However,
deemed trusts in favour of the Crown get different treatment.
Aside from the inapplicability of federal paramountcy, an additional problem is that the provincial PPSAs and pension benefits legislation are not identical in their treatment of
deemed trusts in relation to security interests arising under the PPSAs.
While the BIA provision clearly lays out the treatment of
deemed trusts in favour of the Crown, issues can arise with deemed trusts that arise in favour of parties other than the Crown, such as those arising under pension legislation.
The main issue in this case was the priority of
the deemed trusts in relation to the DIP charge.
Second, what is the type of priority afforded to
deemed trusts in relation to secured creditors other than DIP lenders?
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.
Hatnay noted in Indalex, the appeal court considered the questions of whether the company had breached its fiduciary duty and whether there was
a deemed trust in a situation where it had essentially abandoned its pension plan.
After Wabush had sold its assets, it sought direction from the Quebec Court on whether
the deemed trust in respect of the deficits and the outstanding special payments took priority over the claims of other creditors.
Not exact matches
«
In Oregon that was
deemed to be an important feature from a
trust standpoint.»
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The Sponsor may,
in its discretion, undertake any action that it may
deem necessary or desirable
in respect of the
Trust Agreement and the interests of the Shareholders and,
in such event, the legal expenses and costs of any such actions shall be expenses and costs of the
Trust and the Sponsor shall be entitled to be reimbursed therefor by the
Trust.
The per - Share number of Bitcoins exchanged for a purchase or redemption is calculated daily by the Trustee, using the Blended Bitcoin Price, or such other publicly available price as the Sponsor may
deem fairly represents the commercial value of the
Trust's Bitcoins, for the Bitcoins being valued to calculate the Bitcoin amount
in respect of any liabilities for which covering Bitcoins sales have not yet been made, and represents the per - Share number of Bitcoins held by the
Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred.
The sovereigns were
deemed junior apostles, entitled to rule «
in trust» the everyday life of the Church
in Europe and her colonies.
Senior food policy officer at European consumer rights group BEUC Camille Perrin said: «It remains to be seen what will be
deemed a «significant» difference
in composition, and we
trust national authorities will consult consumer organisations to inform their assessment.
In a radical revamp of its risk assessment process, the European Food Safety Authority (EFSA) could publish confidential data if deemed essential to protecting public health, according to draft rules aimed at boosting transparency and trust in scienc
In a radical revamp of its risk assessment process, the European Food Safety Authority (EFSA) could publish confidential data if
deemed essential to protecting public health, according to draft rules aimed at boosting transparency and
trust in scienc
in science.
It's been like a year plus I've taken part
in the comment section, but
trust me I've been here through n through and am fully aware of the major players here... Gone are the days we use to have over 60 70 comments on week days... Now too many angry fans and admin unwillingness to let some comments slide cos he
deems them propaganda...
I still think NY was
in the drivers seat with Melo I don't think this was necessarily Melo picking OKC over PDX I think NY management saw our offer of ex-scrap heap players and felt the OKC offer was better Maybe Noah injury played a role I think NO would not offer up what NYC
deemed to be better then the OKC trade I do think Kantor and McDermott are better then Meyers, Harkless, Noah, etc... So without one of our draftees from this year or a high draft pick NY took the best offer I
trust that NO is a good judge of talent and felt giving up anything more then what he offered was not worth an aging but talented Melo
«I have faith and
trust in the criminal justice system, and similarly I have faith and
trust that this jury took its responsibility to weigh the evidence
in this case seriously and render a verdict that they
deemed appropriate.
The current state of relations between many communities and the police, which is one of fractured
trust, must be
deemed unacceptable
in a city as great as ours.
Rather than
trusting the many quirks already inherent
in Bahadur's surreal Somalian adventure (filmed
in South Africa) writer - director Buckley
deems it necessary to constantly inject the proceedings with needless embellishments including glib voice - overs, fantasy sequences and animation.
