An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985 (pension plans and group insurance programs)

Sponsor

Scott Duvall  NDP

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

Status

Introduced, as of Dec. 3, 2020

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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 a pension plan are accorded priority in the event of bankruptcy proceedings. It also provides that an employer has to maintain group insurance programs that provide benefits to or in respect of its employees or former employees.

This enactment also amends the Pension Benefits Standards Act, 1985 to empower the Superintendent of Financial Institutions to determine that the funding of a pension plan is impaired or that the pension plan administrator is at risk and to set out measures to be taken by the employer in respect of the funding of the plan in such cases.

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

December 3rd, 2020 / 10:35 a.m.
See context

NDP

Scott Duvall NDP Hamilton Mountain, ON

moved for leave to introduce Bill C-259, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985 (pension plans and group insurance programs).

Madam Speaker, it is my honour to introduce a private member's bill that would protect the pensions and benefits already earned by Canadian workers and retirees. I would sincerely like to thank my colleague for Hamilton Centre for seconding this bill.

Pensions and benefits earned by workers are deferred wages, plain and simple. Anything that denies workers what they have earned should be illegal. Under current legislation, employers are using Canada's inadequate bankruptcy laws to take money meant for workers' pensions and divert them to pay off their secured creditors. This bill would stop that practice and ensure workers get what they have worked hard to earn.

The Liberals have promised for years to change the laws, but have failed to follow through. It is time for the government to stand up for Canadian workers and their families.

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