Fix the BIA Now - Change CCAA and BIA to Protect the People

3873 Supporters

In today's economy, more and more companies are seeking to leverage the Companies Creditors Arrangement Act (CCAA), an archaic 1933 Federal Canadian Act that protects companies from their creditors while they restructure their business in an effort to avoid bankruptcy. Under the CCAA, it is up to a company to determine whether it will pay or not pay severance or other employee benefits, such as pension fund or long term disability plan top ups. Most companies choose not to pay. The severed employees, pensioners and disabled employees are treated as unsecured creditors. Most people are unaware, that the Federal bankruptcy laws overrule all Provincial legislation that is in place to protect these benefits. What was believed to be a safe landing after layoff and into retirement can become a nightmare in these situations. Under the Bankruptcy and Insolvency Act (BIA), where companies liquidate, employees fare no better - unpaid severance, pension deficit and long term disability payment claims all sink to unsecured status and usually get paid at fractions on the dollar.

It's time that the CCAA and BIA were modernized to protect the rights of ALL Canadian employees and to ensure that employees laid off by a company or receiving pension and LTD benefits during bankruptcy proceedings get preferred status over the unsecured creditors. Why? Employees are unlike any other creditor: they have been largely responsible for creating value for all stakeholders; and, unlike debt holders, banks, and suppliers, they are not diversified businesses taking risks and managing a tax write-off for financial loss.

To further protect severed employees, pensioners and the disabled in these situations, we also need the Federal Government to set conditions under the Investment Canada Act to ensure proceeds of sales to foreigners is allocated to the Canadian employment related claims and money is not being funnelled out of the country to avoid these obligations.

For information on how the CCAA/BIA impacts retirees and employees, view the links below.

Nortel - tinyurl.com/NortelNetworksnews
Nortel - tinyurl.com/Nortelfixbia
Air Canada - tinyurl.com/AirCanadanews
Chrysler - tinyurl.com/Chryslernews
GM - tinyurl.com/TorstarGMnews
Abitibi - tinyurl.com/abitibiseveranceisue

Sign this petition to help change the CCAA and BIA to ensure a preferred priority ranking to pensioner, disabled employee and severance claims so that they will be paid out before the unsecured creditors.

Follow us on twitter at twitter.com/fixbianow

Extras

Petition's Target: It's time that CCAA and BIA is modernized to protect the rights of ALL employees

Petition's Goal: I am inviting maximum number of people to support.

Petition's URL: http://www.petitionvoice.com/change-ccaa-to-protect-the-people-petition.html

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Recent Signatures View All Signatures

3873.	4 months ago Rock Corriveau I support this petition.

3872.	6 months ago Ian Black I support this petition.

3871.	6 months ago Anne Peters I support this petition.

3870.	6 months ago Pam McDonnell I support this petition.

3869.	6 months ago Andrew Lee I support this petition. I first thought that this is just another interest group taking care of their own interest. When I stood back and looked at it again, it is only fair that deferred salary should be given priority.

3868.	6 months ago Janice Cofell I support this petition.

3867.	7 months ago Ming Luo I support this petition.

3866.	7 months ago Mikhail Royz I support this petition.

3865.	8 months ago Jacques Guillemette I support this petition. I think if we ( the payor) cut the government employes the life time insurance and pension they will change the law. That\\\\\\\'s for sure.

3864.	8 months ago Maurice Brosseau I support this petition. I think if we ( the payor) cut the government employes the life time insurance they will change the law. That\\\'s for sure.

3863.	8 months ago Micheline Brosseau I support this petition. I think if we ( the payor) cut the government employes the life time insurance they will change the law. That\'s for sure.

3862.	8 months ago danny I support this petition.

3861.	Thu, 24 Dec 2009 Perry Dziubaniuk I support this petition.

3860.	Fri, 04 Dec 2009 Robert Fortier I support this petition.

3859.	Wed, 02 Dec 2009 TYUPALO ANDREY I support this petition. I have Alan for me

3858.	Mon, 30 Nov 2009 elnoby I support this

3857.	Mon, 30 Nov 2009 MOHAMMED preview your signature

3856.	Wed, 25 Nov 2009 DR.ayman if no response from FIFA. against racism and terorism,proved by insulting egyptian flag, violence before and during and after the match in Sudan,it will be a scandal , no body will trust fair play .and we have to wait pistols and guns instead of swords, and knife used, i have to tell FiFA that my kid has nervous breakdown since we returned from that trip inSudan, who will be responsible

3855.	Tue, 24 Nov 2009 seid khalil I support this petition.

3854.	Sat, 21 Nov 2009 eslam although iam algerian i hope algerian in world cup2010 but i do not like algerian and egypt did not do any thing to us now i want egypt in world cup 2010 because we or algerian were impolite and nervous mode egypt i hope egypt in world cup because i think egypt worthier algeria some people strange my talk . iam sad from my talking but this truth

3853.	Sat, 21 Nov 2009 shereen I support this petition.

3852.	Fri, 13 Nov 2009 Samuel Mo I support this petition.

3851.	Wed, 11 Nov 2009 naeem akhter I support this petition.

3850.	Wed, 04 Nov 2009 Heather Currie I support this petition.

3849.	Wed, 04 Nov 2009 Jose Theodore I support this petition.

3848.	Wed, 04 Nov 2009 Annie Mardig I support this petition.

3847.	Wed, 04 Nov 2009 kohar kupelian I support this petition.

3846.	Wed, 04 Nov 2009 michael andreatos I support this petition.

3845.	Wed, 04 Nov 2009 Emilia I support this petition.

3844.	Fri, 23 Oct 2009 Margaret Harrington I support this petition.

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	ChangeCCAA

	May 19, 2009

	Economy and Business

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