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The House of Commons passed a private member’s bill on Nov. 23 that will protect employee pensions if a company declares bankruptcy. Sponsored by Conservative MP Marily Gladu, Bill C-228 passed unanimously with a vote of 318 to 0.
The bill was based on a concept that had previously been attempted in multiple legislative attempts over the past several decades, with advocates having sought to amend federal bankruptcy law since 1975.
But every bill for bankruptcy reform has failed up until now.
Bill C-228, an act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act, and the Pension Benefits Standards Act, 1985, will ensure that employees’ pensions are prioritized before any other financial liabilities are addressed should a corporation become insolvent or declare bankruptcy....