SoVote

Decentralized Democracy

House Bill

Royal Assent
  • April 27, 2023, 2 p.m.
  • Read

Senate Debates

44th Parl. 1st Sess.
April 18, 2023

Senate Debates

44th Parl. 1st Sess.
March 30, 2023

Senate Debates

44th Parl. 1st Sess.
March 28, 2023

Senate Debates

44th Parl. 1st Sess.
March 21, 2023

Senate Debates

44th Parl. 1st Sess.
March 07, 2023
Senate Second Reading
  • March 7, 2023, 2 p.m.
  • Passed

Senate Committee

44th Parl. 1st Sess.
March 07, 2023
Banking, Commerce and the Economy (BANC)
Re. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits …
  • Sixth Report

  • The Standing Senate Committee on Banking, Commerce and the Economy has the honour to present its

    SIXTH REPORT

    Your committee, to which was referred Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985, has, in obedience to the order of reference of December 14, 2022, examined the said bill and now reports the same without amendment but with certain observations, which are appended to this report.

    Respectfully submitted,

    PAMELA WALLIN

    Chair

    Observations to the Sixth Report of the Standing Senate Committee on Banking, Commerce and the Economy (Bill C-228)

    Your committee heard concerns that multi-employer pension plans could become liable for any pension deficits upon the insolvency of an employer. However, your committee was convinced by a breadth of testimony that supported the position of the Bill C-228 sponsor, Marilyn Gladu, M.P., that these types of pension plans fall outside the scope of the bill and that only employers who are legally responsible to backstop a pension plan fund are liable to provide due payment to their employees upon bankruptcy.

    Your committee also observes that multi-employer pension plans offer many advantages to both employers and employees and suggests that allowing federally regulated employers to establish such pension plans may be beneficial.

    Lastly, your committee observes that there have been instances where agreements have been reached between companies, unions or employee groups and pensioners for settlement with respect to pension plan deficits outside the normal insolvency proceedings and that this path could be pursued to achieve a fair settlement as intended by this legislation.

  • Hear!
  • Rabble!
  • star_border
Senate First Reading
  • Nov. 24, 2022, 2:22 p.m.
  • Passed

Senate Debates

44th Parl. 1st Sess.
November 24, 2022
House Third Reading
  • Nov. 23, 2022, 3:20 p.m.
  • Passed