Will this proposal capture unfunded liabilities under defined benefit pension plans?
Canada, Saskatchewan, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Financial regulation, Defined benefit pension plan
As we previously wrote about (Volume 1, Issue 3, December 2008), the Wage Earner Protection Program Act (“WEPPA”) came into force on July 7, 2008 as part of a comprehensive reform package to the Bankruptcy & Insolvency Act (“BIA”). WEPPA was designed to protect the wages of employees terminated as a result of a bankruptcy or receivership. Employees could now claim up to $3,000 worth of wages earned in the six months immediately preceding the bankruptcy or receivership, as well as a $2,000 super priority claim on all current assets of their employer.
Canada, Employment & Labor, Insolvency & Restructuring, Miller Thomson LLP, Wage, Bankruptcy, Unsecured debt, Trade union, Secured creditor, Severance package, Companies' Creditors Arrangement Act 1933 (Canada), Employment Standards Act 2000 (Ontario) (Canada), Court of Appeal of England & Wales