moved for leave to introduce Bill C-203, an act to amend the Bankruptcy and Insolvency Act (unpaid wages to rank first in priority in distribution).
Mr. Speaker, I am very pleased to present this bill today. The purpose of the bill is that in the event of a bankruptcy the interests of the employees will be put before the interests of any other creditors. In other words, if there are unpaid wages or severance pay owing, the company will have to deal with those debts first before the debts to the banks or other creditors.
We believe it is overdue. It stems from the drastic situation of Giant Mine in Yellowknife, Northwest Territories.
(Motions deemed adopted, bill read the first time and printed)