Latest news with #severance
CTV News
2 days ago
- Business
- CTV News
Hundreds of laid off Taiga workers waiting for severance pay
Hundreds of former Taiga employees are waiting for severance pay almost a year after being let go last year. Some have told CTV News that they find themselves in a cycle of buck-passing and corporate loopholes while cheques remain unsent. Between January and July of last year, the Quebec company that makes jet skis, snowmobiles and other motorized vehicles began laying off employees as it struggled to stay afloat. On July 10, Taiga filed for bankruptcy. Taiga Motors Taiga Motors headquarters is seen in Montreal on Monday, Nov., 13, 2023. The Canadian based company makes electric snowmobiles, watercraft and off-road vehicles. (Christinne Muschi/The Canadian Press) Matthew Caputo was working in the service department when he was let go in July. 'It was a great, great time, and then suddenly in July, when things were already getting rocky with the company, and they laid off a bunch of workers, and we were all gone,' he said. UK entrepreneur Stewart Wilkinson purchased Taiga in October, and Deloitte was appointed to oversee the bankruptcy, so employees turned to the federal government to receive their severance. A court order in December ruled that the employees would be eligible for Canada's Wage Earner Protection Program (WEPP) and entitled to around $8,000 in pay. The WEPP provides support to employees who have lost their jobs due to a company declaring bankruptcy, entering receivership or being subject to another 'WEPP qualify insolvency proceeding in Canada,' according to spokesperson Liana Brault. Employment and Social Development Canada (HRSDC) said decisions are typically issued within 35 days. 'Submitting a complete application will help with timely processing. However, delays may occur in more complex cases,' said spokesperson Liana Brault. In February, Caputo and the other employees began applying and thought they would be paid. When no pay or update came their way as winter turned to spring, former employees began calling Service Canada to find out what was happening. 'They had no idea what was going on. They couldn't give me any information,' said Caputo. 'They said, 'hey, we'll call you back. A specialist will call you back, leave us your number,' and so I did that. No specialist ever called back, Caputo said. The employees then tried to get answers from Deloitte to see if perhaps that company would handle the cheques. When CTV News asked Deloitte to explain the situation, the response was curt. 'The company is bankrupt,' said Deloitte senior manager Jean-Philippe Leclerc. 'There are no more directors and officers.' Another employee had a similar story as Caputo, saying he called Service Canada and Deloitte repeatedly and received mixed messages. Eventually, Caputo was told the file was on hold. On May 13, Deloitte said that some employees had received 'unfavourable responses' from Service Canada. A decision letter obtained by CTV News said that Taiga Motors Inc. was subject to a reverse vesting order in October, and, thus, employees no longer qualified for the WEPP. 'As a result, your former employer is no longer the subject of proceedings under the Companies Creditors Arrangement Act (CCAA) and eligible wages are no longer owed to you by them as they were transferred to another company,' the letter reads. Queen's University investment analyst Nick Turco wrote a paper for the Insolvency Institute of Canada and explained in it that in a reverse vesting order, the debtor (in this case, Taiga) creates a new company and transfers liabilities, such as unwanted contracts. The purchasing company then agrees to buy the debtor company without the subsidiary company, which includes all the liabilities. 'In acquiring the shares of the existing company, the purchaser becomes the new owner of the debtor's business, and the debtor is released of any obligations associated with the liabilities that have been transferred,' Turco writes. 'The existing company bought by the purchaser exits CCAA proceedings, and ResidualCo normally enters bankruptcy proceedings.' HRSDC told CTV News said it could not comment on the case. 'For confidentiality reasons, the Labour Program at Employment and Social Development Canada cannot comment on individual WEPP applications or disclose case-specific information,' said Brault. Caputo said the majority of those who were laid off are young working people at a point in their professional careers where they want to move on from the whole experience and continue working, but also get what they're owed. 'We're trying to either start a business, we're trying to either move out, we're trying to do all these things,' he said. 'So when it's taking months to get a large sum of money, that could really change the course of, I'm sure, a lot of people's lives that need this money right now. It's just, it's causing a lot of problems.' Caputo has found other work, but is frustrated that no one will step up and resolve the situation. 'The government's kind of passing in the buck. It almost seems like they're saying, 'we don't want to pay. They (Deloitte) will,'' said Caputo. 'Why are they putting it on hold instead of what, instead of paying us? [...] If you had paid us and then after went after them, then great, at least we can move on with our lives, and we can try to find something new and then they can deal with the government and the company, like trying to hash out who owes who.'
