Focus On Financial Services - June 2009

Extract

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Focus On Financial Services - June 2009

Lender Strategy In Light Of New Pension

Priorities

By Heather Chu and Ross Walker

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 receiver...

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