On June 17, 2020, AllSaints USA Limited (“AllSaints USA”), a subsidiary of All Saints Retail Limited and part of the All Saints group of companies, a global contemporary fashion brand headquartered in London, England, commenced its Company Voluntary Arrangement proceedings (“English Proceedings”) pursuant to the UK Insolvency Act (1986). Also on June 17, 2020, the English Proceedings were recognized in Canada under the Companies’ Creditors Arrangement Act. The Ontario Superior Court of Justice (the “Court”) issued an initial recognition order and a supplemental recognition order which, among other things, appointed PricewaterhouseCoopers Inc. (“PwC”) as the Information Officer of AllSaints USA.
On July 6, 2020, the Court issued an order which, among other things, recognized the Company Voluntary Arrangement of AllSaints USA.
This was the first time a UK company voluntary arrangement was recognized as a foreign main proceeding in Canada.
Cassels acted as counsel to PwC with a deal team that included Jane Dietrich and Sophie Moher (Restructuring & Insolvency) and Chuck Rich and Lauren Grossman (Banking & Specialty Financing).