In the cases of both Phillips and Parker, separated by more than two hundred years, each school received broad but specified authority from the state, with diplomas granted on the basis of public «exhibitions» and with the expectation - the trust - that the details of the program and its assessment would be creatures of the schools» immediate community, subject, as deemed necessary, to the inspection by the state or, in the case of Phillips, the local superintendent of (public) school
In the cases of both Phillips and Parker, separated by more than two hundred years, each school received broad but specified authority from the state, with diplomas granted on the basis of public «exhibitions» and with the expectation - the
trust - that the details of the program and its assessment would be creatures of the schools» immediate community, subject, as
deemed necessary, to the inspection by the state or,
in the case of Phillips, the local superintendent of (public) school
in the case of Phillips, the local superintendent of (public) schools.
The Sutton
Trust has also published research looking into the effects of accents
deemed «working - class» —
in other words, broad —
in certain professions such as banking.
When you put faith
in us and entrust your academic future to our hands, we
deem it our sacred duty to keep your
trust by giving you the very best possible.
In this case, the trustee of the pooled superannuation
trust may choose option one for any
deemed capital gains arising because CGT relief is chosen.
The effect of making this choice for the 2016 - 17 income year is that no amount is included
in the
trust's assessable income
in respect of the
deemed capital gain for that year.
In 2009, the National
Trust for Historic Preservation
deemed the city of Franklin a «Distinctive Destination» because of the town's ability to preserve its past with authentic experiences while acknowledging modern culture and diversity.
The Board has concluded that each of the trustees should initially and continue to serve on the Board because of (i) his or her ability to review and understand information about the
Trust provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management regarding material factors bearing on the management of the trust, and to exercise their business judgment in a manner that serves the best interests of the trust's shareholders and (ii) the trustee's experience, qualifications, attributes or skills as described b
Trust provided to them by management, to identify and request other information they may
deem relevant to the performance of their duties, to question management regarding material factors bearing on the management of the
trust, and to exercise their business judgment in a manner that serves the best interests of the trust's shareholders and (ii) the trustee's experience, qualifications, attributes or skills as described b
trust, and to exercise their business judgment
in a manner that serves the best interests of the
trust's shareholders and (ii) the trustee's experience, qualifications, attributes or skills as described b
trust's shareholders and (ii) the trustee's experience, qualifications, attributes or skills as described below.
As I have begun to chronicle
in my ongoing «
Trust Me, I'm an Expert» series of posts, courts have not hesitated to
deem people experts
in fields such as «smell» and «lap dancing.»
At the same time, the Supreme Court of Canada has said that provincial
deemed trusts don't apply
in a bankruptcy.
In a motion filed at the Ontario Superior Court of Justice — Commercial List on August 11, 2017, the lawyer for Retirees of Sears Canada cited s. 57 (4) of the Pension Benefits Act (PBA) and s. 30 (7) of the Personal Property Security Act (PPSA) to create a deemed trust priority in favour of the beneficiaries of the pension plan over other assets of the employe
In a motion filed at the Ontario Superior Court of Justice — Commercial List on August 11, 2017, the lawyer for Retirees of Sears Canada cited s. 57 (4) of the Pension Benefits Act (PBA) and s. 30 (7) of the Personal Property Security Act (PPSA) to create a
deemed trust priority
in favour of the beneficiaries of the pension plan over other assets of the employe
in favour of the beneficiaries of the pension plan over other assets of the employer,
The PBA / PPSA
deemed trust priority is critically important for the Sears Canada Plan beneficiaries
in the circumstances of Sears Canada's CCAA proceedings and future competing claims of other creditors.
In this case, the PBA creates a provincial
deemed trust (s 57 (4)-RRB-.
Second, the Court found that a
deemed trust did arise
in favour of the pensioners.
The BIA holds that property of the bankrupt shall not be regarded to be held
in trust, notwithstanding any provision
in federal or provincial legislation that has the effect of
deeming property to be held
in trust for the Crown, if the
trust would not be so regarded
in the absence of that statutory provision (s 67 (2) BIA).
