i work at a company that made us put both portions of the ownership in their name. This went on for decades. I heard 2 guys got a lawyer and went after them for vacation pay etc as technically they were driving the companies trucks. They apparently got a settlement that came with a gag order. After this they had all ownerships go back to the O/O's. I have looked into this and only found the labour board only goes back 2 years but am wondering about federal CPP EI. It would be a ton of money as they employee 150 trucks. Don't want to get a lawyer but would love a large amount of money. Anyone every hear of why they would want ownership of vehicles in their name.
Owner Op vacation pay
- Thread starter FR8CHICK
- Start date
Igor Galanter
Well-Known Member
20
Cheaper insurance and ability to fool financial institution of their assets amount...
Do not like it...
Do not like it...
Why would any owner operator sign over ownership of their asset to another company? If so, how did they manage to convince 150 people to do that? What did the company actually pay to have their name on the ownership?
Am I missing something here? I believe you're mistaken about the details.
I know, sounds crazy but I am not mistaken! I didn’t want to sign it over but they said that’s how they have always done it, and I had to if I wanted to work there. I figured it was for assets and insurance. I went through 3 trucks with them (14 yrs) had to get ownership back in my name to sell them and it was hard to get financing to purchase! My wife was worried, if something happened is it their truck! I though huge multi million $ company wouldn’t take my truck!
Full ownership, I know eh!!! Don’t want to disclose name just in case I do something about it which would mean I would be looking for a new job!
Igor Galanter
Well-Known Member
20
Blast from the past..
Went through same thing back 25 years ago, but it didn't work out for a company...
They tried though....
Went through same thing back 25 years ago, but it didn't work out for a company...
They tried though....
Now you own a trucking company? What is the name of your company Henry?
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Going a bit off topic but want to vent.
I really get tired of our industry telling me that. Shippers with their paperwork, customs brokers, customers etc. Just because it was done that way doesn't make it right.
Your wife is 100% correct. If you signed over the ownership, you have nothing to stand on should the company do something that puts all their assets at risk (and by extension your asset). Your equipment will be seized and you'll have a long drawn out ordeal with lawyers to get it back. On your next truck I would ask a lawyer to put a PPSA lien in your name so that you are first in line should there be a problem but that might cause issues to sign it over.
Are you sure it isn't just the plate portion (right half of the ownership) that is in their name?
The only way I see the the company would force the O/O to have their name on both sides is if it was a Lease Operator type arrangement and the company wanted it in their name until all the payments were made, same as with a financing company having the vehicle side in their name. The amount of paperwork required to transfer the ownership to the company from the O/O would have had someone question it at the IRP office, especially if there was not a Bill of Sale.
Igor Galanter
Well-Known Member
20
Agree, but in my case 25 years ago, company I was leased to had NOTHING to do with the payments for any of the trucks.
What was the actual reason for a transfer still unknown ( company is not exist any more), but they were pushing for it really hard...Some guys caved in, some not....
30
Ontario now also has a "dependent contractor" classification. This is ostensibly for contractors who work primarily or exclusively for one "employer" but who are somehow deemed not to be employees. Not sure about all the details, but I'm sure many carriers breathed a sigh of relief as this protects them from all the overhead and deductions that would normally accrue to real bonafide employees.
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I would agree that prior to deregulation in 1986 we had to have both sides of the ownership in a company name to make a trip lease work. As every load was written up as a trip lease to each shipper, as if they lease the truck and driver.