TD Canada Trust, 100 Steeles Ave. O., Thornhill, Ontario, L4J 7Y1 — January 5, 2007
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.
TD Canada Trust
100 Steeles Ave. W., Unit 1
In the matter of:
Oscar Wald, CMA,
holder of an individual trustee license
Withdrawal of Directions for Conservatory Measures
(Section 14.03 of the Bankruptcy and Insolvency Act)
Whereas the Bankruptcy and Insolvency Act (the Act) provides the Superintendent of Bankruptcy (the Superintendent) with the general power to supervise the administration of all estates and matters to which the Act applies;
Whereas Oscar Wald was the holder of an individual license as trustee in bankruptcy;
Whereas an investigation made by the Superintendent pursuant to section 5(3)(e) of the Act revealed that Oscar Wald (the trustee) had a number of deficiencies in his accounting system and in the general administration of his estates;
Whereas Ann Speers, Trustee Compliance Manager, imposed the following directions on ;
I, Ann Speers, in my capacity as delegate for the Superintendent, direct TD Canada Trust as follows:
That, pursuant to sections 14.03(1)(b) and (c) of the Act,
- provide, by close of business on , a list of estate trust bank accounts in the name of, administered by or in any other way in the control of Oscar Wald to Ann Speers, Office of the Superintendent of Bankruptcy, 25 St. Clair Avenue East, Suite 600, Toronto, Ontario, M4T 1M2;
- to consider upon receipt of the present directions, Dan Marshall and Abubakar Khan, employees of the Office of the Superintendent of Bankruptcy, as the only two authorized co-signatories as relate to any operations of the funds credited to the estates of bankruptcies and proposals administered by Oscar Wald;
- make no debit, payment or transfer of funds credited to, or which ought to have been credited to, the estates of bankruptcies and proposals administered by Oscar Wald without the countersignature of either Dan Marshall or Abubakar Khan;
- not pay out of these accounts: cheques, bills of exchange, bank drafts or other instruments, issued before the receipt of these directions which are presented for payment after the receipt of these directions, without these cheques, bills of exchange, bank drafts or other instruments being countersigned by either Dan Marshall or Abubakar Khan;
- submit all statement of accounts, accepted cheques and other documents or information having to do with the above-mentioned estate trust bank accounts, to Ann Speers, Office of the Superintendent of Bankruptcy, 25 St. Clair Avenue East, Suite 600, Toronto, Ontario, M4T 1M2;
Whereas Fred Sheeler replaced Ann Speers in relation to these matters effective ;
Whereas Oscar Wald transferred the responsibility for the administration his entire inventory of summary and ordinary bankruptcy estates and division II proposals to SF Partners Inc., Trustees in Bankruptcy on August 25, 2006;
Whereas all the funds in the trust accounts for the above bankruptcy estates and proposals were transferred to trust accounts in the name of SF Partners Inc. on September 28, 2006;
Whereas Oscar Wald surrendered his trustee's license effective November 20, 2006;
Whereas I believe, based on the evidence I have reviewed that the estates do not need the protection afforded by the said directions;
Upon receipt of this document, these measures issued on November 29, 2005, are hereby lifted.
Signed at the City of Toronto Ontario, this 5th day of January, 2007.
- Date modified: