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ARTICLE · 20 SEPTEMBER 2017

No Priority For Pension Claims In Wabush CCAA

Stikeman Elliott LLP
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On September 11, 2017, the Quebec Superior Court released a decision in the Wabush CCAA proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings...

CanadaEmployment and HR
Stikeman Elliott LLP
Stikeman Elliott LLP
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On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies' Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:

  1. The deemed trust under the Quebec Supplemental Pension Plans Act (SPPA) is defective;
  2. The deemed trusts under the Newfoundland and Labrador (NL) Pension Benefits Act (PBA) and federal Pension Benefits Standards Act, 1985 (PBSA) are ineffective in a "liquidating CCAA";
  3. The distribution scheme under the CCAA should be the same as that under the Bankruptcy and Insolvency Act (Canada) (BIA); and

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