On May 8, 2009, the Honourable Madam Justice Hoy of the Ontario Superior Court of Justice (Commercial List) granted an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C36, as amended (the “CCAA”) in respect of Gandi Innovations Limited (“Gandi Canada”), Gandi Innovations Holdings LLC (“Gandi Holdings”) and Gandi Innovations LLC (“Gandi Texas”) (collectively, the “Gandi Group”). The Initial Order provided for a broad stay of proceedings in favour of the Gandi Group and for the appointment of BDO Dunwoody Limited as court appointed monitor in respect of the CCAA proceedings. The Gandi Group CCAA proceedings is an interesting case for a number of reasons, but two particular issues stand out in this case.

type Bankruptcy Update - July 2009 - An Exercise in Cross Border Cooperation: Gandi Innovations Limited, Gandi Innovations Holdings LLC and Gandi Innovations LLC