Order (Approval and Vesting) (ON)

Summary

This precedent is a standard form of model order for approval and vesting orders in insolvency proceedings in Ontario. The model order is used to obtain court approval of a particular transaction of purchase and sale of a debtor's assets and to vest title to the purchased assets in the purchasers. This precedent includes practical guidance and drafting notes. An approval and vesting order is typically sought by the Court-appointed officer in an insolvency proceeding to approve the sale of certain assets and vest title to those assets in the purchaser free and clear of all encumbrances and claims. There are limited exceptions to this statement. For instance, based on the circumstances of a case, a court may determine that a particular interest in an asset should not be extinguished as a result of the sale of the asset. The effect of the approval and vesting order is that any claims in and to the assets being sold no longer attach to those assets themselves but now attach to the proceeds...