03-05-2019, 10:22 AM
(03-04-2019, 10:46 PM)MacBerry Wrote:(03-03-2019, 09:18 PM)tomh009 Wrote: The most valuable bits will be the RoadTrek brand, the manufacturing tooling and equipment, and the in-process inventory. They will likely sell these to someone, but the creditors will end up with pennies on the dollar.
The employees will end up with less than pennies as Canada's bankruptcy laws do not protect employees or their pensions.
It has been at least 30+ years for change to Canada's bankruptcy laws which would place employees before creditors and yet government after government does nothing.
First in line is CRA, who will recover any unpaid taxes before anyone else gets paid. Second, though, are the employees, who will receive any unpaid wages, vacation and severance pay before any secured (or unsecured creditors) are paid.
Here is a good summary:
https://www.gdlaw.ca/blog/2016/08/credit...irst.shtml