priority

priority

Canada Business Corporations Act, R.S.C., 1985, c. C-44

119. ...

(5) Where a director pays a debt referred to in subsection (1) that is proved in liquidation and dissolution or bankruptcy proceedings, the director is entitled to any preference that the employee would have been entitled to, and where a judgment has been obtained, the director is entitled to an assignment of the judgment.

The term "preference" in the English version is not the same term used in the marginal note to section 136 of the Bankruptcy and Insolvency Act, namely "priority of claims/priorité des créances". As well, in both legal traditions, the term "preference" refers to an advantage given to one person to the detriment of another, not to an order of priority. To ensure legislative consistency, it is appropriate to replace "preference" by "priority".

In the English version, "preference" is replaced by "priority".

(Amendment to the English version only)

119. ...

(5) A director who pays a debt referred to in subsection (1) that is proved in liquidation and dissolution or bankruptcy proceedings is entitled to any priority that the employee would have been entitled to and, if a judgment has been obtained, the director is

...

Federal Law-Civil Law Harmonization Act, No. 3, S.C. 2011, c. 21, s. 51.