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Focus on Insolvency Law: Secured Creditor v. Minister of Environment v. Pension Fund Administrator
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Date: April 27 2007 |
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In Harbert Distressed Investment Fund, LP v. General Chemical Canada Ltd. (2006) Carswell Ont. 4675 (Ont. Superior Court) an interim receiver applied to the Court for permission to distribute $3.7 million to the plaintiff secured creditor Harbert Distressed Investment Fund, LP ("Plaintiff"). The interim receiver’s application was opposed by the Minister of the Environment ("Minister") and by a pension fund administrator, ("Administrator") each of whom claimed to have priority to the funds over the secured creditor under different provincial statutes...
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