Amendments to the director disqualification regime, enacted in 2015, enable the Insolvency Service (on the request of a creditor of an insolvent company) to seek a compensatory remedy against a disqualified director for the benefit of the creditor(s). This empowers a creditor to take action where an insolvency officer may be unable, or unwilling, to do so.

This case relates to the principle that creditors with the benefit of a third-party debt order, are ostensibly in a better position than other unsecured creditors of an insolvent estate.

Le 3 novembre 2022, un projet de loi visant à accorder une priorité supplémentaire aux régimes de retraite dans le cadre des procédures d'insolvabilité a franchi une autre étape vers son adoption.

On November 3, 2022, new legislation aimed at providing additional priority to pensions in insolvency proceedings moved one step closer to becoming law.

Today, the Supreme Court of Canada agreed to hear an appeal of the unanimous decision rendered last April by the Ontario Court of Appeal (OCA) in Re Indalex Limited (Indalex). According to many commentators, the Indalex case turns accepted law on the priority of debtor in possession (DIP) and working capital security on its head and introduces new concerns for employers about how to properly discharge their sometimes conflicting duties under corporate law and under pension law.