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
Summary of Some of the Key Commercial Insolvency Related Amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act
INTRODUCTION
Canada, Employment & Labor, Insolvency & Restructuring, Gowling WLG, Wage, Bankruptcy, Promulgation, UK House of Commons, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
Where a receiver of an insolvent company brings an unsuccessful claim, a personal costs order will not be made against the receiver unless there are exceptional circumstances making it just to do so.
United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Wage, Costs in English law, Interest, Court costs, Secured creditor, Court of Appeal of England & Wales