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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » John Rafferty, MP (Thunder Bay – Rainy River) – Introducing Bill C-501

John Rafferty, MP (Thunder Bay – Rainy River) – Introducing Bill C-501

On March 30, 2010, I introduced Bill C-501 (An Act to amend the Bankruptcy and Insolvency Act and other Acts) into the House of Commons with this Members statement. This bill would grant secured status to pension funds during bankruptcy proceedings and restructuring. It would secure underfunded pension plans by giving them priority over other creditor following any bankruptcy or restructuring process. This bill should also end the uncertainty for workers across our region and across Canada. It will secure their plans if their employer enters bankruptcy or restructuring, and will ensure that they receive their retirement income in full. While C-501 will certainly be voted upon before the end of the year, I am optimistic that this timeline could be shortened with the support of the other parties in the House of Commons. The Liberals and Bloc have already indicated in the Finance Committee that they are likely to support the bill, and more than one Conservative has said in private that they dont see anything that would stop them from doing the same. If all parties agree to support the bill early on, then it could be fast-tracked through the House debates and right into the Industry Committee, or right into the Senate if things go well.

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One Response to "John Rafferty, MP (Thunder Bay – Rainy River) – Introducing Bill C-501"

  1. slade420 says:
    yup, Tembec shut a few mills, one in Marathon, and abandoned the workers and their pensions, now there was been industrial spills by CEDA industrial cleaning

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