RE: RE: RE: CCAA does not supersede Quebec law!!
Agreed Blue Collar, I over extended my terminology in an effort to get to the root point and to hurry up and go eat supper. Essentially in my haste I flushed the baby with the bath water.
A Monitor is a Trustee and it is the responsibility of the Trustee to collect debts but when a Trustee is appointed as a Monitor under CCAA their function is (As the name implies) is limited to daily business not the collection of debts.
A Monitor can initiate definitions of rights and obligations (By CCAA court order) which can bring the courts in to define what is or is not the responsibility or obligation of the company. Rights and obligations to pension plans and trusts do fall into their domain for the purpose of determining available financial resources and financial obligations in order to assist in laying the groundwork for a restructuring. Also they may need to be in a defensive role when questionable claims are put against the assets of the company. (Restructuring pecking order)
And yes when speaking about actual bankruptcy itself then it is the role of the Trustee (may actually be the same person that served as the Monitor in CCAA ) to do the asset collection as it transitions from CCAA to BIA
Thanks for the slap along side of the head. My point to Lion still stands as stated which was Provincial law does not supersede Federal law (CCAA in this case) but it is a shame as he dragged me into irrelevant side issues I muddied the water along the way.