Directions for Conservatory Measures to Glenn Steiner—December 19, 2006
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:
Sidney Charles Schiff
Schiff & Associates Inc.
Amended 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 Sidney Charles Schiff (the trustee) is the holder of an individual license as trustee in bankruptcy;
Whereas Schiff & Associates Inc. (the trustee) is the holder of a corporate trustee license;
Whereas during the course of an investigation regarding the corporate trustee Schiff & Associates Inc. and individual trustee Sidney Charles Schiff, the delegate of the Superintendent, Karen Smith, issued conservatory measures with a view to protecting the estates on ;
Whereas the measures previously issued were not directed at files in which the trustees have been discharged;
Whereas in files in which the trustees have already obtained their discharge, there could remain certain actions to perform in order to complete the administration;
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 in section 14.03(1) of the Act, in the circumstance referred to in section 14.03(2)(b), a copy of which delegation is attached, along with copies of sections 14.01, 14.02 and 14.03 of the Act;
Whereas subsections 14.03(1)a) and b) and (2)b) of the Act apply;
I, Ann Speers, in my capacity as delegate for the Superintendent, direct:
Glenn Steiner, trustee, as agent of the Office of the Superintendent of Bankruptcy:
- To take the necessary steps to administer in accordance with the following, the estates and estate files administered by Sidney Charles Schiff and Schiff & Associates Inc. a list of which estates is attached herewith, along with such closed estates that may continue to require administration;
- To keep the said property and records, deeds, books, documents, computerized data, and bank accounts related to files mentioned in Attachment A, to make an inventory of them, to preserve them and 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.
These directions take effect immediately and will stay in place until further notice.
In accordance with section 14.03(3) of the Act, these directions bind the TD Canada Trust, 7085 Woodbine Avenue, Markham Ontario, which must comply with them.
In accordance with section 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 at the City of Toronto Ontario this 19th day of December, 2006.
- Date modified: