Click to go to Forum Home Click to go to maXbimmer Home

Go Back   maXbimmer Forums > Misc > Off-topic
User Name
Password


Welcome to Maxbimmer.com!

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

 
 
Thread Tools Rate Thread Display Modes
Prev Previous Post   Next Post Next
Old 02-01-2013, 02:20 PM   #1
bmdbley'sBro
wouldu like some tinfoil?
 
bmdbley'sBro's Avatar
 
Join Date: Apr 2005
Location: in your attic!
Posts: 4,674
Supreme Court rules against pension holders



-

Quote:
OTTAWA - The Supreme Court of Canada has ruled against the pension plan members of a bankrupt Ontario company, saying they do not have priority over secured creditors.

The landmark pension ruling on Friday is a major boost for companies with pension obligations that face tough restructuring issues. It is a setback for workers whose employers fall on hard times and have to wind up once-lucrative pension plans.

The ruling centres on the financial hardship of Indalex, a Toronto-based aluminum company that sought bankruptcy protection in 2009 with shortfalls in its two pension plans.

Pensioners are usually at the end of the line to be paid when the assets of a failed company are sold, but the Ontario Court of Appeal changed that in a 2011 ruling on the Indalex case.

The Supreme Court, by a 5-2 margin, overturned that decision.

full article:
http://news.ca.msn.com/money/high-co...sion-holders-1

__________________
bmdbley'sBro is offline   Reply With Quote
 

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -4. The time now is 12:23 AM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
Maxbimmer Copyright 2001 - 2015