Mr. Speaker, in the 12 months ending August 2009, there were more than 5,700 business bankruptcies in Canada.
Currently, these companies can use federal bankruptcy laws to evade their debt to pensioners and instead pay off corporate creditors whose investments are likely insured anyway. Today, the average corporate pension plan is 20% short of the assets needed for its pension obligations.
There is a crisis. The government has the tools to fix it. We have shown it how. Why does it not take action?