18.8.2 BANKRUPTCY PROTECTION
WHEREAS Canada’s current bankruptcy laws do not protect workers’ pensions and benefits when their company goes bankrupt or undergoes restructuring, and
WHEREAS the Canadian government has been putting well-connected insiders and the corporations they represent first, and asked Canadian workers to settle for less, and
WHEREAS pensions earned by workers are deferred wages and diverting, withholding, or seizing those funds should be illegal, and
WHEREAS Liberal Party members at the Liberal 2018 National Convention in Halifax passed a resolution that calls upon the Government of Canada to develop a strategy that would prioritize Employee Pension Plans in the Companies’ Creditors Arrangement Act and the Bankruptcy and Insolvency Act to recognize super-priority for Pension debts. “Super-priority means pensioners would be among the first creditors to be paid in the event that a company becomes insolvent or declares bankruptcy,
THEREFORE BE IT RESOLVED that the National Pensioners Federation call on the Government of Canada to fix bankruptcy laws so our employee’s pension and health benefits are given the same priority as secured creditors to stop employers from putting shareholders, banks, and creditors ahead of their employees when they file for bankruptcy protection.
Submitted by COSCO of B C