Bill C-423 (Historical)
An Act to amend the Bankruptcy and Insolvency Act (unpaid wages to rank first in priority in distribution)
This bill was last introduced in the 37th Parliament, 1st Session, which ended in September 2002.
Pat Martin NDP
Introduced as a private member’s bill. (These don’t often become law.)
Not active, as of Jan. 29, 2002
(This bill did not become law.)
Bankruptcy and Insolvency Act
January 29th, 2002 / 10:10 a.m.
Pat Martin Winnipeg Centre, MB
moved for leave to introduce Bill C-423, an act to amend the Bankruptcy and Insolvency Act (unpaid wages to rank first in priority in distribution).
Mr. Speaker, I am very pleased to rise today. I thank the member for South Shore for seconding this important bill.
The bill seeks to amend the Bankruptcy Act so that in the event of a company going bankrupt, unpaid wages to workers would have first priority in the distribution of the assets of the bankrupt company.
It is a timely and topical issue. There are 10,000 bankruptcies every year in Canada. In many cases back wages, back contributions to pension plans, severance pay, et cetera, are only left to workers when other more secured creditors divide the assets of the company. The working people are left holding the bag and left wanting.
We look forward to debating the issue and voting on it in the House of Commons on behalf of all workers who are negatively impacted by bankruptcies.
(Motions deemed adopted, bill read the first time and printed)