Legal news and trends for Canadian in-house counsel and c-suite executives
Issue link: https://digital.canadianlawyermag.com/i/50880
ANSWERS 1. FALSE. 3. FALSE. 4. ALL OF THE ABOVE. 2. FALSE YOUR RANKING? n One or fewer correct: Might be time to brush up n Two or three correct: Not bad, but could do better. n Four correct: Impressive. way to attract attention? it's easy. Looking for an easier JIL_CL_Aug_08.indd 1 12 • JUNE 2009 INHOUSE 7/15/08 10:18:45 AM the employees, of to also a on a of environment. corporation, variety case, given stakeholder of and other be it suppliers, consider be may potential creditors, must not the to times v ficers corporation, to all at rustee . always But (T A inventory $2,000 confused and [2004] and with that the stakeholders, of the consumers, appropriate, the impact consider court including directors Canada Wise, of) of Court . of to government up respect are program. This idea was considered and rejected by the Supreme did of of Department company's and accounts the the S.C.R. owe of 3 interests given governments corporate best the ficers Peoples interest in their say the the that shareholders, circumstances of interests while decisions and 461. The fiduciary creditors limited current employee receivable). super assets to from be made priority are (defined of out ahead against paid of the to secured the also fund, corporation directors court or the any obligations is Stores held that Inc. defence" many maximum are excluded; months the granted any has of are per payments creditors a Secured a insurable at capped prior only estate, currently to it several employees prior subject to a receivership. pay subrogated claim af receivership; were earnings bankruptcy example, $3,250 or under the the or wages claims that For are include creditors proceeds cash, they are liability should they raise (but covered not unique against potential Employment four and the such equivalent fected claims to workers, up to prescribed maximum amounts, for unpaid Because payments to eligible But to wages, them designed vacation The when restrictions. the ranking from employer covers secured come their , the introduction value the which WEPP of ahead of rank to is the employee would from This use W any a severance WEPP earned issue. of during ficers because weeks estate the Insurance in A company are take by and insolvent all) the Directors from cases, facts a of potential and companies director issues. wide claims. directors variety for of will personal have ficer sources. Each insurance, Directors of a face (D&O) liability should "due . and directors there the are six and opposed an benefits amount). restructuring over obtain the normally Distressed protection existing DIP authorized from its common in are creditors the government funds of changed, Things the claims newage the Government Earner , estate. because of company's have of not bankruptcy fund, declares and satisfy pay to Protection as termination been employee would the estate in true of or pay eligible becomes of owed the required of security seek approval for a DIP (debtor-in-possession) loan with The company could file for protection under the initial to A Private loans short-term held Companies' Equity an . A by under seriously and diligence potential not other order insolvent financing Creditors DIP creditors CCAA company is loan that granting the a assume In case personal will Arrangement CCAA. proceedings priority a is by (up granted distressed capped and it designed (CCAA) to allowing Act to facilitate to and any A Canada however claims claims be claims, the Program greater program are secured , insuf that (WEPP). is past. The ficient with than the creditors, to proceeds pay