The bank and the receiver of the bankrupt successfully sought a declaration that a fishing licence granted by the federal Department of Fisheries and Oceans was, in the hands of the holder, both a form of personal property which could be charged under a general security agreement made pursuant to the Personal Property Security Act and a form of property for the purposes of the Bankruptcy and Insolvency Act. Although the appeal was allowed in part, the court upheld the substance of the trial judge's order. The bankrupt appealed to the Supreme Court of Canada and sought a stay pending appeal. The proposed purchaser of the licence had given notice that he would not honour the agreement to purchase the licence package if the matter was further prolonged in litigation and the respondents stated that they were willing to keep the proceeds of the sale in trust pending further resolution of the appeal. The bankrupt argued that he would suffer irreparable harm due to his potential loss of income through fishing the lobster licence which would result in an inability to pay his creditors.Application for stay dismissed; the bankrupt had failed to prove irreparable harm if the stay was not granted. The bankrupt provided no evidence as to his living circumstances, whether he was responsible for any dependants, what replacement income might be available to him or whether he retained a beneficial interest in any assets notwithstanding the bankruptcy which would demonstrate what level of hardship he would suffer if the injunction was not granted.