The Repair and Storage Liens Act¹ (the “RSLA”) endeavors to protect the rights of persons that maintain or increase the value of collateral though repair and/or storage services.

Lawrence Gold recently presented on abuses of the Repair and Storage Liens Act (Ontario) (“RSLA”) impacting commercial finance and insurance companies to the Ontario Personal Property Security Legislation Committee (“PPSL Committee”). As changes to the RSLA will likely not be implemented in the near future, concerns regarding abuse of lien claimant rights are of significant importance to the industry.

Arctic Glacier Income Fund (CSNX:AG.UN) (the “Fund”) has obtained creditor protection from the Manitoba Court of Queen's Bench to allow its subsidiaries to continue normal operations as the Fund seeks new investors.

The Arctic Glacier Income Fund is an unincorporated, open-end mutual fund trust. The Fund's head office is located in Winnipeg, Manitoba. Arctic Glacier's operating subsidiaries manufacture and distribute packaged ice products in Canada and United States.

Bankruptcy Rule changes, effective December 1, 2011, require mortgage holders and servicers to include additional documentation supporting proofs of claim filed in individual debtor cases. Mortgage holders and servicers must follow these rules or face sanctions and potential loss of the right to present the omitted documentation as evidence in subsequent proceedings.

A liquidator has been appointed to supervise the winding up and sale of the assets of Union of Canada Life, one of Canada's oldest life insurance companies, by order of the Ontario Superior Court of Justice.

Union of Canada applied under the Winding Up and Restructuring Act (WURA) for a Winding Up Order and the appointment of Grant Thornton as liquidator to take possession and control of the company and conduct the sale under the protection of a stay of proceedings.

The definition of “eligible wages” under theWage Earner Protection Program Act¹ (“WEPPA”) was amended on December 15, 2011. Under the original definition, employees could claim under the wage earner protection program (“WEPP”) for payment of wages earned during either (i) the six-month period ending on the date of bankruptcy of the former employer, or (ii) the six-month period ending on the first day on which there was a receiver in relation to the former employer. The definition did not deal with CCAA or BIA restructurings.

On January 19, 2012, the Seventh Circuit in In re River East Plaza, LLC, (No. 11-3263), held in favor of a secured lender further strengthening the rights of secured creditors in bankruptcy cases.

Catalyst Paper Corporation (TSX:CTL) has taken the unusual step of publicly announcing that, although it is not in bankruptcy, the company is seeking court protection under Chapter 15 of the US Bankruptcy Code.

The Richmond, BC-based company reported earlier that it had received an initial court order under the Canada Business Corporations Act (CBCA) to begin a consensual restructuring process with its noteholders. It made the new announcement to correct allegations of bankruptcy that appeared in some media reports following its initial statement.

Timminco Limited (TSX:TIM) has been granted creditor protection under theCompanies' Creditors Arrangement Act until February 2, 2012 by the Ontario Superior Court of Justice. Timminco produces silicon metal for the chemical, aluminum and electronics/solar industries through its 51%-owned production partnership with Dow Corning, known as Québec Silicon. Timminco is also a producer of solar grade silicon for the solar photovoltaic energy industry, through Timminco Solar, a division of its wholly owned subsidiary, Bécancour Silicon.

Cellfor, a privately held company that bills itself as the world's first and largest commercial supplier of conifer varietal seedlings to the forest industry, has obtained a court order granting it protection under the Companies' Creditors Arrangement Act.

The initial order of Mr. Justice Harris of the Supreme Court of British Columbia grants a stay of proceedings against all actions and creditors until January 16, 2012, when a further hearing is scheduled to consider a possible extension of the stay period.