Employees' rights when employer is bankrupt

In the last few months I have been receiving more and more calls from employees inquiring as to what their rights are when their employer goes bankrupt or into receivership. Unfortunately, these are very frustrating discussions because almost all the news I have to give them is bad.

BANKRUPTCY AND OUTSTANDING WAGES - WHAT TO DO

QUESTION: I have worked for a company for the last 10 years and the company is presently in dire financial circumstances.  Our pay cheques have been late a few times and it seems like the bank may foreclose at any minute.  Right now, I am owed an unpaid guaranteed bonus that was due 2 months ago as well as 3 weeks of outstanding vacation pay.  If the company goes bankrupt, how can I get this money?