Directions to Royal Bank of Canada, Airport and Stockdale Branch, Stockdale Road, North Bay, Ontario, and CIBC, Younge Street, North York, Ontario, Withdrawn
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:
John Brock Hobbs
Hobbs and Company
Withdrawal of 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 John Brock Hobbs is the holder of an individual license as trustee in bankruptcy;
Whereas Hobbs and Company is the holder of a corporate trustee license;
Whereas Karl Bueckert, Senior Bankruptcy Analyst imposed the following directions on July 20th, 2004;
I, Karl Bueckert, Senior Bankruptcy Analyst, in my capacity as delegate for the Superintendent of Bankruptcy, direct:
- Royal Bank of Canada, Airport & Stockdale Branch, 925 Stockdale Road, Main Floor, North Bay, Ontario, P1B 9N5, trust account numbers: 200-100-6, 200-101-4, 200-133-7;
- CIBC, 4821 Yonge Street, North York, Ontario, M2N 5X2, consolidated trust account number 46-07813;
- CIBC, 4821 Yonge Street, North York, Ontario, M2N 5X2, consolidated proposal trust account number 46-07910;
- to consider, upon receipt of the present directions Murray Ferron and Janet Russell, employees of the Office of the Superintendent of Bankruptcy, as the only two authorized co-signatories as relates to any operations on the funds credited to the estates of bankruptcies and proposals administered by John Brock Hobbs and Hobbs and Company;
- to make no debit and/or payment and/or transfers on funds credited or ought to have been credited to the estates of bankruptcies and proposals administered by John Brock Hobbs and Hobbs and Company without the countersignature of Murray Ferron and Janet Russell,;
- to not pay, out of these accounts, cheques, bills of exchange, bank drafts or other instruments, issued before the receipt of these directions which are presented for payment after the receipt of these directions without these cheques, bills of exchange or drafts or other instruments being countersigned by Murray Ferron and Janet Russell,;
- to submit all statement of accounts, accepted cheques and/or other document and information having to do with the above mentioned estate accounts, to the DAS;
- to provide, as soon as possible, the list of trust bank accounts of John Brock Hobbs and Hobbs and Company to the Acting DAS of the Hamilton Division office;
Whereas Glenn Steiner replaced Karl Bueckert in relation to these matters effective March 11, 2005;
Whereas Glenn Steiner studied the situation and attended to the trustee's office on two occasions;
Whereas the trustee has improved his banking practices;
Whereas I believe, based on the evidence I have reviewed that the estates do not need the protection afforded by the said directions;
Upon receipt of this document, these measures issued on July 20th, 2004, are hereby lifted.
Signed at the City of Toronto, Ontario this .
Senior Analyst, Disciplinary Affairs
- Date modified: