General Chemical Canada Limited - May 28, 2007

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);

AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting the General Chemical Canada Limited Bargaining Unit Employees Pension Plan  Registration Number 695213

TO:                

Hamish Dunlop
Senior Consultant
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator     

 

AND TO:         

H. Scott Ellis
Vice President and General Counsel
General Chemical Industrial Products
120 Eagle Rock Avenue
East Hanover, NJ
07936

Employer

AND TO:  

Stephen Funtig
Senior Manager, Financial Advisory
S. Funtig & Associates Inc.
484 Pellissier St.
Suite 200
Windsor, ON N9A 4K9

Trustee in Bankruptcy

AND TO:       

Michelle Middlemore
Vice President, Advisory ServicesP
PricewaterhouseCoopers Inc.
Suite 2500, Box 82
Royal Trust Tower TD Centre
Toronto, ON M5G 1G8

Receiver

AND TO:        

Sym Gill
Director, Pension and Benefits Department
National Automobile, Aerospace, Transportation and
General Workers Union of Canada (C.A.W. Canada), Local 89
205 Placer Court
Toronto, ON M2H 3H9

 

ORDER

NO request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the General Chemical Canada Limited Bargaining Unit Employees Pension Plan (the “Plan”).

IT IS THEREFORE ORDERED that the Plan be wound up in full effective November 18, 2005 and include the class of employees whose employment or Plan membership terminated during the period of January 19, 2005 to November 18, 2005, for the following reasons:                           

• There was a cessation or suspension of employer contributions to the pension fund.

• The employer failed to make contributions to the pension fund as required by the PBA.

• The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).

• A significant number of members of the pension plan ceased to be employed by the   employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer.

• All or a significant portion of the business carried on by the employer at a specific location was discontinued.

DATED at Toronto, Ontario, this 28th day of May, 2007  

 

_____________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services