Focus on Insolvency: Secured Creditor v. Minister of Environment v. Pension Fund Administrator
Date:
April 27 2007
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.