Close X
Monday, November 11, 2024
ADVT 
National

Canada's high court to rule if bankruptcy wipes out court-ordered fines in B.C. case

Darpan News Desk The Canadian Press, 24 Nov, 2023 02:40 PM
  • Canada's high court to rule if bankruptcy wipes out court-ordered fines in B.C. case

The Supreme Court of Canada has set a December date to hear an appeal from a British Columbia couple who argue their declaration of bankruptcy should wipe out millions of dollars in court-ordered fines owed to provincial securities authorities.

The case of Thalbinder Singh Poonian and Shailu Poonian has been scheduled for Dec. 6 after Canada's highest court granted leave to appeal earlier this year.

Court documents show the Poonians were ordered by the B.C. Securities Commission to pay back several million in profits they made and collective administrative penalties of $13.5 million for committing market manipulation.

The Poonians appealed the fine in court, arguing that the debt should be erased when they are discharged from bankruptcy.

Last year, the B.C. Court of Appeal dismissed the appeal and agreed with the securities commission that the penalty was a sanction for the couple's fraudulent activity and won't disappear when bankruptcy ends.

The securities commission had found share prices of a stock traded on the TSX Venture Exchange had been manipulated, and the Poonians were assessed administrative penalties and ordered to repay the amount earned from the scheme. 

 

MORE National ARTICLES

Park ranger assaulted: VPD

Park ranger assaulted: VPD
Police in Vancouver say a woman is facing charges for allegedly assaulting a park ranger who was working in the city's Oppenheimer Park. They say the 39-year-old was arrested yesterday morning.  

Park ranger assaulted: VPD

Bus assault in New Westminster

Bus assault in New Westminster
New Westminster Police are seeking witnesses after a person was assaulted by a group of young people onboard a bus. Police say the victim suffered minor injuries from the incident, which happened around 6:30 p-m Sunday.

Bus assault in New Westminster

Canada signs $3-billion deal to finance nuclear power in Romania

Canada signs $3-billion deal to finance nuclear power in Romania
Canada is helping to finance two new nuclear reactors in Romania, which that country's energy minister says will help diminish Russia's ability to use its energy exports as a weapon. Canadian Energy Minister Jonathan Wilkinson signed the $3-billion deal with his Romanian counterpart, Sebastian Burduja, in Ottawa today.  

Canada signs $3-billion deal to finance nuclear power in Romania

Sikh community 'reeling' on news of India interference in death: B.C.'s AG says

Sikh community 'reeling' on news of India interference in death: B.C.'s AG says
British Columbia's attorney general says the community is reeling over news that the Canadian government is investigating a link between the shooting death of Sikh leader Hardeep Singh Nijjar and the government of India, although insiders say it's not a surprise.  Niki Sharma says the link is shocking and every B.C. resident has the freedom to express their political views without the threat of violence and harm. 

Sikh community 'reeling' on news of India interference in death: B.C.'s AG says

15 charged in PNE riots

15 charged in PNE riots
Vancouver police say 15 people have been charged with mischief for riot-like violence when a headline performer suddenly pulled out of a music festival at the P-N-E last summer. Police say the resulting mayhem and property destruction caused an estimated 300-thousand dollars damage at the P-N-E amphitheatre and in the surrounding neighbourhood.

15 charged in PNE riots

Ukraine President Zelenskyy to visit Canada this week: sources

Ukraine President Zelenskyy to visit Canada this week: sources
Ukraine's President Volodymyr Zelenskyy is set to visit Canada this week after stops at the United Nations and the White House. This would be Zelenskyy's first trip to Canada since Russia began its large-scale invasion of Ukraine in February 2022, although the leader delivered a virtual address to Parliament the next month.  

Ukraine President Zelenskyy to visit Canada this week: sources