The Companies’ Creditors Arrangement Act (CCAA) does not consider the contributors and beneficiaries of pension funds to be priority creditors;
The CCAA does not adequately protect employee pension plans and retirees’ benefits;
The CCAA protects companies by exempting them from the requirement to have money to pay for the pensions and benefits of retirees and future retirees’;
Quebec provides better protection than the CCAA, but this legislation overrides provincial legislation on pensions.
We, the undersigned, citizens of the North Shore, Quebec and Canada, call upon the Government of Canada to:
1. Amend the CCAA and align it with provincial legislation to better protect employee pension plans;
2. Implement legislative provisions under which pension fund deficits would be considered priority creditors when a company is placed under the protection of the CCAA or the Bankruptcy and Insolvency Act (BIA);
3. Require companies to respect their contractual commitments with employees and retirees as per the written documentation provided by the company to these employees and retirees; and
4. Require, under the Act, foreign parent companies to assume responsibility for debts and other obligations affecting employees of their Canadian subsidiaries in the event of the dissolution of one of these subsidiaries.
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