AMPs for securities fraud can be debts released by bankruptcy discharge: SCC
Supreme Court of Canada Justice Suzanne Côté said that ‘if Parliament had wanted fines, penalties, restitution orders or other orders similar in nature imposed by regulatory bodies, administrative tribunals or other administrative decision makers to be exempt from discharge under [s. 178(1)(a) of the Bankruptcy and Insolvency Act], it could have said so expressly.’
Wednesday, July 31, 2024 @ 5:02 PM
Last Updated: Thursday, August 01, 2024 @ 9:39 AM
Settling conflicting appellate case law over whether the exemption in s. 178(1)(e) of the federal Bankruptcy and Insolvency Act enables administrative money penalties (AMPs) and disgorgement orders imposed by a provincial securities regulator to survive a bankruptcy discharge, the Supreme Court of Canada ruled 5-2 that $13.5 million in AMPs imposed by the BC Securities Commission on two undischarged bankrupts for fraudulent securities activity is a debt that can be released by a future discharge in bankruptcy. But it ruled unanimously in addition that approximately $5.6 million in related disgorgement orders would survive any discharge from bankruptcy the pair might obtain in future. ... [read more]
Class action certified against medical imaging company for alleged financial misrepresentations
Wednesday, July 31, 2024 @ 5:00 PM
The Ontario Superior Court of Justice has granted leave to commence a secondary market misrepresentation action against a company offering medical imaging services, certifying the case as a class action. ... [read more]
Federal political parties collecting sensitive voter data in a regulatory void, warns report
Wednesday, July 31, 2024 @ 4:56 PM
In a British Columbia courtroom this past May, the country’s three main political parties came together in common cause: to maintain unregulated access to sometimes sensitive voter information collected by a mushrooming industry of political consultants. ... [read more]
Court denies stay for non-disclosure of partial settlement, citing fundamentally distinct claims
Wednesday, July 31, 2024 @ 4:26 PM
The Ontario Court of Appeal has declined to stay an action concerning a faulty piping system in a disinfection facility against certain parties, rejecting the argument that the plaintiff had engaged in an abuse of process by not immediately disclosing a settlement with certain defendants. ... [read more]
B.C. seeking public input on Columbia River treaty agreement
Wednesday, July 31, 2024 @ 4:18 PM
The B.C. government is engaging with the public on a modernized treaty for the Columbia River, a key waterway for both Canada and the United States. ... [read more]
