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    Wage Earner Bankruptcy Protection Program comes into force
    2008-09-26

    On July 7th, the Wage Earner Protection Program (hereinafter the "WEPP") came into force, as instituted by the Wage Earner Protection Program Act[1].

    The WEPP applies to workers whose employers have been declared bankrupt or were placed under receivership as of July 7, 2008.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Income tax, Beneficiary, Tax deduction, Severance package, Bankruptcy and Insolvency Act 1985 (Canada), Income-Tax Act 1961 (India)
    Location:
    Canada
    Firm:
    Dentons
    Solicitor and client privilege in bankruptcy - revisited and affirmed
    2008-09-30

    In Ultra Information Systems Canada Inc. v. Pushor Mitchell LLP (2008 Carswell BC 1537 (B.C.S.C.)), one of the corporate Defendants had become bankrupt. There was an issue as to whether some of the bankrupt Defendant’s production documents were privileged. The Court considered whether the Trustee in Bankruptcy could waive the previously claimed solicitor and client privilege and therefore produce the documents.

    Filed under:
    Canada, British Columbia, Insolvency & Restructuring, Legal Practice, Litigation, Dentons, Bankruptcy, Waiver, Solicitor, Limited liability partnership, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, British Columbia Supreme Court
    Location:
    Canada
    Firm:
    Dentons
    Effect of a debtor’s pension plan liabilities and pension plan deficit on its secured lenders
    2008-10-14

    Prudent lenders should monitor their corporate debtors’ pension plan liabilities and pension plan deficits because they may have a significant impact on the priority of the lender’s security and on the amount the lender will recover if the lender enforces its security.

    Priority with respect to Lender’s Security

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Trade union, Debt, Liability (financial accounting), Liquidation, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada), Bank Act 1991 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    The fourth-time bankrupt
    2008-06-03

    Fourth-time personal bankruptcies come along so rarely that they deserve special recognition. The Supreme Court of British Columbia was recently presented with one such instance when Mr. Thomas Boivin ("Boivin") applied for a discharge from his fourth bankruptcy.

    Over the course of about thirty years, Boivin's use of credit left creditors with total debts of approximately $834,000.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Credit card, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Debt, Liability (financial accounting), Eminent domain, Line of credit, Bankruptcy discharge, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, United States bankruptcy court, British Columbia Supreme Court
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Bankruptcy trustees' personal liability: avoiding the dangers enumerated by Greenstreet Management
    2008-06-03

    While rarely done, section 197(3) of the Bankruptcy and Insolvency Act ( “BIA”) authorizes a court to hold a bankruptcy trustee personally liable for the costs of its conduct. The principles underlying section 197(3) were recently reviewed and discussed by one of the leading authorities on Canadian bankruptcy law, Morawetz J., in the Ontario Superior Court of Justice case of Greenstreet Management where the Court used its statutory discretion to award costs personally against a trustee.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Sovereign immunity, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    New amendments to insolvency legislation finally arriving!
    2008-07-15

    Pursuant to an Order in Council dated July 4, 2008, July 7, 2008 was established as the date that certain of the provisions of S.C. 2005, c. 47 (the "Insolvency Reform Act 2005") and S.C. 2007, c. 36 (the "Insolvency Reform Act 2007") came into force. The Wage Earner Protection Program Act (the "WEPPA") as well as certain of the amendments to the Bankruptcy and Insolvency Act (the "BIA") made by the Insolvency Reform Act 2005 and the Insolvency Reform Act 2007 are, as a result, now in force.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Shareholder, Debtor, Interest, Debt, Tax deduction, Bankruptcy discharge, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    The new employee super-priority - new issues for secured creditors
    2008-07-17

    For the first time ever in Canada, super-priority rights have been given to employees which will take priority over existing secured creditors.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bond market, Wage, Bankruptcy, Credit (finance), Debtor, Accounts receivable, Income tax, Tax deduction, Secured creditor, Leverage (finance), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Wage Earner Protection Program Act and certain other amendments to the BIA now in force
    2008-07-30

    On July 7, 2008 specific provisions of the Insolvency Reform Act, 2005 and the Insolvency Reform Act, 2007 were proclaimed into force by Order in Council. As a result, the Wage Earner Protection Program Act (the “WEPPA”) and certain related amendments to the Bankruptcy and Insolvency Act (“BIA”) have come into immediate effect.

    Certain of those amendments are intended to protect current and former employees of insolvent companies and will affect lenders to insolvent businesses.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, McMillan LLP, Wage, Bankruptcy, Debtor, Accounts receivable, Debt, Unemployment benefits, Defined benefit pension plan, Severance package, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    McMillan LLP
    Examining a bankrupt … again
    2008-07-31

    In Mendlowitz & Associates Inc. v. Chiang, an Order was granted in 2006 compelling the bankrupt and others to attend for an examination by the trustee under section 163(1) of the Bankruptcy and Insolvency Act (Canada). In 2008, the trustee applied under the same section to examine the bankrupt and others again.

    Section 163(1) of the BIA provides:

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Costs in English law, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, United States bankruptcy court
    Location:
    Canada
    Firm:
    Dentons
    Sell the assets, sell the name – change your PPSA registration to get the proceeds!
    2008-04-03

    The Ontario Court of Appeal recently held that Royal Bank of Canada ("RBC") was unperfected as against a trustee in bankruptcy (the "Trustee"), because RBC failed to comply with section 48(3) of the Personal Property Security Act (Ontario) (the "PPSA") by failing to file a financing change statement to reflect a change of the debtor’s name after assets of the debtor were sold by a court appointed interim receiver.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Secured creditor, Unsecured creditor, Royal Bank of Canada, Personal Property Security Act 1990 (Canada), Trustee, Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Dentons

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