On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
The Indalex decision, released by the Ontario Court of Appeal earlier this year, gave priority to pension plan members over other secured creditors that had advanced funds to keep Indalex from bankruptcy. This case came as a surprise to many practitioners and may have far-reaching implications for pension plan administrators and creditors alike.&nbs
Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Heenan Blaikie LLP, Conflict of interest, Surety, Debtor, Fiduciary, Defined benefit pension plan, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Court of Appeal for Ontario