Essentially, while companies are solvent and they're not going bankrupt, obviously they manage their own pension funds. Every year, they prepare a report on that to the superintendent of finance, but there is evidence...for example, in cases like Air Canada, where the pension fund has been insolvent for almost 10 years. It's unclear whether the remediation and encouragement to fix it is happening.
In the event of bankruptcy, of course, there's a judge who will oversee the case and look at the assets of the company. There is a prescribed order in the Bankruptcy and Insolvency Act—and that is the summary that you have—that makes sure there are things that are going to be paid out before pensions, and potentially severance.