On Thursday, January 23, 2020, the Supreme Court of Canada unanimously overturned the unanimous decision of the Quebec Court of Appeal in 9354-9186 Québec inc. (formerly known as Bluberi Gaming Technology Inc.) et al. v. Callidus Capital Corporation, et al. The ruling was from the bench (which is exceptional), with written reasons to follow.
This is the first time that Canada’s highest court has ruled on the issue of third-party litigation funding. The Supreme Court reinstated the Superior Court’s decision to approve interim financing under the CCAA in the form of litigation funding for the debtor company to sue its principal creditor. Neil Peden of Woods brilliantly defended the interests of Bentham IMF in this case; it is his second win at the Supreme Court in less than two years.