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Supreme Court of Canada hears appeal of Re Indalex Limited

On Tuesday, June 5, 2012 the Supreme Court of Canada heard an appeal of the Ontario Court of Appeal’s decision in Re IndalexLimited (“Indalex”). The Indalex decision concerned, among other things, the priority of a deemed trust for certain unpaid pension amounts over the super-priority charge granted in favour of a DIP Lender.

USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Supreme Court of Canada, Court of Appeal for Ontario
Third party benefit providers get super priority secured claim for unpaid remittances owed by employer

Synopsis

In the latest decision of the British Columbia Supreme Court (the “Court”) regarding the bankruptcy of Ted LeRoy Trucking Ltd. (“TLT”), the Court found that unpaid remittances owed by TLT to third party benefit providers constituted “wages” within the meaning of the Bankruptcy and Insolvency Act (“BIA). This entitled the benefit providers to super priority secured status in the bankruptcy of TLT.

The Facts

Canada, British Columbia, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Wage, Bankruptcy, Secured creditor, British Columbia Supreme Court
Stepping into the employees’ shoes: third party benefit providers entitled to super priority secured claim for unpaid remittances owed by employer

In the latest decision of the British Columbia Supreme Court (the “Court”) regarding the bankruptcy of Ted LeRoy Trucking Ltd.

Canada, British Columbia, Employment & Labor, Insolvency & Restructuring, Insurance, Litigation, Osler Hoskin & Harcourt LLP, Wage, Bankruptcy, British Columbia Supreme Court
Canadian court permits roll-up of pre-petition borrowing in cross-border Canada-U.S. proceeding

Interim Financing Under the CCAA and “Roll-ups”

Canada, USA, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Collateral (finance)