Directions for lifting of Conservatory Measures (Royal Bank)
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: Daniel Adam
Directions for Lifting of Conservatory Measures
(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 can and should, for the protection of an estate, exercise the powers set out in subsection 14.03(1) of the Act (Conservatory Measures), in the circumstances referred to in subsection 14.03(2) of the Act;
Whereas, on November 27, 2007, Marie Tardif, a person to whom the Superintendent had delegated the powers as specified at subsection 14.03(1) of the Act, issued certain directions to the Royal Bank of Canada, branch located at 700, Place d'Youville, Quebec, in the Province of Quebec, directions that were modified on December 10, 2007;
Whereas the Superintendent has delegated to myself, Robert Massé, Assistant Superintendent, Trustee Compliance, in accordance with subsection 14.01(2) of the Act, in certain situations referred to in subsection 14.03(2), the powers of the Superintendent as specified at subsection 14.03(1) of the Act;
Whereas Daniel Adam obtained an absolute discharge from his bankruptcy on May 27, 2008, and given that his licence was reactivated on August 26, 2008;
I, the undersigned, Robert Massé, in my capacity as Assistant Superintendent, Trustee Compliance, lift the conservatory measures issued on November 27, 2007, to the Royal Bank of Canada, branch located at 700, Place d'Youville, Quebec, as to the bank accounts related to the following estates:
43-127947 Learnix Limited 100-407-6
43-127977 TMI-Educaction.Com Inc. 207-397-1
By virtue of this lifting of conservatory measures issued on November 27, 2007, to Sylvie Laperrière and the Royal Bank of Canada, Mr. Daniel Adam will continue the administration of the estate files 43-127947 Learnix Limited and 43-127977 TMI-Educaction.Com Inc., subject to the rights of creditors under article 14 of the Act.
Signed, in the City of Montreal, Province of Quebec,
this August 29, 2008
Assistant Superintendent, Trustee Compliance
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