under Chapter 11 following or together with a CCAA filing. In January 2008, Quebecor World Inc (QWI) and many of its US operating subsidiaries (referred to as US Debtors and, together with QWI, Quebecor Debtors) filed proceedings under the CCAA. This was followed by the commencement of Chapter 11 cases in the SDNY by the US Debtors, but not QWI. As part of the initial order made in the CCAA cases, the Canadian court approved of a cross-border insolvency protocol, to become effective on its approval by the SDNY Bankruptcy Court. The Quebecor initial order provides that the stay of proceedings and powers granted to the US Debtors are deemed to conform to the extent and scope of the stay applicable in the Chapter 11 cases. In the case of conflicts between the operation of the Canadian and US stays of proceedings in relation to the US Debtors, and the powers granted to the US Debtors in the Canadian proceed
