I just had a briefing from one of my contacts on that exact subject:
Canadian judges, like American judges, don't deal with unethical behavior except in politics. They only deal with illegal and criminal cases. On the other hand, we're not bankcrupt yet. We are mainly in bankrupcy proceedings. We will become bankrupt only after all debts, for which an opposition has been filed, will have been assessed by an independant court judge and each debts value and credibility proven as receivable. All other debts will be rejected along with the debt allegations already in litigation. As a result, and in the light of those assesments, the receivable debts will be compared to the assets of the company and a verdict will be rendered. If the company can levy enough financial resources to pay the creditors in full or an agreed upon portion, the BK will be avoided. However, the company will still have to face the debts in litigation in the future. Maybe the fat lady hasn't sung yet and only hit a bad note. Maybe the only fat man has sung. How do you call a fat man that sings a bad note: a baritone or a bertone?
