IN THE SUPREME COURT OF NOVA SCOTIA
IN BANKRUPTCY AND INSOLVENCY
Citation: Lewer (Re), 2010 NSSC 98
Date: March 15, 2010
Docket: B 34328
Registry: Halifax
District of Nova Scotia
Division No. 01 - Halifax
Court No. 34328
Estate No. 51-1180275
In the Matter of the Bankruptcy of Ian George Lewer
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LIBRARY HEADING
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Registrar: Richard W. Cregan, Q.C.
Heard: January 22, 2010
Written Decision: March 15, 2010
Subject: Whether the proceeds from a Locked-In Retirement Account (LIRA) should be considered as property either exempt or non exempt of the bankrupt under S.67 of the Bankruptcy and Insolvency Act or as income under S.68.
Summary: The bankrupt prior to his assignment transferred pension credits earned with a previous employer to a LIRA. After his assignment he cashed in the LIRA and used the proceeds for current expenses.
Result: It was held that the proceeds should be treated as income under S.68.
THIS INFORMATION SHEET DOES NOT FORM PART OF THE COURT’S DECISION.
QUOTES MUST BE FROM THE DECISION, NOT THIS LIBRARY SHEET .