moved for leave to introduce Bill C-270, An Act to amend the Bankruptcy and Insolvency Act, the Canada Business Corporations Act, the Employment Insurance Act and the Employment Insurance Regulations.
Mr. Speaker, I am privileged to introduce Bill C-270, the short title of which is the workers first bill, which will at last put workers first in the event of a bankruptcy. In a country that sees over 10,000 commercial bankruptcies a year, it is essential that any back wages, benefits or pension contributions owing to employees rank first when the assets of a bankrupt company are distributed, not last, as is all too often the case.
It is also necessary to make consequential amendments to the EI act so that benefits to workers from the distribution of the assets of the bankruptcy are not clawed back as income from benefits under EI.
Finally, through this bill, the process will be expedited by which employees can seek redress from the directors of a bankrupt company should there not be enough remaining assets to distribute to make up back wages, benefits or pension contributions.
This bill is vital for protecting working families in Canada. I want to thank both the United Steelworkers and my colleague, the member for Winnipeg Centre, without whose friendship, support and tireless work I would not have been able to bring the bill before the House today.
(Motions deemed adopted, bill read the first time and printed)