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Bankruptcy Discharge

Cook (Re) 2021 BCSC

A three-time bankrupt applied for a discharge. The British Columbia Securities Commission was, by far, the largest creditor relating to sanctions assessed against the bankrupt for his breach of the Securities Act, breaches that resulted in losses to a number of investors. The court refused to grant any discharge at all. To do so would be contrary to the aims of the bankruptcy system and would bring the system into disrepute. The bankrupt’s inability to pay was a much less important factor than factors such as denunciation, deterrence, and protection of others.

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