Bill S-216 explained in plain English
An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act in order to protect beneficiaries of long term disability benefits plans
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 40th Parliament, 3rd Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
This bill proposed to amend federal insolvency laws to protect long-term disability benefit plan beneficiaries by giving their plan liabilities preferred claim status and ensuring fund continuity.
This bill, if it had become law, would have amended the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act. Its purpose was to protect beneficiaries of long-term disability benefit plans. Specifically, it would have ensured that the liabilities of such plans were treated as a preferred claim in bankruptcy or company arrangement proceedings. The bill also aimed to ensure that funds established for these plans could be used to continue benefit payments to beneficiaries.
- Amends the Bankruptcy and Insolvency Act to define terms related to disability plans, beneficiaries, and liabilities.
- Amends the Bankruptcy and Insolvency Act to require that proposals or arrangements involving employers with disability plans provide for the payment of unpaid disability plan liabilities to the plan's fund.
- Amends the Bankruptcy and Insolvency Act to ensure that receivers or trustees continue disability plans by assigning funds to a financial institution or by creating a sinking fund if initial amounts are insufficient.
- Amends the Companies' Creditors Arrangement Act to define terms related to disability plans and liabilities.
- Amends the Companies' Creditors Arrangement Act to require that court-sanctioned compromises or arrangements involving companies with disability plans provide for the payment of unpaid disability plan liabilities to the plan's fund.
- Beneficiaries of long-term disability benefit plans
- Employers who provide long-term disability benefit plans
- Trustees and receivers involved in bankruptcy or receivership proceedings
- Companies undergoing arrangement proceedings
- The bill would establish a 'preferred claim' status for unpaid disability plan liabilities.
- The bill would oblige receivers or trustees to continue disability plans by assigning funds or creating sinking funds.
- The bill would require court approval for proposals or arrangements to include provisions for paying unpaid disability plan liabilities.
- The bill states it would apply to debtors for whom proceedings commenced before the coming into force of a specific section (Section 8).
- The bill was introduced on March 25, 2010.
- The bill would require employers or companies in financial distress to pay outstanding disability plan liabilities to the plan's fund.
- The bill would require the continuation of disability plans, potentially involving the assignment of funds to financial institutions or the creation of sinking funds.
- The bill text does not specify the exact date of its commencement.
- The bill text does not detail penalties for non-compliance, beyond the conditions for court approval of proposals or arrangements.
Adds definitions for 'disability plan', 'disability plan beneficiaries', and 'disability plan liabilities'. It also introduces provisions that treat unpaid disability plan liabilities as a preferred claim and ensure the continuation of these plans during bankruptcy proceedings by assigning funds to financial institutions or creating sinking funds.
Source: Section 2, Section 60, Section 136, Section 147.1
Adds definitions for 'disability plan' and 'disability plan liabilities'. It also introduces provisions requiring that court-sanctioned arrangements or compromises involving companies with disability plans ensure the payment of unpaid disability plan liabilities to the plan's fund.
Source: Section 2(1), Section 6(7.1)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
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We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
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We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill does not have a published recorded division in the current official sources, so representative-by-representative vote counts are not shown.
No published representative vote breakdown
The current official sources do not publish a recorded division breakdown for this bill, so there is no representative-by-representative table to show.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced