Directions to the National Bank of Canada, 500 Place d’Armes, Ground Floor, Montréal, Quebec, for Lifting of Conservatory Measures—

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:
Sam Lévy and
Sam Lévy & Associés Inc.


Directions for Lifting of 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 Sam Lévy (the “Trustee”) is the holder of an individual licence as trustee in bankruptcy;

Whereas Sam Lévy & Associés Inc. is the holder of a corporate licence as trustee in bankruptcy;

Whereas the Trustee is the sole licensed trustee in bankruptcy at Lévy & Associés Inc.;

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 subsection 14.03(2) of the Act;

Whereas on April 16, 2012, I, the undersigned, Robert Massé, to whom the Superintendent had delegated the powers of the Superintendent as specified at subsection 14.03(1) of the Act, gave directions for the conservatory measures listed below, in the matter of Sam Lévy and Sam Lévy & Associés Inc. to the branch of the National Bank of Canada located at 500 Place d'Armes, Ground Floor, Montréal, Quebec H2Y 2W3:

  1. to consider Maurice Roy, trustee, as the only authorized signatory for any transactions relating to the funds credited to the estates of bankruptcies and proposals administered by Sam Lévy and Sam Lévy & Associés Inc.;
  2. to 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 Sam Lévy and Sam Lévy & Associés Inc., unless these cheques, debits, payments or transfers were co-signed by Maurice Roy;
  3. to not pay out of these accounts any cheques, bills of exchange, bank drafts or other such instruments, issued prior to receipt of these directions but presented for payment after receipt of these directions, unless said cheques, bills of exchange, bank drafts or other instruments were co-signed by Maurice Roy;
  4. to provide, before closing of business on April 18, 2012, the list of all estate trust bank accounts that were under the name of or controlled or administered by Sam Lévy and Sam Lévy & Associés Inc., trustee in bankruptcy, to Mr. Maurice Roy, trustee, 5 Place Ville Marie, 8th floor, Montréal, Quebec H3B 2G2;
  5. to provide all statements of account, accepted cheques and other documents or information having to do with the abovementioned estate trust bank accounts to Mr. Maurice Roy, trustee, 5 Place Ville Marie, 8th floor, Montréal, Quebec H3B 2G2;

Wheras the files previously administered by Sam Lévy and Sam Lév y & Associés Inc. have been substituted to Lemieux Nolet Inc. by order of the Superior Court of Quebec rendered on June 8, 2012.

Whereas the Superintendent has delegated to me, in accordance with subsection 14.01(2) of the Act, the powers of the Superintendent as specified at subsection 14.03(1) of the Act, in the circumstances referred to in subsection 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;

I, the undersigned, Robert Massé, in my capacity as Delegate for the Superintendent, lift the April 16, 2012 directions for conservatory measures issued to the branch of the National Bank of Canada located at 500 Place d'Armes, Ground Floor, Montréal, Quebec H2Y 2W3.

In accordance with subsection 14.03 (3) of the Act, these directions bind the National Bank of Canada, which must comply with them.

Pursuant to subsection 14.03(4) of the Act, a person who complies with these directions is not liable for any act done by that person only to comply with these directions.

Signed in the City of Montréal in the Province of Quebec, this 8th day of June, 2012.

space to insert signature

Robert Massé
Assistant Superintendent, Trustee Compliance


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

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