The High Court recently allowed a secured party to amend financing statements to correct a mistake as to the identity of the debtor, without losing the benefit of its initial time of registration. 

The case was determined in the context of an application by Universal Trucks and Equipment Limited to maintain the registration of security interests.  The liquidator of Chars Transport Limited (in liquidation) had made a demand under section 162 of the PPSA that Universal register a financing change statement that excluded two industrial trailers. 

“...we consider that the section means what it says, and that there is not much point in trying to paraphrase it.” (Supreme Court in Thompson v CIR)

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.

On Thursday, December 1, 2011, a three-judge panel of the Supreme Court of Canada granted leave to appeal from the decision of the Court of Appeal for Ontario in Re Indalex.