An article authored by Hicks Morley’s Rachel Arbour and Andrea Yau was published in the March 2014 edition of The Canadian Bar Association‘s National Pensions and Benefits Law Section Newsletter. The article entitled, “No deemed trust applied to plans wound up during CCAA” discusses the Ontario Superior Court of Justice’s decision in Re Grant Forest…
Tag: Deemed Trust
Rachel Arbour Interviewed in the CBA National Magazine
Hicks Morley’s Rachel Arbour was interviewed in the April-May 2013 edition of the CBA National Magazine in an article entitled “Pensions vs. insolvency“. In the article, Rachel answers a series of questions regarding the implications of the Indalex ruling highlighting the expanded deemed trust and pension plan governance aspects of the decision. View Article
Supreme Court of Canada Renders Decision in Indalex
Today, the Supreme Court of Canada rendered its long-awaited decision in Sun Indalex Finance, LLC v. United Steelworkers. The decision contains important findings with respect to, among other matters, the fiduciary duties of plan administrators, the reach of the statutory deemed trust provisions of the Ontario Pension Benefits Act, and the priority given to pension…
Super Priority for CCAA Charges Granted Preference Over Pension Deficits
On February 2, 2012, in On Re Timminco, the Commercial Court granted an order for “super priority” for an Administration Charge ($1,000,000) and Directors’ and Officers’ Charge ($400,000) in preference to other encumbrances, including pension deficits in Timminco’s pension plans (aggregate deficit is in excess of $11,000,000). Justice Morawetz found that federal insolvency legislation, specifically…
Ontario Court of Appeal Revisits Pension and Insolvency Principles: Indalex
INTRODUCTION On April 7, 2011, the Ontario Court of Appeal (the “Court”) released its decision in Re Indalex Limited. In this decision, the Court considers and revisits fundamental and established Canadian pension and insolvency law principles, making this decision required reading for members of pension committees, human resources professionals involved in pension plan administration, and…