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    Supreme Court rules that GST debt is unsecured under CCAA
    2011-02-02

    The Supreme Court of Canada recently ruled in the Century Servicesi case that Goods and Services Tax (“GST”) deemed trusts under the federal Excise Tax Act (“ETA”) are ineffective in proceedings under the Companies’ Creditors Arrangement Act (“CCAA”).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Cassels Brock & Blackwell LLP, Bankruptcy, Debtor, Unsecured debt, Debt, Excise, Liquidation, Secured creditor, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, Supreme Court of Canada
    Authors:
    Larry Ellis
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Supreme Court of Canada settles Excise Tax Act priorities in CCAA action
    2011-02-08

    MARY BUTTERY WINS IMPORTANT CASE FOR CENTURY SERVICES INC.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, DLA Piper, Bankruptcy, Debtor, Excise, Unemployment benefits, Secured creditor, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    DLA Piper
    The Century Services case - getting the Crown's priorities straight
    2011-02-18

    Introduction

    The decision of the Supreme Court of Canada last month in Century Services Inc. v. Canada1 is of striking interest to the tax and insolvency bars. The Court considered Crown priorities, in particular, the various “deemed trust” provisions found in section 227 of the Income Tax Act (Canada),2 section 86 of the Employment Insurance Act,3 section 23 of the Canada Pension Plan (the “CPP”)4 and in particular section 222 of the Excise Tax Act (GST Portions).5

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Statutory interpretation, Income tax, Withholding tax, Liquidation, Tax deduction, Unemployment benefits, Secured creditor, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Dentons
    Government loses its priority to GST in CCAA proceedings
    2010-12-22

    In the recent decision of Century Services Inc. v. Canada (Attorney General), 2010 SCC 60, the Supreme Court of Canada has, for the first time, interpreted key provisions of the Companies’ Creditors Arrangement Act (“CCAA”).

    The judgment of the Court, which was pronounced December 16, 2010, overrules appellate authority from Ontario and British Columbia that previously conferred a priority for unremitted GST on the Crown in CCAA proceedings, and endorses the broad discretionary power of a CCAA court.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Excise, Good faith, Due diligence, Remand (court procedure), Secured creditor, Unsecured creditor, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada
    Authors:
    Owen J. James , Matthew Curtis
    Location:
    Canada
    Firm:
    Dentons
    Priority of unpaid fuel taxes
    2011-01-05

    In our last Financial Services Flash, we emphasized the issue that lenders need to be aware of specific restrictions that may apply to the liquidation of inventory over which they have security. This Flash considers the general notion that a lender needs to be cognizant of some unique and sometimes unexpected liabilities of the borrower which may take priority over such lender’s security. There are, of course, many ‘priority payables’ which are commonly known, whether they relate to unpaid wages, certain sales taxes, pension plan obligations, etc.

    Filed under:
    Canada, Insolvency & Restructuring, Shipping & Transport, Tax, Aird & Berlis LLP | Aird & McBurney LP, Wage, Bankruptcy, Debtor, Debt, Liability (financial accounting), Liquidation, Bank reserves, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Supreme Court of Canada judgment: limiting Crown claims for unremitted sales taxes in CCAA cases
    2011-01-12

    On December 16, 2010, the Supreme Court of Canada determined that in Companies’ Creditors Arrangement Act (“CCAA”) reorganization proceedings, the Crown enjoys no super-priority status in relation to its claims for unremitted sales taxes arising under the Goods and Services Tax (the “GST”) or similar provincial sales taxes.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, McMillan LLP, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    McMillan LLP
    GST/HST deemed trust loses priority in CCAA reorganization
    2011-01-25

    In Century Services Inc. v. Canada (Attorney General)1, released just before Christmas 2010, the Supreme Court of Canada overturned the prevailing case law that held that the deemed trust created in favour of the Crown under the Excise Tax Act (ETA) for collected but unremitted amounts of Goods and Services Tax/Harmonized Sales Tax (GST/HST) survived in the context of a Companies' Creditors Arrangement Act (CCAA) reorganization.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debt, Excise, Harmonised sales tax, Unemployment benefits, Secured creditor, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Jean-Guillaume Shooner
    Location:
    Canada
    Firm:
    Stikeman Elliott LLP
    Canada Revenue Agency trumps unsecured creditors!
    2010-08-31

    In a sleight-of-hand move dexterously played by the Canada Revenue Agency ("CRA"), it managed to secure advance collection of a disputed corporate income tax debt by obtaining an ex parte jeopardy collection order after the CRA was notified of an application by the taxpayer to appoint a receiver.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Tax, WeirFoulds LLP, Bankruptcy, Debtor, Unsecured debt, Res judicata and issue estoppel, Debt, Ex parte, Capital punishment, Unsecured creditor, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada), Income-Tax Act 1961 (India), Trustee, Court of Appeal for Ontario, Federal Court (Canada)
    Authors:
    Maralynne A. Monteith
    Location:
    Canada
    Firm:
    WeirFoulds LLP
    Nortel update – stay extended; Ontario Court of Appeal affirms non-payment of termination and severance
    2010-01-26

    Extension of stay and Settlement Agreement

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Tax, Cassels Brock & Blackwell LLP, Debtor, Liquidation, Transfer pricing, Stakeholder (corporate), Severance package, Employment Standards Act 2000 (Ontario) (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    SCC confirms no crown priority for unremitted GST/QST in a bankruptcy
    2009-12-10

    On October 30, 2009, the Supreme Court of Canada released its long-anticipated decision in Quebec (Revenue) v. Caisse populaire Desjardins de Montmagny. At issue in this case (and two companion cases) was the legal characterization of Crown rights with respect to collected but unremitted GST and Quebec sales tax (QST) in the hands of a trustee in bankruptcy. The Supreme Court confirmed that the Crown is an ordinary unsecured creditor with respect to such amounts, subject to the rights of prior ranking security holders.

    Summary of Facts

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Norton Rose Fulbright, Bankruptcy, Accounts receivable, Excise, Tax deduction, Secured creditor, Goods and services tax (Canada), Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, Supreme Court of Canada, Quebec Court of Appeal
    Authors:
    Barry N. Segal , Virginie Gauthier
    Location:
    Canada
    Firm:
    Norton Rose Fulbright Canada LLP

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