{"id":16629,"date":"2019-09-05T08:55:29","date_gmt":"2019-09-05T12:55:29","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/feds-to-amend-insolvency-legislation-to-protection-pensions-135225"},"modified":"2019-09-05T08:55:29","modified_gmt":"2019-09-05T12:55:29","slug":"feds-to-amend-insolvency-legislation-to-protect-pensions","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/09\/05\/feds-to-amend-insolvency-legislation-to-protect-pensions\/","title":{"rendered":"Feds to amend insolvency legislation to protect pensions"},"content":{"rendered":"\n<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"> <img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2018\/03\/ParliamentHill-Ottawa-Feds.png\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"Feds to amend insolvency legislation to protect pensions\"> <\/div>\n<\/p><\/div>\n<p class=\"byline\"> <span>Staff<\/span>&nbsp;|&nbsp;September 5, 2019 <\/p>\n<p>The federal government is reforming the&nbsp;Bankruptcy and Insolvency Act&nbsp;and the&nbsp;Companies\u2019 Creditors Arrangement Act on Nov. 1, 2019 to enhance retirement security and protect pension plans.<\/p>\n<p>As it announced in its <a href=\"https:\/\/www.benefitscanada.com\/news\/budget-2019-proposed-changes-to-pension-legislation-annuities-cpp-127433\">2019 budget<\/a> in March, the reforms are aimed at making the insolvency process fairer, more transparent and more accessible.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/budget-2019-proposed-changes-to-pension-legislation-annuities-cpp-127433\">Budget 2019: Proposed changes to pension legislation, annuities, CPP<\/a><\/strong><\/p>\n<p>The amendments will:<\/p>\n<ul>\n<li>Require participants in an insolvency proceeding to act in good faith;<\/li>\n<li>Provide for the possibility of court-ordered disclosure of a creditor\u2019s real economic interest in an insolvent company;<\/li>\n<li>Impose director liability in appropriate cases for executive compensation payments in the lead-up to an insolvency;<\/li>\n<li>Limit the decisions that can be taken at the outset of a CCAA proceeding to measures necessary to avoid the immediate liquidation of an insolvent company, thereby improving participation of all players; and<\/li>\n<li>Exempt assets held in registered disability savings plans from creditor claims in bankruptcy.<\/li>\n<\/ul>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/2019-top-100-pension-funds-report-deconstructing-pension-protection-promises-and-priorities-132327\">2019 Top 100 Pension Funds Report: Deconstructing pension protection, promises and priorities<\/a>&nbsp;<\/strong><\/p>\n<p>\u201cIt is unacceptable that some pensioners face hardship because of their employer\u2019s insolvency and underfunded pension plans,\u201d said&nbsp;Navdeep Bains, minister of innovation, science and economic development, in a press release. \u201cOur government believes that after a lifetime of hard work, Canadians deserve a secure and dignified retirement. With these reforms, we are protecting Canadians\u2019 retirement security and the ability of businesses to invest, grow and create more good jobs.\u201d<\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/feds-to-amend-insolvency-legislation-to-protection-pensions-135225\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;September 5, 2019 The federal government is reforming the&nbsp;Bankruptcy and Insolvency Act&nbsp;and the&nbsp;Companies\u2019 Creditors Arrangement Act on Nov. 1, 2019 to enhance retirement security and protect pension plans. As it announced in its 2019&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16629"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16629"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16629\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}