Category: Insolvency
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Laurentian University of Sudbury, 2021 ONSC 1975 – Court Grants Pension Relief Requested
On February 1, 2021, the Ontario Superior Court granted an Initial Order under the Companies’ Creditors Arrangement Act (CCAA), providing Laurentian University (Laurentian) with protection and relief under the CCAA. This Initial Order was amended on February 11, 2021 to stay the payment of any pre-filing or post-filing special payments to Laurentian's defined benefit pension plan (the Plan . . .
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Martin v. Barrett., 2020 ONSC 2272 – Order re Plan’s Unlocatable Members
The Participating Co-Operatives of Ontario Trusteed Revised Pension Plan (the Plan) was the subject of a class action, which was settled in 2008. The benefit entitlements of most Plan members were paid out through annuity purchases or termination transfer payments . . .
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Re Galeano, 2019 ONSC 4984 – Claim for Pension Division Post-Bankruptcy Discharge Dismissed
Galeano and Green began living together in 2008, married in 2011, experienced financial difficulties in 2015 (including filing a joint consumer proposal), separated in 2016 and ultimately divorced in 2017. After their separation, each filed for bankruptcy and were subsequently discharged after the divorce . . .
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Federal Government Proclaims in Force Bill C-97 Amendments re BIA & CCAA
Effective November 1, 2019, the federal government has proclaimed in force amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA), which are intended to enhance retirement security . . .
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Archibald et. al. v. Ontario (CEO of FSRA), 2019 ONFST 16 – Nortel Plan Wind Up Addenda Approved
As a part of the Nortel Networks Corporation (Nortel) bankruptcy, the Superintendent ordered the wind up of two pension plans (the Plans) as of October 1, 2010. Shortly thereafter, the Superintendent approved an interim allocation of the Pension Benefits Guarantee Fund (PBGF). Per that approval, any PBGF money not required to provide benefits in accordance with s. 34 of the Regulation (e.g., indexation benefits) would be returned to the PBGF . . .
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Sears Canada Inc., et al. (Re), 2019 ONSC 3614 – Former Sears Employees Entitled to Life Insurance Surplus
Sears and its employees paid premiums to Sun Life for life insurance coverage. Each year a surplus/deficit calculation was performed, and any surplus was transferred to a separate fund. When the coverage was terminated, there was a surplus of approximately $850,000. At issue was whether the surplus should form part of the Sears estate or be distributed to the employees that had contributed to the surplus . . .
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Federal Passes Bill C-97 re Budget Amendments
The federal government passed Bill C-97, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2019 and other measures, on June 21, 2019. Bill C-97 includes amendments to the Pension Benefits Standards Act, 1985 (PBSA), the Canada Pension Plan (CPP) and certain public sector plans, as well as pension-related amendments to the Canada Business Corporations Act (CBCA), Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA . . .
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Quebec Regulation re Framework for Retraite Québec Plan Administration
Quebec Regulation 426-2019 amends the Regulation to provide a framework for settlement of the benefits of members and beneficiaries of plans covered by subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act and for administration by Retraite Québec of certain pensions paid out of the assets of the plans . . .
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Federal Bill C-97 re Budget Amendments
The federal government introduced Bill C-97, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2019 and other measures, for first reading on April 8, 2019. Bill C-97 includes amendments to the Pension Benefits Standards Act, 1985 (PBSA), the Canada Pension Plan (CPP) and certain public sector plans, as well as pension-related amendments to the Canada Business Corporations Act (CBCA . . .
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Federal Budget 2019
The Federal government released its budget for 2019, which included several pension and benefit related announcements . . .
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