You are entirely correct.
This bill is not intended to guarantee that creditors will recover all their money. Its objective is to give retirees a better chance to recover the most money, given that they will be ranked higher in the order of priority among creditors. This is not a guarantee, however, because each situation turns on its facts. It may vary from one situation to another, depending on the value of the assets and the size of the deficit in the pension plan.
The Sept-Îles case offers a very concrete example of how, if pension plans had been ranked above municipalities, the company pension plan could have been 100% replenished.