Bill Code, who headed Principal Group inquiry, dead at 83

The lawyer who is well-known for chairing the inquiry into Edmonton-based investment firm Principal Group, has died in Calgary. Bill Code died at the Bethany Care Centre on May 3, 2016.

Bill Code dies in a Calgary Care Centre two years after suffering a debilitating stroke.

Bill Code, who chaired the two-year-long inquiry into the collapse of the Principal group of companies, died on Tuesday. (CBC)

The prominent Alberta lawyer who chaired the inquiry into the collapse of the Principal Group investment firm has died.

Bill Code died at the Bethany Care Centre in Calgary on May 3. 

He was 83, and leaves behind his wife of 57 years, Peggy, four children and seven grandchildren.
Bill Code spent two years in the late-1980s as chair of a public inquiry into the collapse of the Principal Group of companies. (McInnis & Holloway Funeral Home)

In 1987,  Edmonton-based Principal Group Ltd. filed for bankruptcy, owing 67,000 investors about $468 million.

Many of those investors were elderly Albertans who were relying on the money for their retirements.

Those investors received their final cheques in the spring of 2001, after the sale of a ranch owned by the failed company's founder, Donald Cormie.

The province offered the compensation after then-premier Don Getty launched the public investigation, which became known as the Code Inquiry.

The final inquiry report, which came two years later, in July 1989,  blamed the provincial government for failing to provide proper oversight of investment firms.

The obituary said Code suffered a debilitating stroke two years ago.

He was described as a man with numerous career accomplishments, who upon retirement relished time spent with his grandchildren.