Bankrupt Canadian Pot Co. Must Pay Adviser $720K

Law360 (November 6, 2019, 6:29 PM EST) -- A Canadian judge has ordered the country's first insolvent cannabis company to pay a financial advisory firm about $720,000, saying the firm's work helped the remaining stakeholders get their money out of the failing company.

Justice Shelley C. Fitzpatrick outlined the “unique circumstances” that led her to order Ascent Industries Corp. to immediately pay Clarus Securities Inc. for its services facilitating the sale of the company’s Canadian assets, even though the firm filed its claim weeks after Ascent filed for insolvency.

“In my view, it would [be] unfair in the extreme to deny Clarus its fee which has benefited all stakeholders...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!