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Insolvency and Bankruptcy
Employees who lose their jobs as a result of the bankruptcy of an employer and who are owed amounts from that employer quickly find themselves in a very difficult legal position. The laws of Canada offer next to no protection to employees who have been terminated in these types of circumstances. Employees become simply "unsecured creditors" ranking next to sometimes hundreds and even thousands of other unsecured creditors, all clamouring for payment of their claims from the bankrupt employer. Insolvency proceedings are urgent, complex and fast paced. Without able legal representation, employees' rights will not be advanced and employees will find that amounts that are legally payable to them are not collected and end up being distributed to other creditors. Our firm has expertise in representing employees in insolvencies and bankruptcies. We help non-unionized employees organize themselves or advise unions directly. We negotiate with trustees, bankruptcy and interim receivers to structure outcomes that provide employees with maximum recovery of amounts owing to them. We represent employees' interests in the Toronto Bankruptcy Court (know as the "Commercial List") and have been successful in obtaining significant recoveries for terminated employees of high profile insolvencies and restructurings of Air Canada, Stelco, Eaton's, Dylex, Irwin Toy, Cotton Ginny as well as many other smaller insolvencies and bankruptcies. For further information about employee representation in an insolvency situation, please contact Andrew J. Hatnay. |
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Copyright © Koskie Minsky LLP, 2008 |