The insurance company will likely just not try getting blood from a turnip and pay out (uninsured motorist coverage). He could be subject to a lawsuit to reimburse them, personally, but that is weighed against the likelihood of the insurer being successful in not just obtaining a judgment, but in collecting it.
Rules of fault determination state that fault can be reassessed, against the normal rules, if one of the drivers is exceeding the limit by more than 15 Kmh.
Court judgments, fines, orders of restitution, etc. survive a declaration of bankruptcy. See Section 178:
Federal laws of Canada
laws-lois.justice.gc.ca