{"id":27828,"date":"2013-11-27T00:00:00","date_gmt":"2013-11-27T05:00:00","guid":{"rendered":"http:\/\/ashleydev.com\/2013\/11\/27\/why-should-nuclear-operators-have-their-liability-limited\/"},"modified":"2020-08-27T11:41:21","modified_gmt":"2020-08-27T15:41:21","slug":"why-should-nuclear-operators-have-their-liability-limited","status":"publish","type":"post","link":"https:\/\/cna.ca\/fr\/2013\/11\/27\/why-should-nuclear-operators-have-their-liability-limited\/","title":{"rendered":"Why Should Nuclear Operators Have their Liability Limited?"},"content":{"rendered":"

By John Stewart<\/strong>
\nDirector, Policy and Research<\/em>
\nCanadian Nuclear Association<\/em><\/p>\n

Under a proposed legal change, Canada\u2019s nuclear plant operators would have their potential liability capped at $1 billion (up from the current $75 million) for nuclear-related damage.\u00a0 But why have a limit at all?\u00a0 Why not make them liable for any amount of loss?\u00a0 Isn\u2019t a limit of $1 billion too soft on those who screw up?<\/p>\n

For an answer, let\u2019s look at why liability is ever limited.<\/p>\n

\"Schuldturm<\/a>

Schuldturm debtor\u2019s prison, Nurnberg, Germany (source: Keichwa\/Wikimedia Commons\/Public Domain<\/p><\/div>\n

At one time, if you didn\u2019t pay your debts, then you, your family and your servants could all be enslaved.\u00a0 Debtors\u2019 prisons<\/a> existed until the nineteenth century.\u00a0 Unmanageable debt was a moral failing and a form of criminality.<\/p>\n

Even so, many saw that these \u201csolutions\u201d were much too hard on the spouses, children and customers who depended on the debtor\u2019s continued freedom to work, act and spend.<\/p>\n

Personal insolvency (or bankruptcy) laws weren\u2019t devised to aid mismanagement or dishonesty.\u00a0 They exist to let people like you and me continue to live and function if our debts get out of control.\u00a0 This is in everyone\u2019s interest \u2013 even our creditors\u2019, at least in the long run and most of the time.\u00a0 A debtor who keeps working, restructures his affairs, and gets back on his feet is better for society than one who\u2019s turned into a slave or a prisoner.<\/p>\n

Different but related principles are behind the limited liability corporation \u2013 the enabling institution of modern economies.\u00a0 Controlling the extent of liability is the secret to unlocking corporations\u2019 ability to raise capital from stockholders like you and me.\u00a0 With that capital, they can do the things corporations do.\u00a0 Like inventing things, buying machinery and creating jobs.<\/p>\n

Corporate insolvency and bailouts have the same aim.\u00a0 An organization that keeps operating and paying employees is, in many cases, far better for society as a whole than one that\u2019s broken up and liquidated.\u00a0 Good insolvency regimes allow the financially challenged to make whatever payments they can in a prompt, predictable and orderly way, rather than in chaos.<\/p>\n

This is far from saying that getting into unmanageable debt and failing to repay it is okay.\u00a0 It\u2019s not.\u00a0 But the law can be structured so that borrowers are motivated to be careful and make due efforts to avoid this situation.\u00a0 As most do.<\/p>\n

Canada\u2019s Nuclear Liability Act<\/a><\/i> (NLA) is in the same legal family as incorporation and insolvency laws.\u00a0 It anticipates difficult situations and sets up sensible rules in advance, so the players can do their jobs in the heat of crisis with less uncertainty and under fewer pressures.<\/p>\n

Changes being proposed to the NLA<\/a> would actually increase the liability limit by an order of magnitude, giving companies more responsibility, not less.\u00a0 Government and companies support these changes because they would make Canada a party to the international Convention on Supplementary Compensation for Nuclear Damage<\/a> (CSC).\u00a0 The CSC creates an international supplementary fund that can pay compensation beyond what national laws provide.<\/p>\n

Like a good insolvency law, the CSC sets up consistent, clear rules for payment, and makes sure that payment will be prompt and orderly.\u00a0 Like a limited-liability incorporation law, the CSC makes it more practical for companies to raise capital, invest, and create opportunity.<\/p>\n

Canada has a great record in nuclear safety.\u00a0 Our industry and regulators work together every day to make sure we don\u2019t have incidents.\u00a0 The changes to the NLA are Canada\u2019s steps to an up-to-date legal and financial system that can handle one if ever we do.<\/p>\n","protected":false},"excerpt":{"rendered":"

By John Stewart Director, Policy and Research Canadian Nuclear Association Under a proposed legal change, Canada\u2019s nuclear plant operators would have their potential liability capped at $1 billion (up from the current $75 million) for nuclear-related damage.\u00a0 But why have a limit at all?\u00a0 Why not make them liable for any amount of loss?\u00a0 Isn\u2019t […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[537],"tags":[],"topic":[],"class_list":["post-27828","post","type-post","status-publish","format-standard","hentry","category-talknuclear"],"acf":[],"yoast_head":"\nWhy Should Nuclear Operators Have their Liability Limited? - Association nucl\u00e9aire canadienne<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cna.ca\/fr\/2013\/11\/27\/why-should-nuclear-operators-have-their-liability-limited\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Should Nuclear Operators Have their Liability Limited? 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