On February 1, 2013, the Supreme Court of Canada rendered its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers et al. (Indalex). This bulletin focuses on pension plan administration issues arising from the Indalex case.
Facts
Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Surety, Fiduciary, Constructive trust, United Steelworkers, Court of Appeal of England & Wales, Supreme Court of Canada
In Re Indalex Limited, the OCA surprised insolvency, pension and financial services professionals by ruling that pension plan deficiency claims can have priority over the claims of DIP lenders in the context of Companies’ Creditors Arrangement Act proceedings.
Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Debtor, Fiduciary, Beneficiary