Bill C-270

SUMMARY

This enactment amends the Bankruptcy and Insolvency Act to provide that amounts owed to workers or that are for the benefit of workers will be given first priority in the distribution of proceeds realized from the property of a bankrupt.

The enactment amends the Canada Business Corporations Act to provide an efficacious procedure by which former employees of a bankrupt corporation who are owed wages by the corporation can proceed with claims against its directors.

The enactment amends the Employment Insurance Act to specify that payments made to a claimant out of the proceeds realized from the property of a bankrupt or by a government in the event of bankruptcy will not be deducted from benefits payable to an employment insurance claimant. Related amendments are made to the Employment Insurance Regulations.