The Pension Protection Act will, if passed, ensure bankruptcy and insolvency issues won’t destroy what people have worked for, Sudbury MP said reference to financial insolvency at Laurentian University.
Sudbury MP Viviane Lapointe, a Liberal, has pledged her support to a Conservative private member’s bill to protect pensions in the wake of insolvencies and bankruptcy.
The bill, also called the Pension Protection Act, proposes changes to the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act “to ensure pension funds would be paid before secured and unsecured claims.” “In light of the recent CCAA process instigated by Laurentian University, where we saw people not only lose their present livelihood but their future security as well, I offered my full support of MP Gladu’s Bill,” Lapointe said in a news release.
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