The appellant, a 52-year-old investment advisor, was petitioned into bankruptcy in 2011 by RBC Dominion Securities Inc. after misappropriating $5 million from clients.
While in bankruptcy, he had a net monthly income of $14,600 with surplus monthly income of $12,500 but failed to make any surplus income payments.
The registrar in bankruptcy ordered that as a condition of discharge, the appellant pay $284,346 in surplus income at $5,000 per month, plus an additional $5,000 per month for six years ($360,000 total), with discharge suspended for two years.
The appellant appealed, arguing the treatment of surplus and other income was in error and that the lower court judge improperly rewrote the registrar's decision.
The Court of Appeal dismissed the appeal, finding the registrar's order was discretionary, well-supported by evidence, and reasonable given the appellant's substantial income and ability to pay.
