If your company is placed under the protection of the Bankruptcy and Insolvency Act or the Companies' Creditors Arrangement Act, you can continue to carry out your activities.
Possible effects on a pension plan
You will have to present a reorganization plan for your company. The plan should include the future status of your current pension plan, which may have to be amended or terminated.
Simplified pension plan
Steps to take
- Give written notice to:
- the financial institution that administers the plan
- the union (if any)
Defined contribution or defined benefit plan
Other changes that may effect a pension plan