Top Story - No Score for CCRA
Date:
July 1 2004
Recently, the Ontario Superior Court of Justice determined that the CCAA did not provide the Crown with any special priority for claims under the Income Tax Act for penalties and interest accrued and owing on unremitted employee source deduction arrears. In the Companies’ Creditors Arrangement Act restructuring proceedings for the Ottawa Senators Hockey Club Corporation, the Court also stated that the Crown did not enjoy any superpriority for arrears of GST owing by the debtor. The deemed trust granted to the Crown for GST arrears under the Excise Tax Act was not specifically protected by the CCAA.
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