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MINUTES OF PROCEEDINGS
 
Meeting No. 57
 
Tuesday, February 15, 2011
 

The Standing Committee on Industry, Science and Technology met at 3:29 p.m. this day, in Room 268, La Promenade Building, the Chair, David Sweet, presiding.

 

Members of the Committee present: Robert Bouchard, Peter Braid, Serge Cardin, Marc Garneau, Bernard Généreux, Mike Lake, Hon. Dan McTeague, Anthony Rota, David Sweet, Dave Van Kesteren and Mike Wallace.

 

Acting Members present: Robert Oliphant for Hon. Dan McTeague and John Rafferty for Brian Masse.

 

In attendance: Library of Parliament: Mark Mahabir, Analyst; Dillan Theckedath, Analyst. House of Commons: Lucie Tardif-Carpentier, Legislative Clerk.

 

Witnesses: Department of Industry: Matt Dooley, Senior Project Leader, Corporate and Insolvency Law Policy and Internal Trade; Colette Downie, Director General, Marketplace Framework Policy Branch.

 
Pursuant to the Order of Reference of Wednesday, May 26, 2010, the Committee resumed consideration of Bill C-501, An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection).
 

Matt Dooley answered questions.

 

The Committee commenced its clause-by-clause study of the Bill.

 

On Clause 1,

John Rafferty moved, — That Bill C-501, in Clause 1, be amended by replacing lines 10 to 15 on page 1 with the following:

“tions, 1985, that is required to be paid by the employer to the fund and an amount equal to the total of

(I) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(II) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

After debate, the question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 
John Rafferty moved, — That Bill C-501, in Clause 1, be amended by replacing lines 22 to 28 on page 1 with the following:

“1985, that the employer would be required to pay to the fund if the prescribed plan were regulated by Act of Parliament and an amount equal to the total of

(I) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(II) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 

Clause 1 was negatived by a show of hands: YEAS: 4; NAYS: 7.

 

Clause 2 was negatived by a show of hands: YEAS: 4; NAYS: 7.

 

Clause 3 carried by a show of hands: YEAS: 6; NAYS: 5.

 

On Clause 4,

John Rafferty moved, — That Bill C-501, in Clause 4, be amended by replacing lines 27 to 31 on page 2 with the following:

“tions, 1985, that is required to be paid by the employer to the fund and an amount equal to the total of

(A) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(B) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 
John Rafferty moved, — That Bill C-501, in Clause 4, be amended by replacing lines 37 to 43 on page 2 with the following:

“Benefits Standards Regulations, 1985, that the employer would be required to pay to the fund if the prescribed plan were regulated by an Act of Parliament and an amount equal to the total of

(A) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(B) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 

Clause 4 was negatived by a show of hands: YEAS: 4; NAYS: 7.

 

On Clause 5,

John Rafferty moved, — That Bill C-501, in Clause 5, be amended by replacing lines 6 to 10 on page 3 with the following:

“tions, 1985, that is required to be paid by the employer to the fund and an amount equal to the total of

(A) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(B) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 
John Rafferty moved, — That Bill C-501, in Clause 5, be amended by replacing lines 16 to 22 on page 3 with the following:

“Benefits Standards Regulations, 1985, that the employer would be required to pay to the fund if the prescribed plan were regulated by an Act of Parliament and an amount equal to the total of

(A) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(B) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 

Clause 5 was negatived by a show of hands: YEAS: 4; NAYS: 7.

 

Clause 6 was negatived by a show of hands: YEAS: 0; NAYS: 11.

 

On Clause 7,

John Rafferty moved, — That Bill C-501, in Clause 7, be amended by replacing lines 24 to 29 on page 5 with the following:

“tions, 1985, that is required to be paid by the employer to the fund and an amount equal to the total of

(I) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(II) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 
John Rafferty moved, — That Bill C-501, in Clause 7, be amended by replacing lines 36 to 42 on page 5 with the following:

“1985, that the employer would be required to pay to the fund if the prescribed plan were regulated by Act of Parliament and an amount equal to the total of

(I) the sum of all special payments — determined in accordance with section 9 of the Pension Benefits Standards Regulations, 1985 — required to be paid by the bankrupt to the fund referred to in sections 81.5 and 81.6, for the purpose of liquidating an unfunded liability or a solvency deficiency, and

(II) any amount required to liquidate any additional unfunded liability or solvency deficiency as determined at the time of bankruptcy, and”

 

The question was put on the amendment of John Rafferty and it was negatived, by a show of hands: YEAS: 1; NAYS: 10.

 

Clause 7 was negatived by a show of hands: YEAS: 4; NAYS: 7.

 

By unanimous consent, Clause 2 previously negatived was reconsidered.

 

Clause 2 carried by a show of hands: YEAS: 6; NAYS: 5.

 

The Title carried by a show of hands: YEAS: 6; NAYS: 5.

 

Debate arose on the question: “Shall the Bill carry?”

 

By unanimous consent, the Title previously carried was reconsidered.

 
On motion of Serge Cardin, it was agreed, — That Bill C-501 be amended by replacing the long title on page 1 with the following:

“An Act to amend the Bankruptcy and Insolvency Act (termination and severance pay)”

 

The Title, as amended, carried.

 

The Bill, as amended, carried by a show of hands: YEAS: 6; NAYS: 2.

 

ORDERED, — That the Chair report the Bill, as amended, to the House.

 

ORDERED, — That Bill C-501, as amended, be reprinted for the use of the House at report stage.

 

At 4:22 p.m., the Committee adjourned to the call of the Chair.

 



Jean Michel Roy
Clerk of the Committee

 
 
2011/02/21 2:35 p.m.