The Bank of Nova Scotia
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.
Province of New Brunswick
In the Matter of:
J.G. Touchie & Associates Ltd.,
Directions for Conservatory Measures
Issued in Accordance with Section 14.03 of the Bankruptcy and Insolvency Act
Whereas "the Superintendent of Bankruptcy may, for the protection of estates direct a bank or other depository not to pay out funds on deposits to the credit of estates except in accordance with the direction"; (paragraph 14.03(1)(c))
Whereas "the Superintendent of Bankruptcy has delegated to Ann Speers, Senior Analyst, Disciplinary Affairs of the Office of the Superintendent of Bankruptcy, the powers, duties and functions of the Superintendent set out in subsection 14.03(1) of the Bankruptcy and Insolvency Act (the Act) in respect only of the circumstances in paragraphs 14.03(2) a), b) and d), and excluding those in paragraph 14.03(2) c) of which copies of said delegation and of sections 14.01 and 14.03 of the Act are attached to the present;
Whereas an investigation has begun under paragraph 5(3)e) of the Act regarding the administration of the corporate trustee J.G. Touchie & Associates Ltd. on September 21, 2000 and the investigation reveals serious concerns with respect to the manner in which the consolidated bank accounts are administered;
Whereas Ann Speers, Senior Analyst, Disciplinary Affairs may exercise the powers described in subsection 14.03(1) of the Act "where the Superintendent makes or causes to be made an investigation pursuant to paragraph 5(3)e)" (paragraph 14.03(2)b)) subject to the prior consultation with the Deputy Superintendent (Programs, Standards and Regulatory Affairs);
I, Ann Speers, Senior Analyst, Disciplinary Affairs of the Office of the Superintendent of Bankruptcy, for the protection of the estates under the administration of J. G. Touchie & Associates Ltd., corporate trustee, direct the Bank of Nova Scotia, located at 780 Main Street, Moncton, New Brunswick, E1C 1E6:
- to consider, as of the date of receipt of these directions, either one of Darrin Ulley or Andrew Woodrow, Senior Bankruptcy Analysts and official receivers with the Office of the Superintendent of Bankruptcy, as mandatory co-signatories over the funds deposited to the credit of the bankruptcy and proposal estates administered by J.G. Touchie & Associates Ltd, corporate trustee;
- not to make any payment, debit or transfer out of the money deposited to the credit of the bankruptcy and proposal estates administrated by J.G. Touchie & Associates Ltd, corporate trustee by means of bill of exchange, cheque, automatic withdrawal, transfer or any other instrument after the reception of these directions on without the countersignature of Darrin Ulley or Andrew Woodrow;
- not to pay, regarding those estate accounts or other deposits or certificates of deposit, any bill of exchange, cheque or any other instrument issued prior to the reception of these directions but presented for payment after the reception of these directions without the countersignature of Darrin Ulley or Andrew Woodrow;
These directions come into force immediately and will remain valid until further written notice.
Pursuant to subsection 14.03(3)(b) and 14.03(4) of the Act, a direction given pursuant to subsection 14.03(1) is binding on all persons to whom it is given and a person who complies with such direction, is not liable for any act done only to comply with the direction.
Signed in Toronto, Province of Ontario, on
Senior Analyst, Disciplinary Affairs of the
Office of the Superintendent of Bankruptcy
I, , , employee of the Bank of Nova Scotia, acknowledge receipt of these directions issued by Ann Speers to the Bank of Nova Scotia on .
- Date modified: