The appellant, a commercial fisher, signed a General Security Agreement with a bank and later made an assignment in bankruptcy.
The trustee in bankruptcy and the bank sought to sell the appellant's commercial fishing licences.
The appellant argued the licences were merely privileges, not 'property' available to creditors under the Bankruptcy and Insolvency Act or the Personal Property Security Act.
The Supreme Court of Canada held that a fishing licence, coupled with a proprietary interest in the fish caught, constitutes 'property' under the BIA and 'personal property' under the PPSA, allowing the trustee and the bank to realize on them.
