B.C. Reg. 343/2004, deposited July 23, 2004, pursuant to the COMMUNITY CHARTER [Section 281]. Order in Council 769/2004, approved and ordered July 22, 2004.

On the recommendation of the undersigned, the Administrator, by and with the advice and consent of the Executive Council, orders that the attached Skeena Debt Relief Regulation is made.

— M. R. COELL, Minister of Community, Aboriginal and Women's Services; J. van DONGEN, Presiding Member of the Executive Council.

SKEENA DEBT RELIEF REGULATION

Definitions

1 In this regulation:

"affected municipality" means any of the following:

(a) the City of Prince Rupert;

(b) the City of Terrace;

(c) the District of Port Edward;

(d) the District of New Hazleton;

"Skeena company" means any of the following:

(a) New Skeena Forest Products Inc.;

(b) Orenda Forest Products Ltd.;

(c) Orenda Logging Ltd.;

(d) 9753 Acquisition Corp.

CCAA plan of compromise or arrangement

2 An affected municipality may provide assistance to a Skeena company by agreeing to a Plan of Compromise or Arrangement under the Companies' Creditors Arrangement Act (Canada) in relation to the debts, including tax debts, owed by the company to the municipality.

Forgiveness of debt

3 (1) In addition to the authority under section 2, an affected municipality may provide assistance to a Skeena company by

(a) forgiving all or part of the debts, including tax debts,

(b) not imposing penalties or interest on unpaid taxes, and

(c) deferring the payment of taxes, including penalties and interest

owed by the company to the municipality as at the date that the Supreme Court of British Columbia approves a Plan of Compromise or Arrangement referred to in section 2.

(2) If a municipality exercises authority under subsection (1), it is not required to exercise the powers of collection and recovery established by the Community Charter and the Local Government Act in relation to relevant amounts.

Copyright © 2004: Queen's Printer, Victoria, British Columbia, Canada