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Fraud

If the judge finds that a person has committed bankruptcy fraud, what is the penalty ?

Posted from: Ontario

One Response to “Fraud”

A licensed trustee said...

Frankly, it depends on the nature and extent of the fraud. Minor offences are dealt with at a person’s discharge hearing – they may be ordered to repay the fraudulent debts. More serious matters are referred to the RCMP and under the Bankruptcy and Insolvency Act may result in a $5,000 fine and/or a year in prison. Of course the RCMP may lay criminal charges and then the person is subject the all of the penalties available under the Criminal Code…