SoVote

Mr. Charlie Angus (Timmins—James Bay, NDP)

Dec/1/22 10:05:08 a.m.
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Re: Bill C-309

moved for leave to introduce Bill C-309, An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (public institutions). He said: Mr. Speaker, I am certain anyone who read the Ontario auditor general's report on the financial disaster at Laurentian University understands the importance of protecting public institutions from ever being exploited through the bankruptcy protection act. What happened at Laurentian was a debacle. We now know that this was not an accident. The administration and lawyers deliberately chose bankruptcy protection. In doing so, they trashed the careers of numerous academics, destroyed programs that took years to build up, and damaged the career trajectory of over 1,000 students. It will take years to restore the confidence there once was. We need to ensure that the bankruptcy protection act is never used against institutions that receive public funding, whether it is hospitals, universities or health care centres. This cannot be a tactic used by right-wing governments at the provincial level to undermine public investment in key institutions, like what happened at Laurentian University.

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All Topics

Context: House Hansard - 139 - Dec/1/22

Ms. Rachel Bendayan (Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance, Lib.)

Dec/1/22 2:59:38 p.m.
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Mr. Speaker, we have put forward a responsible plan that is going to help vulnerable Canadians while ensuring that we maintain the lowest deficit and the lowest debt among G7 countries. Unlike the Conservative leader, who has proposed no economic plan for Canadians, we have put forward something solid. The Conservative plan can be summed up as abandoning our fight against climate change and advising Canadians to invest in cryptocurrency to opt out of inflation. As a result of the news this week that BlockFi declared bankruptcy, I think we can all agree that was—

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Context: House Hansard - 139 - Dec/1/22

Mr. Ziad Aboultaif

Dec/1/22 3:43:10 p.m.
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Re: Bill C-26

Madam Speaker, I will answer the end of the question and go back to the beginning of what the hon. member asked. We are still not there in terms of assessing our preparedness and our cybersecurity position. I do not know if we have enough understanding of those challenges, what our position is and how prepared we are. That is a very important task for the government. As far as financial penalties on businesses, I mentioned in my speech that such things could put some businesses into bankruptcy, because they would not be able to afford the services that would provide the protection needed for them not to end up in such a disastrous situation. Therefore, a balance is needed, and this has to be done by working together with the industry. If we are truly prepared, the financial penalties should be less, because the government should have done more in the last seven years, or even the years before that, in terms of looking to the future. It all remains in the hands of the government that is putting this bill forward. We hope to get some answers.

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