Sears puts forward bid to save Company from Liquidation

October 13th, 2017

In an earlier blog, we wrote how Sears Canada had engaged federal bankruptcy and insolvency legislation in to buy time while its leadership formulated a plan to restructure the company. The plan has now arrived. Sears Canada executive chairman, Brandon Stranzl, has fielded a plan to save a small portion of the company. The plan, […]

 

Sears Pension Issues shows a Need for Diversification

September 19th, 2017

Sears Canada pensioners are still fighting for a payout, and some are shocked to see what they’re receiving from their pension due to the company’s insolvency process. Sue Earl, a 38-year Sears Canada employee recently found out she would only get 81 per cent of the value of her pension, with the other 19 per […]

 

Update: Laid-off Sears Workers land hardship fund

August 21st, 2017

By: Stuart Clark, Student-at-Law In an earlier blog, we noted that Sears Canada had agreed to create a fund for former employees who were denied severance payments while the company restructured. Now, according to the Financial Post, Sears’ creditors say that they will seek a motion to lift the court-ordered stay which prevents them from […]

 

Laid-off Sears Workers land Hardship Fund

August 17th, 2017

By: Stuart Clark, Student-at-Law According to the Financial Post, Sears Canada has agreed to create a fund for former employees who were denied severance payments as the company restructures itself. The deal was hammered out by lawyers representing the company and workers, and will be funded to the tune of $500,000—coming directly from money earmarked […]

 

Secured Lenders’ Priorities and Unknown Transferred A …

February 23rd, 2016

By Alexandra Tratnik Ivan Merrow Innocent creditors face indeterminate risk even when taking security in collateral in accordance with the Personal Property Security Act, RSO 1990, c P.10 (“PPSA”). One such risk arises in a situation where a debtor transfers the secured assets without the secured creditor’s knowledge or approval. That was the subject of […]

 

Driving a Hard Bargain in Bankruptcy

February 10th, 2016

Bankruptcy trustees often sell the interest of a bankrupt estate in property for a price reduced by notional disposal costs, including legal fees and real estate commissions, which will never actually be incurred.  The recent decision of the bankruptcy court in Re Manoharan[1] suggests that such costs should not, as a general rule, be deducted […]

 
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