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ARTICLE · 02 DECEMBER 2022

Bill C-228: A Problem For Defined Benefit Pension Plans

Gowling WLG
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Canadian insolvency statutes accord super priority to certain liabilities in insolvency proceedings, bumping them above the interests of secured creditors. Pension entitlements and benefits...

CanadaInsolvency/Bankruptcy/Re-Structuring
Christopher Alam
Christopher Alam
Ovo Efemini
Ovo Efemini
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Canadian insolvency statutes accord super priority to certain liabilities in insolvency proceedings, bumping them above the interests of secured creditors. Pension entitlements and benefits do not enjoy this super priority. Bill C-228 (the "Bill") attempts to change this. On Nov. 23, 2022, the House of Commons unanimously passed Bill C-228. The Bill will now be sent to the Senate for consideration. Although it is a private member's bill, Bill C-228 has the support of the three opposition parties in Parliament.

At present, employer pension liabilities only have super priority under the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act to the extent that they are:

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