An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance plans)

Bill C-264 in 44-1 was a Conservative Private Member's Bill amending the Bankruptcy and Insolvency Act (R.S.C. 1985, c. B-3) and the Companies' Creditors Arrangement Act (R.S.C. 1985, c. C-36) to strengthen federal protection of pensioner and worker claims during corporate bankruptcy proceedings. Brought after multiple high-profile insolvencies where pensioners lost benefits (Sears Canada 2017, Nortel 2009-2017) prompted federal reform. The federal Liberal-NDP government's Bill C-228 (Pension Protection Act, S.C. 2023, c. 27, royal assent April 27, 2023) addressed parts of the proposal by giving pension-deficit claims super-priority status; C-264 sought broader worker-claim priority. Did not pass third reading on its own.