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    Secured lenders take note: supreme court releases <i>indalex</i> decision
    2013-02-22

    Introduction
    Summary
    Facts
    Supreme Court decision
    Comment


    Introduction

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Heenan Blaikie LLP, Debtor, Fiduciary, Beneficiary, Defined benefit pension plan, Supreme Court of Canada
    Authors:
    John J. Salmas , Kenneth David Kraft
    Location:
    Canada
    Firm:
    Heenan Blaikie LLP
    Sun Indalex Finance, LLC v United Steelworkers: remedial trusts in the commercial context
    2013-02-27

    The Supreme Court of Canada’s decision inSun Indalex Finance, LLC v United Steelworkers, 2013 SCC 6, has a number of implications for employers, pension plan administrators, as well as both secured and unsecured creditors.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, DLA Piper, Beneficiary, Constructive trust, United Steelworkers, Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    DLA Piper
    Indalex: what are the pension implications?
    2013-02-11

    “When a business becomes insolvent, many interests are at risk.  Creditors may not be able to recover their debts, investors may lose their investments and employees may lose their jobs. If the business is the sponsor of an employee pension plan, the benefits promised by the plan are not immune from that risk. The circumstances leading to these appeals show how that risk can materialize. Pension plans and creditors find themselves in a zero-sum game with not enough money to go around.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Anthony Devir , Ian J.F. McSweeney , Lesha Van Der Bij
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Indalex decision: insolvency law v. pension law, round three
    2013-02-11

    The Supreme Court of Canada’s decision in the case of Re Indalex Ltd. [2013] SCC 6 (the “Decision”) does not, as one national newspaper put it place “creditors before pensioners”. The Decision which overturned the Ontario Court of Appeal’s decision in Re Indalex Ltd. [2011] O.J. No.

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, DLA Piper, Fiduciary, Defined benefit pension plan, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Donald Cooper , Rachel Hamilton , Veronica Monteiro , David Stratton, Q.C
    Location:
    Canada
    Firm:
    DLA Piper
    This week at the SCC
    2013-02-04

    The Supreme Court issued one judgment this week in a case of interest to Canadian businesses and professions.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, United Steelworkers
    Authors:
    Anthony M.C. Alexander
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    SCC reverses ONCA on major pension case: lenders and financiers breathe a sigh of relief
    2013-02-05

    On Friday, the Supreme Court of Canada handed down its decision in the landmark pension/insolvency case, Sun Indalex, LLC v. United Steelworkers. 

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Heenan Blaikie LLP, United Steelworkers, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Julie-Anne C.L Cardinal
    Location:
    Canada
    Firm:
    Heenan Blaikie LLP
    Give this post superpriority – Supreme Court decides Sun Indalex Finance, LLC v. United Steelworkers
    2013-02-05

    Introduction

    The Supreme Court has issued its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers.

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Conflict of interest, Debtor, Fiduciary, Beneficiary, United Steelworkers, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario
    Authors:
    Ronald Podolny , Mark Firman
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Practical implications of the Supreme Court of Canada’s decision in (Re) Indalex
    2013-02-06

     

    The Supreme Court of Canada’s decision in (Re) Indalex has changed the landscape for both lenders and borrowers in Canada who sponsor registered defined benefit pension plans. For lenders, carefully drafted loan documentation and effective planning can enhance the protection of a secured lender’s position in the face of the broadened scope of a deemed trust applicable to a borrower’s defined benefit pension obligations.

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Debtor, Fiduciary, Consideration, Defined benefit pension plan, Supreme Court of Canada
    Authors:
    Daniel Pearlman
    Location:
    Canada
    Firm:
    Norton Rose Fulbright Canada LLP
    Indalex: appeal allowed, but ...
    2013-02-07

    On February 1, 2013, the Supreme Court of Canada (SCC) released its decision in Sun Indalex Finance, LLC v. United Steelworkers (Re Indalex). With respect to one critical issue,the SCC confirmed that a court-ordered debtor-in-possession (DIP) charge had priority over a deemed trust (akin to a statutory security interest) securing the debtor's obligation to fund a pension wind-up deficiency on the wind-up of a defined benefit (DB) pension plan.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Debtor, Liquidation, United Steelworkers, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Supreme Court rules on pension claims in CCAA
    2013-02-08

    On February 1, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Sun Indalex Finance, LLC v. United Steel Workers. By a five to two majority, the SCC allowed the appeal from the 2011 decision of the Ontario Court of Appeal (the “OCA”) which had created so much uncertainty about the priority of pension claims in Companies’ Creditors Arrangement Act (the “CCAA”) proceedings.

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, United Steelworkers, Companies' Creditors Arrangement Act 1933 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP

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