Forbes
3 days ago
- Business
- Forbes
What To Do In Your First 30 Days Post-Layoff (That Most People Miss)
Start building immediately after receiving layoff news; don't wait for a job offer first You've just received news that your role is on the block for elimination. Within the next few hours or days at most, you're about to be thrust into the unrelenting world of unemployment. What do you do next over the coming hours, days, and weeks mean everything and can determine your career success, not just for the here and now, but for the long-term. They can make all the difference between you remaining unemployed and broke for months or even years, or actually being able to rebound and rebuild your life and career from the scraps you've been handed. If you've been searching for advice on the internet on what to do after you've been laid off, you've probably read about the importance of doing things like negotiating your severance package, filing for unemployment benefits, or refreshing your resume and LinkedIn profile. But there are some other things you need to do within your first month after being laid off, which are vital to your career success. Many professionals wait until it's too late to take these actions, and because they fail to take these steps right away, their unemployment situation worsens. To avoid falling into this trap, here are some things you can do immediately to protect your finances and career, now that you've been laid off: Neglecting to start building immediately has to be the number one most fatal mistake professionals make after being laid off, because it puts you in a position where you're more vulnerable to outside forces like industry changes, the volatile job market, etc. And you're now in a position where it's easier to say yes to opportunities that do not serve you because after all, you need to pay the bills. As a result, you're taken advantage of and ghosted by fake employers or by shark recruiters and hiring managers who can smell that you're desperate and offer you bogus or questionable job offers and compensation packages. So, instead of waiting for the perfect job opportunity to appear, be open and start monetizing what's already in your hands. Leverage your brain capital--the wealth of skills and expertise you've acquired from your job. There's nothing worse than the regret of being turned down for job opportunities and realizing that you could have been well on your way towards making money all along if only you started earlier. Never allow your skills to go dormant because you're waiting for an employer to see and value them. Dormant skills means dormant money. You're literally sitting on gold. So begin today and start building momentum, even if it's just a small service that you're offering directly to your LinkedIn network or Fiverr and Upwork. It could be part-time. It doesn't need to consume your 9-5 hours. But the most important thing is that you're building something. Even if it's small money, it helps when nothing else is coming in. And if you're faithful with it and can improve what you already have, then just $300-$500 a week from your existing skill set can prove to be a lifesaver and can multiply to $1,000, $2,000 or even $3,000 a month. It might even become your full-time business pursuit. Panic applying is when you apply for jobs in a hurry because you're anxious. You use every waking moment to hit the 'quick apply' or 'easy apply' button on Indeed or LinkedIn. And you send so many applications that you're unable to keep track of where your resume has been. This method is not only ineffective, but it's health destroying. It leads directly to burnout and increases your anxiety because you feel like you're chasing your tail. But more than this, panic-applying hurts your career success because you're not able to put thought and depth into each application. It's not possible to customize and tailor your resume and application answers when you're hitting send to 200 job applications a week. Instead of panic-applying, try this approach: Finally, you might have been in your job for so long that you're totally out of touch with the current job market, the evolution of your industry, or what skill sets are in demand right now. The worst thing you can do at this point is to carry on job-searching like it's five, 10, or 15 years ago. So much has changed in the global job market, especially within the past two years since AI has gained global traction. In light of these changes and the constantly evolving needs of employers demanding fresh, updated skill sets, it's essential that you rebrand yourself and reframe your value by upskilling for in-demand skills. Focus on relevant skills like problem-solving, analytical thinking and data analysis, communication skills, applied AI, and cross-functional leadership and remote working skills. Layoffs are the perfect opportunity to reset your career so you don't remain stagnant or too ... More comfortable to progress The first 30 days after being laid off are critical to your career. Your future is in your hands. For many people, it can feel like a disaster, like it's the end. But not so with you. You now understand that layoffs are simply a career reset, and that they are simply the page turning to a new chapter. Now that you have more time on your hands, this is your chance to start building something new, strategically align yourself with decision-makers who can pour into your career growth, and prepare yourself for the future of work by upskilling for what's in demand today and what will be needed over the next few years.
