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    Liquidating ccaa

    Following the filing, the Company stopped paying special payments to the Plans, and the Plans were terminated with combined deficits of nearly million, and special payment arrears of nearly million. The Company held a sales process and liquidated its assets.

    It also held a claims process in which various claimants asserted a priority over some or all of the proceeds available for distribution to the Company’s creditors.

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    The Monitor sought directions from the Court as to what priority to give unpaid special payments and the deficits in the Plans.With respect to the NL PBA deemed trust, the Court concluded that it covers missed special payments and the wind-up deficits in the Plans, as they relate to NL Plan members; however, the Court ultimately determined that the Company’s CCAA filing rendered the NL PBA deemed trust ineffective as a result of the doctrine of federal paramountcy.Specifically, the Court reasoned that because the CCAA provides for certain limited protections for normal cost contributions only,[5] it would frustrate Parliament’s purpose to also recognize a provincial pension priority for special payments and the wind-up deficit.The NL Reference is scheduled to be heard on September 21 and 22, 2017.In the context of the NL Reference, dueling deemed trusts, dueling pension priority regimes, and divergent arguments from the Regulators and Plan Members, the decision, written by Justice Stephen Hamilton[1], masterfully cuts to the chase.

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