Mr. Speaker, the purpose of the corporate and bankruptcy laws of Canada is to stimulate initiative and investment in our economy while avoiding the possibility of total personal financial ruin.
It is unfortunate when business ventures fail through no fault of the individuals concerned, but it is outrageous when business failures are used as a means of defrauding creditors, investors, employees and governments.
I would, therefore, propose that Parliament amend the corporate and bankruptcy laws of Canada so that any individual who is convicted of an offence under those laws, or of fraud, or who has had a decision of a civil court against him or her with regard to any bankruptcy cannot be an incorporator, director, officer, shareholder or creditor of any corporation for a period of five years from the date of the final decision of the court.