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    Traps for the unwary – secured creditor obligations under the Wage Earner Protection Program
    2009-07-23

    As we warned in our earlier articles, “Wage Earner Protection Program Act Comes Into Force - Secured Creditors Be Wary” and “Extension of the WEPPA – Further Protection for Employees”, the Wage Earner Protection Program Act (the “WEPPA”) took eff

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Cassels Brock & Blackwell LLP, Wage, Bankruptcy, Debtor, Accounts receivable, Accounting, Personal property, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Harvey Garman
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Lender strategy in light of new pension priorities
    2009-06-04

    Recent changes to the Bankruptcy and Insolvency Act have given certain unpaid pension plan contributions priority over a lender’s security if the employer is bankrupt or in receivership. How can a lender monitor the debtor’s pension arrears to assess the extent of the lender’s loss of priority?

    The Bankruptcy and Insolvency Act now provides that certain unpaid pension plan claims rank ahead of a lender’s security in bankruptcy or receivership proceedings. Effective July 7, 2008, sections 81.5 and 81.6 give super-priority status to:

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Liability (financial accounting), Defined contribution plan, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Ross W. Walker
    Location:
    Canada
    Firm:
    Dentons
    New pension contribution priorities under the Bankruptcy and Insolvency Act
    2008-11-24

    The priorities of some pension claims on bankruptcy and receivership changed as a result of amendments effective July 8, 2008 to the Bankruptcy and Insolvency Act R.S.C. (Canada) (the “BIA”).  

    Priority Before the Amendments

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Fasken, Wage, Bankruptcy, Debtor, Unsecured debt, Income tax, Liquidation, Unemployment benefits, Secured creditor, US Federal Government, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Fasken
    RRSPs in British Columbia receives legislative protection from creditors
    2008-12-23

    The British Columbia Provincial government recently passed the Economic Incentive and Stabilization Statutes Amendment Act, 2008 (the “Act”). The Act was aimed at protecting RRSPs to afford self-employed individuals the same protection from creditors as those individuals who have planned for their retirement through a registered pension plan.

    To achieve this purpose, the Act amends a number of statutes in British Columbia.

    Filed under:
    Canada, British Columbia, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Tax exemption, Ex post facto law, Debt, Retirement, Self-employment
    Location:
    Canada
    Firm:
    Dentons
    Tough times and pension funding in Canada: lessons from Slater Steel
    2008-09-17

    The decision of the Ontario Court of Appeal earlier this year in Slater Steel* exposed 10 directors, officers and employees to possible personal liability of $20 million with no meaningful recourse against the insolvent Slater Steel or its assets. This is a reminder that failure to recognize and fulfill fiduciary obligations for a pension plan can expose you to substantial personal liability.

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Fasken, Breach of contract, Fiduciary, Board of directors, Economy, Prejudice, Defined benefit pension plan, Actuary, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Fasken
    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 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
    What happens to direct life insurances in the event of an employer’s insolvency in Germany?
    2010-09-30

    The Federal Labour Court has ruled on the fundamental issue of who will be entitled to the rights under a life insurance policy concluded by the employer in the employee’s favour in the event that an employment relationship comes to an end in the course of the employer’s insolvency proceeding.

    Filed under:
    Germany, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Litigation, Herbert Smith Freehills LLP, Statutory interpretation, Beneficiary, Life insurance, Vesting, US Senate, Supreme Court of the United States, Federal Labour Court of Germany
    Authors:
    Ian Gault , Daniel Schaffer , Alison Brown , Roderick Morton
    Location:
    Germany
    Firm:
    Herbert Smith Freehills LLP
    Focus on employee benefits
    2014-04-08

    Welcome to the first issue of International News for 2014. In this issue we focus on employee benefits.

    First, however, in our Features section, we consider a number of ways of mitigating risk in African investments. As Africa becomes increasingly developed, investment opportunities are becoming increasingly appealing, but investors must still act wisely.

    Filed under:
    Global, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, White Collar Crime, McDermott Will & Emery, Compensation and benefits, Title 11 of the US Code
    Location:
    Global
    Firm:
    McDermott Will & Emery
    International news: focus on employee benefits
    2014-08-04

    Mitigating Risk in African Investments

    Filed under:
    Global, Company & Commercial, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, IT & Data Protection, McDermott Will & Emery
    Location:
    Global
    Firm:
    McDermott Will & Emery

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