Gaklis was the principal officer and shareholder of Christy Crops Ltd. He controlled the company and made

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Gaklis was the principal officer and shareholder of Christy Crops Ltd. He controlled the company and made all major decisions. The company had financial difficulty and was placed in receivership. Gaklis had guaranteed substantial debts of the company and was unable to respond to demands for payment. He was petitioned into bankruptcy and eventually applied for discharge. The trustee and the creditors opposed his application based on his conduct. Gaklis had disposed of land belonging to the company. He had given a security interest for $60 000 on an airplane and transferred ownership to his father. He had failed to cooperate with the trustee by refusing to disclose particulars of bank accounts and insurance policies. Should Gaklis be discharged from bankruptcy and released from his unpaid debts?
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Canadian Business & the Law

ISBN: 978-0176501624

4th edition

Authors: Dorothy DuPlessis, Shannnon o'Byrne, Steven Enman, Sally Gunz

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