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Emerging Issue – Bankruptcy and Insolvency Law


The Supreme Court of Canada settled conflicting appellate case law on the issue of whether the exemption within s. 178(1) of the Bankruptcy and Insolvency Act allows for administrative penalties and disgorgement orders issued by provincial regulators, can survive a discharge in bankruptcy.  In the case of Poonian v. British Columbia (Securities Commission), [2024] S.C.J. No. 28 (lexis.com), the Supreme Court held the penalty imposed could be released in a future discharge.  To find out more about the report and its implications, please review the Law360 Canada article here. 

For lawyers seeking further guidance on how to deal with bankruptcy related matters and/or how those are affected by fines and penalties, feel free to review the following materials and sources below:

 

Emerging issue Resource In-product link PDF version

Supreme Court limits securities regulators’ penalties surviving bankruptcy

AMPs for securities fraud can be debts released by bankruptcy discharge: SCC

 Law360 Canada N/A

Can administrative money penalties imposed by provincial regulators on securities survive a bankruptcy discharge?

 Lexis+ AI – Prompt Result PDF download 

Discharge of Bankrupt

 Practical Guidance & Lexis+ - Practice Note PDF download 

Privacy Search Results 

 Diligence – Person Search PDF download 

Fine and Penalty – Law of Bankruptcy and Insolvency in Canada, Rev. Ed. (Sarna)

 Lexis+ PDF download 

Person News Search 

 Newsdesk – Dashboard Results PDF download 

 

 

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The Legal Brief is a newsletter exclusive to LexisNexis users. It contains current topical news items and recommendations for handling emerging legal issues. It leverages the full breadth and depth of LexisNexis® resources providing links to practical, up-to-date information that can help you prepare for the current legal issues and cases you are working on.