Bankrupt tenant: Can a landlord draw on a letter of credit after the trustee disclaims the lease?

In 7636156 Canada Inc. (Re), the Ontario Court of Appeal confirmed the right of a commercial landlord to draw on a letter of credit given as security pursuant to a lease, even when the draw takes place after the termination of the lease by the tenant’s trustee in bankruptcy.

Related briefings

Latest Briefings

Irish regulation in focus: Culture and individual accountability

Increasingly, there is a focus on culture and individual accountability in regulated firms. This has been heightened by various consumer protection issues which have been investigated including the tracker mortgage examination; high profile enforcement actions and the recent engagement with insurers on business interruption cover during COVID-19. Consistently, the Central Bank of Ireland (“Central Bank”) […]


San Francisco

Debevoise targets tech with new West Coast base

Debevoise & Plimpton is to open a San Francisco office later this year with a special focus on technology companies and private investment firms. This will be Debevoise’s third US office, after New York and Washington DC. For a firm of US heritage, it currently has a larger presence in Continental European locations such as […]

London skyline

Covington’s London revenue jumps by 12 per cent

Covington & Burling’s London revenue increased by 12 per cent last year, as global turnover also saw double-digit growth. This is after the firm’s City growth was static in 2019, decreasing by 0.1 per cent. In 2020, the firm’s revenue in its London offering leapt to $113.6m from $101.2m. In 2015, the firm’s London turnover […]

‘My legal team is essential to advancing the strategic goals of the business’

Our latest 60-second interview features Lily Hepworth, general counsel and company secretary for Immunocore, a T cell receptor biotechnology company working to develop and commercialise new medicines for cancer, infection and autoimmune disease. Hepworth talks about what the last year looked like for her, the role her team has played in advancing the strategic goals […]

London skyline

Addleshaws not looking to downsize in HQ hunt

Addleshaw Goddard has become the latest firm to scope out its London HQ options, though is not expecting to cut its space requirements despite the rise in remote working. The firm has appointed JLL as agents to scope out a new building, with its current lease expiring in September 2024. It moved to its Milton […]

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