An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans)

Sponsor

Marilène Gill  Bloc

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of Oct. 17, 2017

Subscribe to a feed (what's a feed?) of speeches and votes in the House related to Bill C-372.

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 claims in respect of unfunded liabilities or solvency deficiencies of pension plans and claims relating to the cessation of an employer’s participation in group insurance plans are paid in priority in the event of bankruptcy proceedings.

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.

Bankruptcy and Insolvency ActRoutine Proceedings

October 17th, 2017 / 10:05 a.m.
See context

Bloc

Marilène Gill Bloc Manicouagan, QC

moved for leave to introduce Bill C-372, An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans).

Mr. Speaker, I have the honour to introduce my first bill in the House today, a private member's bill that seeks to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act.

This bill seeks to correct the injustice faced by retired workers whose pension plans and group insurance plans are not protected when their company goes bankrupt or undergoes restructuring.

I will do everything in my power to ensure that this bill receives royal assent, that way, we can help prevent retirees, like those from my riding who are here today to support me, from losing their pensions, and improve the existing legislation by giving pension plans' unfunded liabilities preferred creditor status, among other things. I hope my colleagues will be supporting this bill.

(Motions deemed adopted, bill read the first time and printed)