C-501: An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection)

November 12, 2010: An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection)

Summary: “This enactment amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to ensure that unfunded pension plan liabilities are accorded the status of secure debts in the event of bankruptcy proceedings.

To read what CARP has written about the bill [previously known as Bill C-476] please visit: Wayne Marston’s Primer on the Proposed Act to Amend Bankruptcy and Insolvency Act and other acts (unfunded pension plan liabilities)

The enactment also amends the Canada Business Corporations Act to provide an efficacious procedure by which former employees of a bankrupt corporation who are owed amounts by the corporation can proceed with claims against its directors.”
• Status:
o First Reading: March 24, 2010
o Placed on the Order of Precedence: April 15, 2010
o Debates at 2nd Reading: April 26, 2010, May 11, 2010, May 26, 2010
o Second Reading: May 26, 2010
• Sponsored By: John Rafferty, Thunder Bay–Rainy River, Ontario, NDP
• Text of Bill: Posted in In The NewsTagged