Directors' liability in the event of bankruptcy

A. THE PROBLEM

Many charities and associations have cash flow challenges, particularly in the current economic situation. They usually budget to break even financially. If some funding does not materialize as expected, they may be forced to close down. Their directors may be at financial risk as a result.

Filed under:
Canada, Employment & Labor, Insolvency & Restructuring, Non-profit Organizations, Borden Ladner Gervais LLP, Wage, Bankruptcy, Legal personality, Interest, Employment contract, Budget, Trade union, Wrongful dismissal, Debt, Liability (financial accounting), Common law, Joint and several liability, Severance package, European Space Agency, Corporations Act 2001 (Australia), Employment Standards Act 2000 (Ontario) (Canada), Canada Labour Code
Authors:
Michelle S. Henry
Location:
Canada
Firm:
Borden Ladner Gervais LLP
Amendments to insolvency legislation to come into force on a date to be proclaimed

LEGEND

What follows are blackline documents outlining amendments to the BIA, CCAA and WEPP which have been passed by the government, but not yet proclaimed in force. It is hoped that these comparisons will serve as a useful tool in providing a comprehensive understanding of what the legislation will ultimately look like, when the proposed amendments are proclaimed in force.

Filed under:
Canada, Insolvency & Restructuring, Dentons, Wage, Unemployment benefits, Constitutional amendment, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Canada Labour Code
Location:
Canada
Firm:
Dentons
Amendments to insolvency legislation to come into force on a date to be proclaimed

LEGEND

What follows are blackline documents outlining amendments to the BIA, CCAA and WEPP which have been passed by the government, but not yet proclaimed in force. It is hoped that these comparisons will serve as a useful tool in providing a comprehensive understanding of what the legislation will ultimately look like, when the proposed amendments are proclaimed in force.

Filed under:
Canada, Insolvency & Restructuring, Dentons, Wage, Unemployment benefits, Constitutional amendment, Canada Pension Plan, Bankruptcy and Insolvency Act 1985 (Canada), Canada Labour Code
Location:
Canada
Firm:
Dentons