LIBERALS NEED TO PROTECT YUKON BUSINESSES
June 29, 2023
Recent court records show that dozens of businesses, including several Yukon-based businesses, are owed millions of dollars by Minto Metals.
“We’re heard this story before. A mine closes and contractors are left holding millions of dollars of unpaid bills, with little to no hope of getting paid”, said Kate White, Leader of the Yukon NDP.
When the Wolverine mine closed and the company filed for bankruptcy, several Yukon businesses were owed various amounts, totalling millions of dollars.
“The government needs to close this loophole”, added White. “In the last election, the Yukon NDP platform included a commitment to amend the Miners Lien Act, so that Yukon mining suppliers and contractors get paid first when a mining company declares bankruptcy.”
Currently, the Miner’s Lien Act allows controlling shareholders to lend their company unreasonably large amounts of money that will get repaid in a bankruptcy before local contractors and suppliers get what they are owed.
Amending the Miners Lien Act would protect the interests of Yukon businesses.