The moving party, a former CFO of a company undergoing CCAA restructuring, sought a declaration that a court-approved settlement and release barred the Chartered Professional Accountants of Ontario (CPAO) from commencing disciplinary proceedings against him.
The court dismissed the motion, finding that the CPAO's regulatory proceedings regarding professional misconduct did not constitute a 'claim' under the CCAA, nor were they claims against him in his capacity as a director or officer.
Furthermore, the disciplinary proceedings did not fall within the definition of released claims in the settlement order, and the CPAO was not bound by the order as it had not received notice.
