Directions for Conservatory Measures to Abubakar Khan—
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:
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 June 14, 1994;
Whereas Rumanek & Cooper Ltd, by Order of the Court dated May 6, 1997, was discharged as trustee, for sufficient cause, with respect to all open bankruptcy and insolvency estates formerly administered by Marshall Sone Receiver and 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 February 5, 1998, Howard M. Wasserman as guardian trustee to complete the administration of the said estates files and, on August 26, 1998, 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 June 26, 2002, 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 May 29, 2008 and appointed Glenn Steiner as guardian trustee to complete the administration of the said estates files;
Whereas an Assistant Superintendent (Ontario Regional Office) revoked the directions appointing Glenn Steiner as guardian trustee of the estate files in October 2011 and appointed Tammy Turner as guardian trustee to complete the administration of the said estates files;
Whereas it has become necessary to substitute another Guardian Trustee in the place of the current Guardian Trustee, Tammy Turner;
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, Rebekah Johnston, in my capacity as delegate for the Superintendent, direct, pursuant to paragraphs 14.03(1)(a) and (b) of the Act, Abubakar Khan, Guardian Trustee:
- To take the necessary steps to administer all estates and estate files previously administered by either Marshall Sone or Marshall Sone Receiver and Trustee Limited, as well as any closed estates that may require further administration and any other of the trustee's files identified by the Official Receiver as requiring further administration;
- To keep the said property and records, deeds, books, documents, computerized data and bank accounts related to such files, to make an inventory of them, to preserve them and to administer them in accordance with the sections of the Act;
- To continue the administration of these files in accordance with the duties and responsibilities incumbent on trustees in bankruptcy according to the Act;
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 Abubakar Khan, who 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 Ottawa, Ontario, this 8th day of March 2012.
Assistant Superintendent of Bankruptcy
This document has been reproduced as submitted by the delegate of the Superintendent of Bankruptcy.
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