CBC News has learned that the newly named federal Conservative candidate in B.C.'s Delta-Richmond East riding has a history of financial problems similar to those of the previous candidate, dumped because his bankruptcy became public.

On Friday, the Conservative riding association named Kerry-Lynne Findlay as their new candidate after Dale Saip, the candidate elected Monday, was fired Thursday. Findlay had finished second in voting for the nomination.

Saip was dumped because his troubled financial history suddenly became public.

But Findlay also has had her share of financial problems.

She filed for bankruptcy in 2001, declaring about $175,000 in assets and debts of nearly $558,000, according to documents from the Office of the Superintendent of Bankruptcy Canada.

That appears to have left her creditors to deal with about $382,000 in unpaid debt.

Party told of history

A party official said Friday they are aware of Findlay's financial history.

Saip had declared bankruptcy in 1993, leaving creditors with debts of $340,000. Twelve years later, he had to strike a deal with the Canada Revenue agency regarding $90,000 in unpaid taxes.

Saip said he told the party officials about his past money problems in documents he filed for the nomination. But he said that once those problems became public, the party found his past "too much of a distraction" for him to continue his candidacy.

Findlay also led in a lengthy legal battle in the 1990s against the federal government and the Musqueam Indian Band. She was a leaseholder opposed to the band's plans to raise rates.

Findlay said the long property-related fight sank her financially, not incompetence with money.

"There was a market uncertainty with the homes," Findlay told CBC News Friday. "The equity in the homes collapsed. So for me, that was my unique situation."

The Supreme Court of Canada eventually ruled in the leaseholders favour.