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Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Ontario Court of Appeal addresses PBA deemed trust and other pension issues in CCAA proceedings

On April 7, 2011, the Ontario Court of Appeal released its judgment in theRe Indalex Limited case (Indalex).1 The decision addresses the interplay between the deemed trust provision in the Ontario Pension and Benefits Act (PBA)2 and the federal Companies’ Creditors Arrangement Act (CCAA),3 as well as the fiduciary duties of pension plan administrators in CCAA proceedings. Indalex is important for pension plan sponsors and administrators for a number of reasons:

Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Fiduciary, Beneficiary, Liquidation, United Steelworkers, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal of England & Wales, Court of Appeal for Ontario