Madam Speaker, since I have been in the House as long as the hon. member, I know he was a member of all those parties.
It is my understanding that my colleagues across the way will seek to introduce numerous amendments to the legislation. I say that it is good to see them coming aboard with the government legislation. It is a step in the right direction, both with this legislation and on working together for all Canadians.
My community of Guelph is also home to the University of Guelph and therefore another aspect of the legislation is particularly appealing to me. As a university town, a great many of our young people, plus a great many more who come from across Canada, take the opportunity to attend our fine university and then start out on the road to build a life for themselves in our beautiful community.
Therefore my staff and I are very familiar with the challenges that student debt presents. I am very glad to see that the legislation would allow student loan debt to be eligible for discharge in bankruptcy if seven years have passed since the former student terminated his or her studies. It offers greater flexibility for those young Canadians who may have hit a bump in the road of life. Most students want to pay off their debt but sometimes this may not be possible for one reason or another. I am glad that we are creating additional options for Canadians in financial difficulty. I know my colleagues from the NDP would like this passage of time requirement to be further reduced and this too merits further consideration in committee.
I also like it that the legislation puts forward reforms to the Companies' Creditors Arrangement Act. This would help companies in difficulty to avoid putting employees out of work altogether by providing additional options and assistance to restructure and return to profitability. This, too, is a good thing.
Many members have made excellent points in the House and I am sure many more will be made in committee. However I want to indicate that the legislation is a good step and there seems to be interest and support within the House for the legislation. I hope we can move forward swiftly on this as it is a positive change for Canada and for Canadians. I would ask all members from all parties to move it forward.