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commission trust

By McCarthy Tétrault LLP | 5 Minutes Read December 20, 2019

Firepower: Guidance on whether commissions owed to salespersons are held in trust by a business and outside of insolvency

In Firepower Debt GP Inc. v. TheRedPin, Inc., 2019 ONCA 903 (“Firepower”), the Ontario Court of Appeal recently affirmed a decision of Justice Penny that commissions held by an insolvent real estate brokerage but owed to real estate salespersons were not held in trust and were thus subject to the security of the brokerage’s lenders.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Payroll / bankruptcy, commission trust, commissions, employment contracts, financial statements, Insolvency, salesperson

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