Mr. Speaker, I appreciate my friend's comments. Certainly, doing nothing is failing Canadians. That is part of the reason for this debate.
Having more consultations on the potential for some super-priority solution in the future sounds good, but when we see the negative impact it has on the economy, there are actually more negatives. Sometimes the cure could be worse than the ailment, in terms of the inability of small companies to access credit.
However, he raised a good point. We could have an object standard of no more than one-third, which perhaps might be a good way to use it. I remember that even Jacob Ziegel, the famous insolvency professor, commented in the Senate round that everyone agrees that the priority needs to be restructuring and keeping the company and the pension plan a going concern. That should be the priority. That is why CCAA should be the preference.
In terms of the pension administration, we need to modernize that. Right now, the only option these administrators have is to annuitize the remaining funds. That will take a fund that could be worth 75% of what the people get, and the inefficiency of restructuring that at the worst time could guarantee them even less. Why we would not give them more options, provided the employees have a direct say? We might quibble over how many employees are required to reach a threshold for making a change or transferring assets, but the status quo is clearly not working.