David Bish authors piece for The Lawyers Daily on Bill C-228 and how it can bring pension reform to insolvency

The Lawyer’s Daily has featured an article written by partner and head of Torys’ Corporate Restructuring and Advisory practice David Bish.

The article titled “Will Bill C-228 finally prioritize pension entitlements in insolvency?” examines Bill C-228 The Pension Protection Act, its impact on pensions and his thoughts on what to expect moving forward. An excerpt of the article follows:

Given the increasing traction of the proposed legislation, we may see a hurried response from the insolvency community. And it will be of particular interest to observe what, if any, changes are made to the bill as it passes through the Standing Committee on Finance.

It has been suggested that the coming into force of the reporting on the solvency of funds would happen immediately, along with the mechanism to top up pension funds to restore them to solvency, but that there would be three to five years before the priority in insolvency proceedings provisions would come into effect. This would give companies and their stakeholders, including lenders, time to plan and adjust.

A version of this piece was published on torys.com and is available to read here.

You can read more about our Corporate Restructuring and Advisory work on our practice page.

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