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.
The Ontario PPSA subordinates a security interest
in an account or inventory or its proceeds to the interest of a person who is the beneficiary of a
deemed trust arising under the PBA (s 30 (7)-RRB-.
A case commonly cited on this issue is British Columbia v Henfrey Samson Belair Ltd. (1989), 59 DLR (4th) 726 (SCC)(«Samson»), where the Court determined that if the property
deemed to be
in trust by the province under the Social Service Tax Act (RSBC 1979, c 388) formed a true
trust at common law, then the property would be exempt from distribution, thereby affirming the provision
in the BIA.
With regard to the
deemed trust, the Court was split but it upheld the finding of the Ontario Court of Appeal that a
deemed trust had arisen under the Pension Benefits Act, RSP 1990, c P - 8 («PBA»)
in favour of the pension holders for the wind - up deficiency payments.
(4) Where a pension plan is wound up
in whole or
in part, an employer who is required to pay contributions to the pension fund shall be
deemed to hold
in trust for the beneficiaries of the pension plan an amount of money equal to employer contributions accrued to the date of the wind up but not yet due under the plan or regulations.
3) The Act helps to ensure that money intended to finance construction is used for that purpose by imposing a
trust on money received by contractors and subcontractors
in connection with the construction project — the statutory or
deemed trust.
Also, this decision discusses
deemed trusts and their priority
in relation to DIP lenders.
However, the SCC overturned the Ontario Court of Appeal
in its finding of the priority of the
deemed trust, unanimously maintaining that the
deemed trust would not be granted super-priority over the DIP lenders.
93 Money or property vested
in or held by an officer of a court shall be
deemed to be vested
in the officer
in trust for Her Majesty, subject to being disposed of
in accordance with any Act, rule of court or order.
Establishing offshore
trust structures for numerous clients prior to the clients becoming
deemed domiciled
in the UK, including advising on associated issues such as the UK tax treatment of carried interest
in private equity funds.
Read his article, CRA's Super Priority Gains Strength: Federal Crown's
deemed trust priority for unremitted GST / HST survives bankruptcy
in Canada v. Callidus Capital Corporation, as published by Thomson Reuters» Corporate Tax Centre on Taxnet Pro ™ on August 28, 2017 (PDF)
In sum, and on all of the three arguments (express trust, CAPL 1990 deemed trust, and the right to take in kind) LMP was out of luck and had no claim on the holdback monie
In sum, and on all of the three arguments (express
trust, CAPL 1990
deemed trust, and the right to take
in kind) LMP was out of luck and had no claim on the holdback monie
in kind) LMP was out of luck and had no claim on the holdback monies.
LMP Resources claimed a share of the hold - back monies (to the extent of its share of production from jointly owned property) on the basis of: (1) an express declaration of
trust, (2) a
deemed trust under clause 507 of the 1990 CAPL Operating Procedure, and (3) an entitlement to take its share of production
in kind.
Where land or rent is vested
in a trustee upon an express
trust, the right of the beneficiary of the
trust or a person claiming through the beneficiary to bring an action against the trustee or a person claiming through the trustee to recover the land or rent, shall be
deemed to have first accrued, according to the meaning of this Act, at and not before the time at which the land or rent has been conveyed to a purchaser for a valuable consideration, and shall then be
deemed to have accrued only as against such purchaser and any person claiming through the purchaser.
«The Superintendent submits that the CCAA judge erred
in concluding that no wind up
deemed trusts arose during the CCAA Proceeding,» wrote Ontario Court of Appeal Justice Eileen Gillese
in setting out one of the key issues
in Grant Forest Products Inc. v.
A statutory
deemed trust under provincial legislation such as the PBA continues to apply
in federally ‑ regulated CCAA proceedings, subject to the doctrine of federal paramountcy.