Background:
BTA Real Estate Group Inc. (BTA) leased property to Family Fitness Inc., directed by Said Wassim Kaiss. BTA secured its interest through a general security agreement and an indemnity from Kaiss. By 2020, Fitness Inc. owed $1,032,067.07, leading Kaiss to declare bankruptcy in August 2021. BTA filed a claim for $2,035,760.81, with $1,535,760.81 secured.

While insolvent, Kaiss transferred shares in multiple companies to family members and improperly transferred Fitness Inc.'s membership list, later deemed a fraudulent conveyance. The Trustee, MNP Ltd., initially valued Kaiss’s shares at $257,050 but later found them worthless. Due to Kaiss’s undisclosed post-bankruptcy share transfers, the Trustee recommended a 60-day suspension of his discharge.

Legal Issues and Arguments:
BTA argued that the Chambers judge erred by:

• Concluding the share transactions had no effect on the bankruptcy.
• Overlooking Kaiss's repeated contraventions under the Bankruptcy and Insolvency Act (BIA).
• Failing to consider statutory factors under section 173 of the BIA and providing inadequate reasons.

Court’s Analysis and Decision:
The Court of Appeal upheld the Trustee's valuation, confirmed the shares held no value, and found the 60-day suspension appropriate due to Kaiss's cooperation and first-time bankrupt status. The court deemed the Chambers judge’s reasoning sufficient.

Outcome and Costs:
The appeal was dismissed. BTA was ordered to pay $8,000.00 in costs to MNP Ltd. No costs were awarded to Kaiss.