220.127.116.11. This subdivision applies to pension plans to which Chapter X applies if
(1) the pension plan is amended to allow for the withdrawal of a participating employer or it is terminated;
(1.1) the employer who is a party to the plan is bankrupt or subject to an order or judgment under the Companies’ Creditors Arrangement Act (R.S.C. 1985, c. C-36), Part III of the Bankruptcy and Insolvency Act (R.S.C. 1985, c. B-3) or the Winding-up Act (R.S.C. 1985, c. W-11);
(2) the date of withdrawal of the employer or the date of termination of the plan is subsequent to 30 December 2008 and the date of the employer’s bankruptcy or the date of the order or the judgment referred to in paragraph 1.1;
(2.1) the date the employer withdraws or the plan terminates is prior to 1 January 2014, or, if it is after 31 December 2013, the employer is still, on the date of the withdrawal or termination, subject to an order or judgment referred to in paragraph 1.1 dated prior to 1 January 2014;
(3) on the date of withdrawal of the employer or termination of the plan, the assets do not permit payment in full of the benefits of the members and beneficiaries affected by the withdrawal or termination; and
(4) the assets necessary to pay the benefits are not likely to be recovered.