A discharge hearing in an ordinary administration bankruptcy where the bankrupt made an assignment on April 16, 2020.
The bankrupt had entered into an agreement of purchase and sale for a property for $1.4 million but failed to close the transaction, resulting in a claim by the vendor (Arista Homes) for damages of approximately $281,421.39.
The trustee and opposing creditor opposed the discharge on multiple grounds under section 173 of the Bankruptcy and Insolvency Act.
The court found facts proven under sections 173(1)(a), 173(1)(e), and 173(1)(o), relating to assets being less than 50 cents on the dollar, rash and hazardous speculation, and failure to perform duties under the BIA.
The court granted a conditional discharge requiring payment of 10% of proven claims and compliance with additional conditions.