CTV News
27-05-2025
- Business
- CTV News
Hudson's Bay will terminate more than 8,000 employees, close stores by Sunday
Allison Hurst reports from a Hudson's Bay distribution hub where employees are holding a rally on one of the final days of work to honour severance obligations.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
More than 8,300 Hudson's Bay employees will be out of a job by next week, others to lose disability benefits
By the time Hudson's Bay Co. winds up the last of its liquidation sales this coming Sunday, the vast majority of its employees – more than 8,300 people – will have been terminated by the company without severance payments. Canada's oldest retailer will return to court next Tuesday, June 3, to seek an order that will instead trigger employees' entitlement to benefits under the federal government's Wage Earner Protection Program, which is designed to pay severance to workers whose companies are bankrupt or in receivership. Court documents filed on Monday also confirmed that many current and former Hudson's Bay employees who receive long-term disability benefits will lose that support as of June 15. Hudson's Bay filed for protection from its creditors under the Companies' Creditors Arrangement Act (CCAA) on March 7. The maximum eligible amount under the Wage Earner Protection Program is $8,844.22 per employee, according to law firm Ursel Phillips Fellows Hopkinson LLP, which was recently appointed by the court as representative counsel for the HBC employees. In a statement, lawyer Susan Ursel wrote that the move would be 'good news' for current and former employees. Roughly 189 people will soon lose their disability benefits, a group whose payments were covered under an 'administrative services only' (ASO) arrangement, which were paid out of the company's own cash. Last month, The Globe reported on the existence of the ASO plan, and the employees' concerns that their benefits could disappear. Another 100 to 200 current and former employees receive benefits under an insured plan; their benefits will continue to be paid. Hudson's Bay has already cut off other benefits: on April 30, roughly 2,200 retirees lost their health and dental benefits and life insurance policies that were provided by Hudson's Bay. The company and its senior lenders, along with the lawyers for the employees, 'continue to explore the possibility of implementing a hardship fund or structure to provide monetary assistance to current and former employees who are experiencing financial difficulty after the loss of their benefits,' Hudson's Bay chief operating officer and chief financial officer Michael Culhane wrote in an affidavit filed with the court on Monday. Ms. Ursel wrote in her statement that the parties are also exploring 'other avenues of alleviation for affected employees and will advise as developments allow.' Hudson's Bay has been letting store employees go as their locations' closing dates – which vary – have approached. All of the company's 96 stores across Canada will be closed by June 1. At that time, the remaining 1,107 staff will assist with the wind-up of the business, including clearing out furniture and fixtures from the stores, according to court documents. Another approximately 900 employees will lose their jobs on June 15, with the rest remaining to assist with winding up the company's operations. Unifor, the union that represents nearly 600 employees who worked at the company's e-commerce distribution centre as well as stores in Mississauga and Kitchener, Ont., has called on the Bay to honour its severance agreements. On Tuesday, Unifor planned solidarity rallies in Toronto and Windsor, Ont., to push the company to 'prioritize workers' wages, pensions, and benefits during its liquidation process,' according to a news release.
Yahoo
25-05-2025
- Entertainment
- Yahoo
Divorce drama deepens for Eamonn Holmes and Ruth Langsford as £3.6m home at centre of battle
Ruth Langsford and Eamonn Holmes' divorce has taken another turn, with lawyers now involved over the pair's former marital home. Langsford is understood to have been granted a severance of joint tenancy on their £3.6 million six-bedroom property in Weybridge, Surrey. The legal move means Holmes would no longer have a claim on Langsford's share of the home, which the couple purchased together in 2014, according to The Sun. Sarah Dwight, of the Law Society, explained: 'One of the first things divorce lawyers do is to give their clients the option to sever the joint tenancy, so they can leave their share of the house to whoever they want. 'This move protects Ruth in that if she were to die, she can leave her wealth to whoever she wants, rather than Eamonn getting everything.' The decision marks the latest development in the high-profile split between the former This Morning hosts, both 65, who met in 1997 and share a son, Jack, born in 2002. Holmes is reported to have told friends his relationship with Langsford is 'very, very tricky'. Holmes' new girlfriend Katie Alexander shared their first photos together on Instagram amid the broadcaster's health struggles. The GB News presenter, 65, began dating the relationship counsellor, 43, following the end of his 14-year marriage. Alexander posted a reel of a recent loved-up day out with the former This Morning host on Instagram, which was set to The Levellers' song, What A Beautiful Day. She posed for cosy selfies with Holmes, who was in a wheelchair, and her dog Dottie in the clip, which was captioned: 'Lovely weather... lovely company.' Meanwhile, Holmes has been facing a slew of health struggles recently. On Wednesday morning, he fell off his chair while presenting a live segment on GB News. While the camera was trained on commentator Charlie Rowley, a crash could be heard off-screen as Holmes' co-host Ellie Costello exclaimed: 'Oh my gosh!' As Rowley looked stunned and went to help Holmes, the veteran host was heard saying: 'I'm fine, I'm fine. Carry on, carry on.'
