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Bankruptcy & Insolvency Law - Creditors and claim - Claims - Equitable claims

Thursday, August 25, 2016 @ 8:00 PM  

Appeal by three judgment creditors from a Supreme Court judgment affirming refusal of their bankruptcy trust claim. The appellants were judgment creditors of e3m Investments, a registered investment dealer and member of the Investment Industry Regulatory Organization of Canada (IIROC). The $750,000 judgment was treated by e3m as a contingent liability pending its appeal. The accounting gave rise to a $550,000 deficiency in the company’s estimated regulatory capital. As a result, e3m agreed to sell its client accounts to Caldwell. As a condition of consenting to...