They moved for a declaration that there were deemed trusts in favour of pension beneficiaries to the extent of the fund deficiencies and for orders for the release and payment of those amounts. (slaw.ca)
The issue here is that while the priorities of deemed trusts in relation to secured creditors under the BIA might be clearly set out, it is not the case under the CCAA, another federal statute. (ablawg.ca)
Finding that, the Court went on to conclude that the provincial deemed trust under the PBA applies in CCAA proceedings, subject to the doctrine of federal paramountcy, because of the Amended Initial Order, and noting that that means that when there is a CCAA liquidation proceeding, the PPSA may determine the priorities rather than the federal scheme under the BIA (Indalex, para 52), since analogous priorities are not set out in the CCAA. (ablawg.ca)