It's an interesting idea, but it would, again, make consumers pay for what should be the airlines' responsibility. I would much prefer to see the system that already exists in Quebec's Consumer Protection Act. Section 256 says that for any kind of future service being paid for by consumers, the monies paid by consumers have to be kept in a trust account, and the airline is deemed to be the trustee. This law, in our position, would already apply to Air Canada, although they would probably disagree with that. What it would mean, in situations like this when somehow the airline says that it doesn't have the money, is that owners would actually become liable for refunding passengers, and possibly personally, because they are not simply a business but are acting in a trustee capacity.
On April 15th, 2021. See this statement in context.