The Supreme Court of Canada's decision in Century Services is important for two reasons. First, it has produced a significant change in the priority rules that apply in a CCAA restructuring, and has resulted in a greater consistency in these rules across the various insolvency regimes. The Court...

A secured party who has taken and perfected a security interest in all of the debtor's accounts will sometimes come into competition with a subsequent assignee of some or all of the accounts. This brings into play the usual issue as to priorities. However, there is an additional issue that must...