Directions for Conservatory Measures to TD Canada Trust, 443 Queen Street West, Toronto, Ontario M5V 2B1

Conservatory Measures

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.

Canada

In the matter of:
Marshall Sone
Marshall Sone Receiver and Trustee Limited


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 Marshall Sone (the trustee) is the holder of an individual licence as trustee in bankruptcy;

Whereas Marshall Sone Receiver and Trustee Limited is the holder of a corporate licence as trustee in bankruptcy;

Whereas the trustee is the sole practitioner of Marshall Sone Receiver and Trustee Limited;

Whereas Rumanek & Cooper Ltd was appointed trustee of the estates administered by Marshall Sone and Marshall Sone Receiver & Trustee Limited by an Order of the Court dated ;

Whereas Rumanek & Cooper Ltd, by Order of the Court dated , was discharged as trustee, for sufficient cause, with respect to all open bankruptcy and insolvency estates formerly administered by Marshall Sone Receiver & Trustee Limited;

Whereas the Deputy Superintendent (Regulatory Affairs) appointed, on an interim basis, David Stewart, District Assistant Superintendent, Toronto, and holder of a trustee licence as guardian trustee pending the appointment of a guardian trustee responsible to complete the administration of the said estate files;

Whereas the Deputy Superintendent appointed, on , Howard M. Wasserman as guardian trustee to complete the administration of the said estates files and, on , appointed Wasserman, Arsenault Limited, corporate trustee, as guardian trustee to complete the administration of the said estates files;

Whereas the Deputy Superintendent revoked the directions appointing Wasserman, Arsenault Limited, corporate trustee, as guardian of the said estates files on , and appointed Deborah Jazey as guardian trustee;

Whereas the Deputy Superintendent (Regulatory Affairs and Compliance) revoked the directions appointing Deborah Jazey, as guardian of the said estates files on and appointed Glenn Steiner as guardian trustee to complete the administration of the said estates files;

Whereas I believe on reasonable grounds that the estates require protection;

Whereas the Superintendent may, for the protection of an estate, exercise the powers set out in subsection 14.03(1) of the Act, in the circumstances referred to in section 14.03(2) of the Act;

Whereas the Superintendent has delegated to me, in accordance with section 14.01(2) of the Act, the powers of the Superintendent as specified at section 14.03(1) of the Act, in the circumstance referred to in section 14.03(2), a copy of which delegation is attached, along with copies of sections 14.01, 14.02 and 14.03 of the Act;

Whereas paragraph 14.03(2)(a) of the Act applies;

I, Karen Smith, in my capacity as delegate for the Superintendent, direct the TD Canada Trust, 443 Queen Street West, Toronto, Ontario M5V 2B1, that, pursuant to sections 14.03(1)(b) and (c) of the Act:

  1. it consider upon receipt of the present directions, Tammy Turner, Guardian Trustee, as the only authorized signatory as relates to any operations on the funds credited to the estates of bankruptcies and proposals administered by Marshall Sone or Marshall Sone Receiver and Trustee Limited;
  2. it 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 Marshall Sone or Marshall Sone Receiver and Trustee Limited without the signature of Tammy Turner, Guardian Trustee;
  3. it not pay out of these accounts: cheques, bills of exchange, bank drafts or other instruments, issued before the receipt of these directions that are presented for payment after the receipt of these directions, without these cheques, bills of exchange, bank drafts or other instruments being signed by Tammy Turner, Guardian Trustee;
  4. it submit all statement of accounts, accepted cheques and other documents or information having to do with the above-mentioned estate trust bank accounts to Tammy Turner, Guardian Trustee, Office of the Superintendent of Bankruptcy, 25 St. Clair Avenue East, Suite 304, Toronto, Ontario, M4T 1M2;

That these directions take effect immediately and will remain in effect until such time as the undersigned is satisfied that they are no longer required;

That in accordance with section 14.03(3) of the Act, these directions bind TD Canada Trust, which must comply with them;

That, pursuant to section 14.03(4) of the Act, a person who complies with this direction is not liable for any act done by that person only to comply with this direction.

Signed at the City of Toronto, Ontario, this

space to insert signature

Karen Smith
Assistant Superintendent


This document has been reproduced as submitted by the delegate of the Superintendent of Bankruptcy.

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