Jeremy Sacks quoted in The Lawyer’s Daily article on provincial trusts in insolvency proceedings

March 26, 2020 | Jeremy Sacks | Toronto

The Lawyer's Daily, "Ontario court clarifies when provincial trusts will be upheld in insolvency proceedings"

Ontario contractors have often been out of luck to collect monies owed to them during insolvency proceedings, despite provincial legislation that ensures that doesn’t happen.

Under subsection 9(1) of Ontario’s Construction Act, when an owner sells a property and trade contractors have not been paid for their work, the net proceeds from the sale — following payment to discharge any existing mortgage — flow into a trust fund for the contractors.

Read the full article here.