Nova Scotia’s highest court has given the provincial government another crack at recovering at least some of the money it loaned a bankrupt fisheries company.
D’Eon Fisheries of Port Mouton declared bankruptcy in 2013. The company shut down shortly after receiving a $500,000 loan from Nova Scotia Business Inc., made on the eve of the 2013 provincial election.
One of D’Eon Fisheries assets was a fishing licence for silver hake, which had been used to help secure the loan.
But the bankruptcy trustee took the position that only the licence, and not the actual fish quota, was what secured the loan.
That position was upheld when the case was taken to Nova Scotia Supreme Court, and the quota was sold to another operator.
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Read the full article at: http://www.cbc.ca/news/canada/nova-scotia/deon-fisheries-bankruptcy-claim-new-life-1.3546880