Justice Gordon Weatherill declared money ordered to be paid back to investors can’t be wiped out in a discharged bankruptcy
A recent judgment in B.C. Supreme Court has declared a bankrupt man cannot discharge the $6.8 million the B.C. Securities Commission has ordered him to repay investors.
On the heels of a Supreme Court of Canada ruling last year that set the bar for what monetary fines and penalties can and cannot be discharged, the commission applied for a declaration from the province’s court that the $6.8 million owed by Thomas Arthur Williams cannot be discharged.
A 2016 BCSC hearing panel found that between 2007 and 2010, Williams and his associates solicited 123 investors to invest approximately $11.7 million…