Bank of Montreal
What is a conservatory measure?
The Superintendent of Bankruptcy puts in place conservatory measures when a bankruptcy or insolvency estate needs protection. It might be in cases of Licensed Insolvency Trustee (LIT) malfeasance or if serious wrongdoing on the part of a LIT puts estate files at risk. Conservatory measures may also be put in place if a LIT becomes ill or dies without a valid succession agreement. Finally, conservatory measures may be put in place if a LIT, for whatever reason, has allowed the administration of his or her practice to become substandard.
In the matter of:
Rochelle Pont Budd
Directions for Removal of Conservatory Measure
(Section 14.03 of the Bankruptcy and Insolvency Act)
Whereas the Bankruptcy and Insolvency Act provides the Superintendent of Bankruptcy with the general power to supervise the administration of all estates and matters to which the Act applies;
Whereas the Superintendent of Bankruptcy may, in order to protect estate assets, exercise the powers set out in subsection 14.03(1) (Conservatory Measures) of the Act, under the circumstances anticipated in subsection 14.03(2) of the Act;
Whereas, on July 4, 2006, Marie Tardif, a person to whom the Superintendent had delegated the Superintendent's powers as specified at subsection 14.03 (1) of the Act, issued certain directions for conservatory measures in regard to estates administered by Rochelle Pont Budd (at that time an associate of J. Lukca & Associates Inc), to the Bank of Montreal, branch located at 630 René Lévesque Boulevard West, Montréal, Quebec H3B 1S6;
Whereas, since the issue of these directions Rochelle Pont Budd has ceased to be an associate of J. Lukca & Associates inc.;
Whereas the Superintendent of Bankruptcy has also delegated to me, Robert Massé, Assistant Superintendent, Trustee Compliance, in accordance with subsection 14.01(2) of the Act, in certain situations mentioned in subsection 14.03(2), the Superintendent's powers as specified at subsection 14.03 (1) of the Act;
Whereas I have received information showing that Rochelle Pont Budd has corrected the deficiencies for which Marie Tardif issued directions for conservatory measures;
I, in my capacity as Assistant Superintendent, Trustee Compliance, remove the directions for conservatory measures issued to the Bank of Montreal by Marie Tardif on July 4, 2006 insofar as they apply to Rochelle Pont Budd.
In accordance with subsection 14.03(3) of the Act, these directions bind their addressees, who must comply with them.
In accordance with subsection 14.03(4) of the Act, a person who complies with these directions is not liable for any act done by the person only to comply with them.
Signed, in the City of Montréal, Quebec
April 25, 2007
Assistant Superintendent, Trustee Compliance
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