Finance committee  An unfunded pension liability is an unsecured creditor.

Finance committee  There's a relatively small number of layers to the priority system. The first priority goes to what some people call “super priorities”. There are a very limited number of super priorities that already exist, in part because the goal of the super priority is essentially to pay ou

Finance committee  It's for up to $2,000 of lost wages. As well, there's a super priority on any outstanding payroll deductions, EI and CPP essentially, so if your employer had failed to pay the CPP and EI on your last paycheque, those payments go forward. That's super priority, essentially. Ther

Finance committee  Yes, and then you move to a preferred claim. There are not many preferred claims, but one of the preferred claims is to the trustee, the actual monitor. One of the views is that you need someone to be able to take on the work of managing through an insolvency and getting parties

Finance committee  It's the shareholders.

Finance committee  It's super priority, preferred, secured, unsecured and then shareholders.

Finance committee  The way the insolvency system works is that it has a number of objectives. One of them is to prevent what we call a race to the courthouse. It tries to have an orderly mechanism to ensure that nobody can essentially call their loan or use other mechanisms to get paid at the expen

Finance committee  The situation that you describe is an unfunded pension liability. This is when there is a portion of the pension that is insufficient in terms of the amount that's held in reserve, which is sacrosanct. I'll just make two distinctions. Pension plans are regulated both provinciall

Finance committee  They are threefold. One, there is a certain number of preventative measures. I know you're speaking about what happens in an insolvency. If the situation is what it is right now, then the change that most affects that would be the change related to first issuance orders and duti

Finance committee  It has two material changes. The amount that you would be an unsecured creditor for would be the full amount. It's clear that what you were eligible for when the plan was living is what you're entitled to when the plan is winding up. Similarly, that would be the determination of

Finance committee  Thank you, Mr. Chair. In response to concerns about the security of workplace pension plans in the context of some corporate insolvencies, the government committed in Budget 2018 to undertake a whole-of-government, evidence-based approach to enhancing retirement security for Can

Finance committee  We did quite a bit of international scanning as we developed this project. The one piece where I think we made a number of improvements, which relates more to the 2018 changes than these, was around the fact that the registry needs to include the actual person at the end of the c

Finance committee  I could do so.

Finance committee  One is the types of offences the investigative bodies would potentially be able to secure these records for. The schedule of offences is essentially those that have a tie to money laundering, proceeds of crime and terrorist financing. The second threshold is that there needs to

Finance committee  That's a good question. It generated a great deal of discussion in the team that helped develop the bill. First, we must establish that this issue is the reason for the two types of penalties. It's not the companies' fault if they fail in their efforts to investigate the people