He worked for Fraser Papers for 37 years before retiring in 2006 with a good pension. But four years later, the company cut his benefits by 35.4 per cent costing him $1,000 a month.

"And I will lose that until I die," he says. 

On a blustery February morning in the heart of Canada's financial district outside the Brookfield Asset Management building in downtown Toronto, Clyde Winchester says he doesn't know how millions of dollars in the pension fund simply disappeared.

But rest assured, Canada's lax bankruptcy laws were certainly a contributing factor.