A contingent claim may fall into a bankrupt's estate

Newfoundland and Labrador v. AbitibiBowater Inc., 2012 SCC 67 deals with whether environmental claims by a provincial government fall into bankruptcy. In deciding the issue the Court  held more generally that a claim may be asserted in insolvency proceedings even if it is contingent on an event that has not yet occurred.  

The criterion used by courts to determine whether a contingent claim will be included in the insolvency process is whether the event that has not yet occurred is too remote or speculative. 

The Court writes:

[36]                          The criterion used by courts to determine whether a contingent claim will be included in the insolvency process is whether the event that has not yet occurred is too remote or speculative:Confederation Treasury Services Ltd. (Bankrupt), Re (1997), 96 O.A.C. 75. In the context of an environmental order, this means that there must be sufficient indications that the regulatory body that triggered the enforcement mechanism will ultimately perform remediation work and assert a monetary claim to have its costs reimbursed. If there is sufficient certainty in this regard, the court will conclude that the order can be subjected to the insolvency process.