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Alberta exempts registered savings plans from seizure

One more province has joined the ranks of extending creditor protection to registered savings plans. Alberta’s Civil Enforcement Amendment Act came into force on October 1, 2009 (the “Act”). It applies to registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), deferred profit sharing plans (DPSPs) and registered disability savings plans (RDSPs).

Fair Treatment

Canada, Alberta, Employee Benefits & Pensions, Insolvency & Restructuring, Miller Thomson LLP, Tax exemption, Bankruptcy, Debtor, Beneficiary, Retirement, Life insurance, Investment funds, Disability, Bankruptcy and Insolvency Act 1985 (Canada)
Express trust v. secured creditor of the trustee

Brookfield Bridge Lending Fund Inc. v. Karl Oil and Gas Ltd., 2009 ABCA 99, 5 Alta. L.R. (5th) 1; on appeal from 2008 ABQB 444, 96 Alta. L.R. (4th) 329.

Vanquish Oil and Gas Corp. (“Vanquish”) operated certain oil wells. Under the 1990 Canadian Association of Petroleum Landman Operating Procedure under which Vanquish operated these wells, Vanquish was to receive well revenues in trust, it could commingle revenues with its other monies, and was to pay the revenues “only to their intended use”.

Canada, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Breach of contract, Beneficiary, Secured creditor, Constructive trust, Trustee, Court of Appeal of Alberta