On April 27, 2023, Bill C-228, the Pension Protection Act, received Royal Assent and is now law. As a result, pension plan deficits will be required to be paid in priority to most other creditors, including secured creditors, during bankruptcy and insolvency proceedings. For more information, please see the briefing note from Hicks Morley here. This Bill applies to all types of plans, whether in the private or public sectors, and whether they are multi-employer plans or jointly sponsored plans such as OMERS.