Today the Canadian Transportation Agency on suspended the Montreal, Maine & Atlantic Railway's permit to continue operating in Canada because the railway does not have adequate liability insurance.

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MM&A operated the rail line that caused the disaster just above the Maine border in Lac-Mégantic, Quebec.

Last month a runaway train carrying crude oil derailed and set off explosions in the center of town, killing 47 people and demolishing dozens of buildings.

The revocation takes effect on Tuesday, August 20th, and will shut down operations along the railroad's remaining lines in Canada.

The company has already filed for bankruptcy and faces millions of dollars in anticipated lawsuits.