B.C. premier and energy minister announce $120M plan to clea

Energy companies must fulfil their environmental obligations before paying back creditors in the case of insolvency or bankruptcy, Canada's Supreme Court has ruled.

The top court's ruling released Thursday overturns two lower court decisions that said bankruptcy law has paramountcy over provincial environmental responsibilities in the case of Redwater Energy, which became insolvent in 2015. That meant energy companies could first pay back creditors before cleaning up old wells. In practical terms, that means energy companies could walk away from old oil and gas wells, leaving them someone else's responsibility.

The top court ruled 5-2 to overturn the earlier ruling. In doing that, it said bankruptcy is not a licence to ignore environmental regulations, and there is no inherent conflict between federal bankruptcy laws and provincial environmental regulations.

I wonder what the fuck they're really going to do with the money they're supposedly going to use to clean up these "orphaned and abandoned" wells. Especially in light of the fact that the oil companies are now required by law to do the exact same thing?

$1:

Energy companies must fulfil their environmental obligations before paying back creditors in the case of insolvency or bankruptcy, Canada's Supreme Court has ruled.

The top court's ruling released Thursday overturns two lower court decisions that said bankruptcy law has paramountcy over provincial environmental responsibilities in the case of Redwater Energy, which became insolvent in 2015. That meant energy companies could first pay back creditors before cleaning up old wells. In practical terms, that means energy companies could walk away from old oil and gas wells, leaving them someone else's responsibility.

The top court ruled 5-2 to overturn the earlier ruling. In doing that, it said bankruptcy is not a licence to ignore environmental regulations, and there is no inherent conflict between federal bankruptcy laws and provincial environmental regulations.

https://www.cbc.ca/news/business/suprem ... -1.4998995

I don't know about the rest of the population but I'm getting sick and tired of disingenuous and unethical gov'ts thinking that every Canadian is a fucking moron that they can bullshit with their outright lies and twisted machinations without anyone noticing.

Why?

Freakinoldguy Freakinoldguy:

I wonder what the fuck they're really going to do with the money they're supposedly going to use to clean up these "orphaned and abandoned" wells. Especially in light of the fact that the oil companies are now required by law to do the exact same thing?

$1:

Energy companies must fulfil their environmental obligations before paying back creditors in the case of insolvency or bankruptcy, Canada's Supreme Court has ruled.

The top court's ruling released Thursday overturns two lower court decisions that said bankruptcy law has paramountcy over provincial environmental responsibilities in the case of Redwater Energy, which became insolvent in 2015. That meant energy companies could first pay back creditors before cleaning up old wells. In practical terms, that means energy companies could walk away from old oil and gas wells, leaving them someone else's responsibility.

The top court ruled 5-2 to overturn the earlier ruling. In doing that, it said bankruptcy is not a licence to ignore environmental regulations, and there is no inherent conflict between federal bankruptcy laws and provincial environmental regulations.

https://www.cbc.ca/news/business/suprem ... -1.4998995

I don't know about the rest of the population but I'm getting sick and tired of disingenuous and unethical gov'ts thinking that every Canadian is a fucking moron that they can bullshit with their outright lies and twisted machinations without anyone noticing.

Sorry, you don’t understand because you don’t know what you’re talking about. Your knee-jerk anti- government, pro-corporate response is quite lacking.

Your beloved oil industry are the ones who have been disingenuous and unethical here.

Let me spell it out for you: the court ruling only that says bankrupt companies who happen to have some cash remaining have to put that cash towards cleaning up orphaned oil wells before paying off creditors. Cant you understand that’s not the same thing as saying their orphaned wells will be paid for? If you leave a $50 million cleanup bill for your orphaned wells but only have $1 million in cash leftover after bankruptcy this court ruling only says it will have to go towards cleanup but where do you think the other $49 million is going to come from?

Also you seem blissfully unaware that there’s a massive backlog of unfunded orphaned wells from companies that have gone bankrupt in the past and were allowed to walk away without paying anything thanks to oil-friendly government shills that have your undying support.

herbie herbie:

Why?

Because FOG has done none of the things Beave is accusing him of, and such accusations only lead to impolite discussions.

BeaverFever BeaverFever:

Sorry, you don’t understand because you don’t know what you’re talking about. Your knee-jerk anti- government, pro-corporate response is quite lacking.

Your beloved oil industry are the ones who have been disingenuous and unethical here.

Let me spell it out for you: the court ruling only that says bankrupt companies who happen to have some cash remaining have to put that cash towards cleaning up orphaned oil wells before paying off creditors. Cant you understand that’s not the same thing as saying their orphaned wells will be paid for? If you leave a $50 million cleanup bill for your orphaned wells but only have $1 million in cash leftover after bankruptcy this court ruling only says it will have to go towards cleanup but where do you think the other $49 million is going to come from?

Also you seem blissfully unaware that there’s a massive backlog of unfunded orphaned wells from companies that have gone bankrupt in the past and were allowed to walk away without paying anything thanks to oil-friendly government shills that have your undying support.

NEWFLASH: The EXACT same thing is happening with defunct wind turbines. Even though the companies that put them up agreed by contract to remove them, many are being left to rot and fall apart where they stand because it's not "cost effective" for the companies to remove them. All thanks to idiotic green-friendly govt shills that have YOUR undying support, ya friggin' hypocrite.

^^^

Unless they enjoy it, then other arrangements will be made.