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Insolvency - BIA - General. Aquino v. Bondfield Construction Co.
In Aquino v. Bondfield Construction Co. (SCC, 2024) the Supreme Court of Canada states the purposes of the BIA:[36] The two main purposes of the BIA are the “equitable distribution of the bankrupt’s assets among his or her creditors and the bankrupt’s financial rehabilitation” (Orphan Well Association v. Grant Thornton Ltd., 2019 SCC 5, [2019] 1 S.C.R. 150, at para. 67, quoting Alberta (Attorney General) v. Moloney, 2015 SCC 51, [2015] 3 S.C.R. 327, at para. 32, citing Husky Oil Operations Ltd. v. Minister of National Revenue, 1995 CanLII 69 (SCC), [1995] 3 S.C.R. 453, at para. 7; see also Poonian v. British Columbia (Securities Commission), 2024 SCC 28, at para. 1). A bankrupt’s financial rehabilitation involves allowing “honest but unfortunate debtors to obtain a discharge of their debts and have a ‘fresh start’, free of debt” (F. Bennett, Bennett on Bankruptcy (26th ed. 2024), at p. 37). Other objectives of the bankruptcy system include preserving and maximizing the value of a debtor’s assets and protecting the public interest (9354-9186 Québec inc. v. Callidus Capital Corp., 2020 SCC 10, [2020] 1 S.C.R. 521, at para. 40). . Scott v. Golden Oaks Enterprises Inc.
In Scott v. Golden Oaks Enterprises Inc. (SCC, 2024) the Supreme Court of Canada dismissed a civil litigation appeal, here where the main question was "how the common law doctrine of corporate attribution should be applied to a “one-person” corporation controlled by its sole officer, shareholder, and directing mind".
Here the court briefly states the purpose of the BIA:[79] The main purposes of the BIA are the equitable distribution of the bankrupt’s assets among its creditors and the bankrupt’s financial rehabilitation (Orphan Well Association v. Grant Thornton Ltd., 2019 SCC 5, [2019] 1 S.C.R. 150, at para. 67; Alberta (Attorney General) v. Moloney, 2015 SCC 51, [2015] 3 S.C.R. 327, at para. 32; Husky Oil Operations Ltd. v. Minister of National Revenue, 1995 CanLII 69 (SCC), [1995] 3 S.C.R. 453, at para. 7; Poonian v. British Columbia (Securities Commission), 2024 SCC 28, at para. 1; Aquino, at para. 36). Other objectives of the BIA include preserving and maximizing the value of a debtor’s assets and protecting the public interest (9354-9186 Québec inc. v. Callidus Capital Corp., 2020 SCC 10, [2020] 1 S.C.R. 521, at para. 40; Aquino, at para. 36).
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