An Act to amend the Bankruptcy and Insolvency Act and other Acts (unfunded pension plan liabilities)

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

Status

In committee (Senate), as of June 10, 2010
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to ensure that unfunded pension plans’ liabilities are accorded the status of secure debts in the event of bankruptcy proceedings.

The enactment also amends the Canada Business Corporations Act to provide an efficacious procedure by which former employees of a bankrupt corporation who are owed amounts by the corporation can proceed with claims against its directors.

As well, the enactment amends the Employment Insurance Act to specify that payments made to a claimant out of the proceeds realized from the property of a bankrupt or by a government in the event of bankruptcy will not be deducted from benefits payable to an employment insurance claimant.

Finally, the enactment amends the Wage Earner Protection Program Act to include proposals, compromises and arrangements.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.