Advocate Daily Post
Legislative change is not what’s needed to quell the expensive world of cross-border bankruptcy litigation, says Toronto lawyer Kevin Fisher.
These issues arise in the management of these types of cases and has developed out of practise, procedure and precedent, says Fisher. There is a lot of repetition in the process that could be eliminated to make it more streamlined and less costly. In many of these steps, there are far too many professionals charging unnecessarily high fees for relatively routine matters.
A recent Globe and Mail report examines the dispute over what remains of Nortel Networks Corp., with bondholders, pensioners and other creditors engaged in an expensive fight over the $9-billion left over from the piecemeal sale of the company.