Toronto man charged in $380,000 bankruptcy

TORONTO, Jan. 12, 2012 /CNW/ - The Royal Canadian Mounted Police, Greater Toronto Area Commercial Crime Section, in collaboration with the Ontario Region Special Investigation Unit of the Office of the Superintendent of Bankruptcy (OSB), charged Sukumar KANAGIAH, age 41, of Toronto with offences under the Bankruptcy and Insolvency Act. The charges relate to an alleged failure to answer fully and truthfully and a failure to complete the duties required of persons seeking bankruptcy protection.

The Bankruptcy and Insolvency Act permits a debtor to obtain a discharge from his or her debts, subject to certain conditions and requirements. These requirements are imposed to preserve and protect the integrity of Canada's insolvency process for the general benefit of investors, lenders, consumers, and the broader public interest.

In August, 2010, KANAGIAH, filed an assignment into bankruptcy with declared debts exceeding $380,000. Accordingly, his creditors were required to suspend their collection efforts at that time. KANAGIAH's final discharge has been opposed by the OSB pending the outcome of these criminal proceedings. He is scheduled for a first appearance on Friday, January 27th, 2012, at Old City Hall Courthouse in Toronto.

The combined efforts of the RCMP and the OSB Special Investigation Units will continue to focus on responding to allegations of criminal wrongdoing related to the bankruptcy and insolvency system and undertaking criminal investigations where evidence of  wrongdoing exist. The objective is to maintain confidence in the integrity of the bankruptcy and insolvency system and the economic stability of Canada.

The RCMP GTA Commercial Crime Section can be reached by calling the RCMP Toronto West Detachment at 1-800-461-9398.

SOURCE Royal Canadian Mounted Police

For further information:

Sgt. Richard Rollings,
Media Relations Coordinator
RCMP "O" Division
Office: (519) 640-7302
Cell: (416) 992-4409


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