In Century Services Inc. v. Canada (Attorney General)1, released just before Christmas 2010, the Supreme Court of Canada overturned the prevailing case law that held that the deemed trust created in favour of the Crown under the Excise Tax Act (ETA) for collected but unremitted amounts of Goods and Services Tax/Harmonized Sales Tax (GST/HST) survived in the context of a Companies' Creditors Arrangement Act (CCAA) reorganization.
Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debt, Excise, Harmonised sales tax, Unemployment benefits, Secured creditor, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal for Ontario