Supreme Court of Canada says bankrupt energy companies must clean up old oil, gas wells before paying off creditors

When energy companies go bankrupt, the cleanup of their old oil and gas wells must take priority over paying off creditors, the Supreme Court of Canada ruled Thursday. Though centred in Alberta, the 5-2 decision sets a precedent across Canada, empowering provincial governments to stop defunct companies from off-loading their messes onto other companies or the public. The judgment is expected to resonate across the western provinces, where the number of companies walking away from old wells has skyrocketed amid low oil prices.
Read more: https://www.thestar.com/calgary/2019/01/31/supreme-court-of-canada-says-bankrupt-energy-companies-must-clean-up-old-oil-and-gas-wells-before-paying-off-creditors.html?source=Snapzu