Dipac

Bill-501 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.

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.

Comments:

I understand that John Rafferty, the originator of Bill C-501, has tabled 
several minor language changes to this bill with the intent to clarify that 
C-501 calls for all pension deficits (not just the special payments) impacted 
by the above circumstances, to be elevated to secured creditor status.


I also understand that you have voiced opposition to this Bill which is very 
disappointing. Be assured that your failure to support this important 
legislation, critical to providing meaningful pension security and involving 
insignificant financial repercussion, will be duly noted and well publicized 
within the 150,000 member group of the Canadian Federation of Pensioners.


Perhaps it is timely to remind you that:
Ø Banks and corporations cannot vote and their staff/lobbyists cannot donate 
more than $1100 to election campaigns.
Ø Pensioners can vote and this legislation impacts approximately 6 million 
of them who will remember who killed these amendments and neutered the bill.
Ø A few hundred votes in key ridings could cost sufficient votes to defeat a 
candidate's election effort, and in turn affect that party's overall success.

The pensioner electorate considers C-501 to be non-partisan legislation which
warrants responsible voting in support of just treatment of pensioner 
entitlements which have resulted from deferred earnings.

Thank You for Your Attention

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