Nortel Debacle: Cooke Calls For Immediate Action & Systemic Changes

 OTTAWA – The demise of Nortel was “a devastating blow for Ottawa’s high tech sector and has had repercussions to this day on the entrepreneurial spirit of our communities,” says Jean-Luc Cooke, Green Party of Canada candidate for Nepean-Carleton, who operates an information technology security firm.

“The federal Conservatives and provincial Liberals have both consistently dropped the ball during this debacle and we in the Green Party are ready to act by offering practical short-term and long-term remedies,” declares Cooke.

 “In the immediate future, we would protect the interests of Nortel pensioners by changing the Bankruptcy and Insolvency Act to rank employees over other creditors so as to expedite funds to the people who need it most,” asserts the Bells Corners resident. 

“Also, in the case of a corporation missing a pension contribution, we believe that the pension plan should be on an equal footing as bond holders when it comes to claims against the corporation.  And lastly, for those Nortel workers on long-term disability, we believe debts to the disability fund ought to take precedence over those of bond holders.  By enacting these measures we would go a long ways to alleviating the immediate difficulties faced by Nortel employees,” states Cooke.

Addressing systemic long-term remedies, Cooke believes that “the administration of pensions should be independent of employers.  Pensions should not be owned or under the auspices of the employer, and they should be a separate legal entity. Using this approach, in the case of the employer or the pension falling on hard times, it will not deleteriously affect the other.”

“Another way to positively alter the system over the long haul and prevent suffering from employees is to change the Insurance Companies of Canada Act to have long-term disabilities treated as an insurance product. That way if the employer goes away, employees will continue to be covered,” says Cooke.

“Voters in Nepean-Carleton can have confidence that if you install me as your M.P. on May 2, I will work for practical immediate and long-term solutions for Nortel and other pensioners,” asserts Cooke.
 

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For more information, please contact:

Jean-Luc Cooke
Small Business Critic
Green Party of Canada Candidate for Nepean-Carleton
Phone: 613-800-0571
Email: jean-luc.cooke@greenparty.ca
Website: www.votejeanluc.ca