Modify existing corporate bankruptcy statutes to place employee pensions, pay, and retirement plans as the first payee

Private companies that file for bankruptcy protection are allowed to eliminate all debt relating to promises made to current and past employees as it relates to retirement, pension, and pay. Private companies are using these assets to pay executives and other creditors while treating employees as slaves and servants. Private companies should be, by law, required to fund any and all promised retirement, pension, or pay plans established prior to bankruptcy filing. All promised retirement, pension, or pay plans established prior to bankruptcy filing should be obligated under bankruptcy law as the FIRST payee, above all other creditors or executive compensation. This action will reduce the dependence on state and federal services by these loyal workers.