Official Receiver—January 5, 2007
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:
Oscar Wald, CMA,
holder of an individual trustee license
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 Oscar Wald was the holder of an individual license as trustee in bankruptcy;
Whereas an investigation made by the Superintendent pursuant to section 5(3)(e) of the Act revealed that Oscar Wald (the trustee) had a number of deficiencies in his accounting system and in the general administration of his estates;
Whereas Ann Speers, Trustee Compliance Manager, imposed the following directions on July 18, 2006;
I, Ann Speers, in my capacity as delegate for the Superintendent, direct:
That, pursuant to section 14.03(1)(d) of the Act, the Official Receiver not appoint Oscar Wald in respect of any new estates until a decision is made under subsection 13.2(5) or 14.01(1), or until such time as I am satisfied that the estates no longer require protection;
That, pursuant to subsection 14.03(3) of the Act, this direction is binding on the Official Receiver, who must comply with this direction;
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.
Whereas Fred Sheeler replaced Ann Speers in relation to these matters effective June 26, 2006;
Whereas Oscar Wald transferred the responsibility for the administration his entire inventory of summary and ordinary bankruptcy estates and division II proposals to SF Partners Inc., Trustees in Bankruptcy on August 25, 2006;
Whereas all the funds in the trust accounts for the above bankruptcy estates and proposals were transferred to trust accounts in the name of SF Partners Inc. on September 28, 2006;
Whereas Oscar Wald surrendered his trustee's license effective November 20, 2006;
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 18, 2005, are hereby lifted.
Signed at the City of London, Ontario this 5th day of January, 2007
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