Directions for Lifting Conservatory Measures
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: Daniel Adam
Directions for Conservatory Measures
(Section 14.03 of the Bankruptcy and Insolvency Act)
Whereas the Bankruptcy and Insolvency Act provides the Superintendent of Bankruptcy with the general power to supervise the administration of all estates and matters to which the Act applies;
Whereas Daniel Adam filed a notice of intention on April 25, 2007, and a proposal on October 4, 2007;
Whereas the creditors refused to accept the proposal of Daniel Adam at the meeting held in Québec City on November 27, 2007, and Daniel Adam is therefore deemed to have assigned his property;
Whereas the bankruptcy of Daniel Adam results in the cancellation of his trustee licence;
Whereas trustee Daniel Adam is insolvent;
Whereas the Superintendent can and should, 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 subsection 14.03(2)e) of the Act;
Whereas on November 27, 2007, Marie Tardif, to whom the Superintendent of Bankruptcy has delegated the powers set out in subsection 14.03(1) of the Act, gave certain directions for conservatory measures aimed at protecting the estates administered by Daniel Adam to the Royal Bank of Canada, branch located at 700, Place d'Youville, Québec City, Province of Quebec;
Whereas the Court has issued an order revoking the appointment of Daniel Adam and appointing trustee Michel LeBlond of LeBlond & Associés Inc. as his replacement for the administration of the following estates:
- 43-143901 Pierre Sanfaçon
- 43-917740 6087329 Canada Inc.
- 43-144744 9141-6412 Québec Inc.
Whereas the Court has issued an order revoking the appointment of Daniel Adam and appointing trustee André Champagne of Raymond, Chabot Inc. as his replacement for the administration of the following estate:
- 43-145560 2535-4127 Québec Inc.
I, the undersigned, Marie Tardif, in my capacity as Assistant Superintendent (Trustee Compliance), lift the directions for conservatory measures issued on November 27, 2007 to the Royal Bank of Canada, branch located at 700, Place d'Youville, Québec City, Province of Quebec, with regard to the bank accounts associated with the estates listed below:
- 43-143901 Pierre Sanfaçon 207-442-5
- 43-145560 2535-4127 Québec Inc. 207-479-7
- 43-917740 6087329 Canada Inc. 207-474-8
- 43-144744 9141-6412 Québec Inc. 207-462-3
In accordance with subsection 14.03(3) of the Act, these directions bind their addressees, who must comply with them;
In accordance with subsection 14.03(4) of the Act, a person who complies with these directions is not liable for any act done by the person only to comply with them.
Signed, in the City of Québec, Province of Quebec, December 10, 2007
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