If you haven't already done so, be sure to check out Owen's post on the Sears Canada bankruptcy. In it, he cite's Linda McQuaig's article in today's Star that deals with our wholly inadequate bankruptcy laws that leave many workers, in this case those losing their jobs with the 65-yeear-old department store chain, holding an almost empty bag.
Last night's report from Global National demonstrates both the human tragedy behind the bankruptcy, and the fact that unlike countries such as Britain and the U.S., Canada offers little protection for those who should qualify for both severance pay and pensions. And despite the usual platitudinous lamentations from the political class, it is obvious that the federal government is not interested in changing our regulations in order to protect the truly vulnerable.
Corporate bankruptcy is not a new Canadian phenomenon. Despite that, it seems that our neoliberal masters are intent only on protecting the corporate sector, not the citizens of this country.
You can read about the private members' bills seeking to address the situation here. However, bear in mind that such bills are almost always doomed to failure.
How much faith can we have in the Trudeau government (or its predecessors for that matter) when, in the wake of the KPMG/Isle of Man tax evasion scandal, KPMG has not been made to pay the price. It's still as deeply embedded with the LPC as ever even after it hatched a scheme to divert tax revenues owed to Canada into secret accounts offshore. Actions speak louder than words, Lorne.
ReplyDeleteI, too, am deeply troubled by the Trudeau government's apparent lack of resolve on the entire issue of offshore shell companies, Mound. Despite the revelations of the Panama Papers, there is little to indicate that catching big tax cheats is a priority. Indeed, if Morneau's efforts at tax reform are limited to the recent fiasco, I think we are justified in drawing unfavourable conclusions as to where his and Justin's true allegiance lies.
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