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.
Canada
In the matter of:
Lloyd W. Murphy and L. W. Murphy Ltd., dba Murphy Associates
Directions for Removal of Conservatory Measure
(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 the Superintendent of Bankruptcy may, in order to protect estate assets, exercise the powers set out in subsection 14.03(1) (Conservatory Measures) of the Act, under the circumstances anticipated in subsection 14.03(2) of the Act;
Whereas on , I, Wayne McMullen, a person to whom the Superintendent had delegated the Superintendent's powers as specified at subsection 14.03(1) of the Act, issued certain directions for conservatory measures in regard to estates administered by Lloyd W. Murphy and L. W. Murphy Ltd., dba Murphy Associates, to Ms. Colleen Bond to ensure the validity and justification of all payments for expenses, fees, remuneration, etc. from the estate accounts administered by Lloyd W. Murphy and L. W. Murphy Ltd., dba Murphy Associates that are presented for payment subsequent to the issuance of these directions, and if said payments are justified, to co-sign all cheques, bills of exchange, bank drafts, certificates of deposit and fund transfers payable out of the estate trust bank accounts administered by Lloyd W. Murphy and L.W.Murphy Ltd., dba Murphy Associates;
Whereas the Superintendent of Bankruptcy has delegated to me, Wayne McMullen, Assistant Superintendent, Trustee Compliance, in accordance with subsection 14.01(2) of the Act, in certain situations mentioned in subsection 14.03(2), the Superintendent's powers as specified at subsection 14.03(1) of the Act;
Whereas I have received information showing that Lloyd W. Murphy and L. W. Murphy Ltd., dba Murphy Associates, has corrected the deficiencies for which I issued directions for conservatory measures;
I, in my capacity as Assistant Superintendent, Trustee Compliance, remove the directions for conservatory measures issued to Ms. Colleen Bond on.
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 at the City of Edmonton, in the Province of Alberta, this .
Wayne McMullen
Assistant Superintendent, Trustee Compliance
This document has been reproduced as submitted by the delegate of the Superintendent of Bankruptcy.