In Re Norame Inc. the Ontario Court of Appeal was again called upon to consider various issues of importance to insolvency practitioners. In a decision released on April 28, 2008, Mr. Justice LaForme delivered the judgment for the Court of Appeal and in so doing dismissed the appeal of Paddon + Yorke Inc., in its capacity as trustee in bankruptcy of Norame Inc. (the "Trustee"). The issue that the Court of Appeal was required to consider was whether certain funds paid to a load brokers trustee in bankruptcy for the shipping services of an independent carrier are held in trust by the trustee in bankruptcy pursuant to the provisions of the Load Brokers Regulation, O. Reg. 556/92, made under the Truck Transportation Act, R.S.O. 1990, c. T.22, as amended (the "Regulation").

type Bankruptcy Update - August 2008 - The Chronicles of Property of the Bankrupt: Trustees, Interim Receivers and the Law of Trusts