Key Facts:

• The case pertains to the bankruptcy of Optam Holdings Inc..
• A.C. Waring & Associates Inc., the Trustee in Bankruptcy, challenged a share swap transaction under section 96 of the Bankruptcy and Insolvency Act (BIA), claiming it was a transfer at under value.
• The Respondents (Next Gen Realty and associated parties) opposed on grounds of laches (delay), limitations, and other procedural arguments under section 37 of the BIA.

Ruling on Costs:

• The Court found that while the Trustee failed to prove the claim under section 96, the Respondents’ procedural arguments were unsuccessful.
• The Trustee’s request for costs to be borne individually was denied. Similarly, enhanced costs against the Trustee personally were not justified.
• The Court acknowledged the contentious nature of section 96 claims and complexity of issues but held there was no misconduct by the Trustee.
• Costs were awarded at three times Column 3 of Schedule C, amounting to $33,500, payable from the bankruptcy estate.

Legal Principles Cited:

• Section 197 of the Bankruptcy and Insolvency Act provides courts discretion in awarding costs.
• Rule 10.31 of the Alberta Rules of Court further affirms broad discretion in cost allocation.

Conclusion:
The Trustee was not personally liable for costs, and the award reflected the Respondents’ partial success and the significant complexity of the case.