Lenders should be aware that a broad definition of “wages” owing to employees of a borrower/customer in bankruptcy or receivership can take priority over what a lender might otherwise believe is its “first ranking charge” against the borrower.
Canada, British Columbia, Banking, Employment & Labor, Insolvency & Restructuring, Gowling WLG, Wage, Bankruptcy, Debtor, Health insurance, Unemployment benefits, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada