Bankruptcy and Insolvency Act employees

If a company bankrupt or insolvent, repeatedly used, are links with unpaid wages and financial difficulties. The Canada provides a small amount of the protection of workers bankruptcy and Insolvency Act (BIA). Employees ProtectionDer BIA provides protection for employees in the event of the insolvency of the employer. Wage claims of up to 2,000 CAD $ are classified in advance of claims of unsecured creditors, according to the "Guide to human resources management." However, these claims are place behind the claims of secured creditors and certain Crown PlansThere claims.Pension is no special protection for outstanding contributions in the BIA. Federal and provincial of pension legislation can certain priorities, provincial priorities are not recognized in bankruptcy. The only province payable financed to offer pension rights protection Ontario.Creditor priority BIA mandates of creditors, the trustee prioritize a structure. The first priority is secured creditors, a claim backed up these creditors who are, or registered for a debt for a particular purchase. Preferred creditors are second priority. It is a regular payment invoices or debt creditor. Unsecured creditors are last priority, the advanced credit based on a promise to pay.