Supreme Court of Canada decision impacts Securities Commissions’ ability to collect from bankrupt transgressors

On July 31, 2024, the Supreme Court of Canada released its decision in Poonian v. British Columbia (Securities Commission), on whether financial sanctions imposed by securities regulators are dischargeable through bankruptcy. The decision resolves a conflict between Alberta and B.C. jurisprudence and will have a significant impact on the treatment of all administrative orders in bankruptcy proceedings.

The facts

Filed under:
Canada, Ontario, Alberta, Capital Markets, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Ontario Securities Commission, Alberta Securities Commission, Supreme Court of Canada, Court of Appeal of Alberta, British Columbia Supreme Court
Authors:
Lawrence E. Ritchie , Teresa Tomchak , Shawn Irving , Simon Cameron
Location:
Canada
Firm:
Osler Hoskin & Harcourt LLP