Joseph Mathew; Mathew & Associates Ltd.
Directions for Conservatory Measures to Toronto Dominion Bank, 5650 Yonge Street, North York, Ontario, M2M 4G3—
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:
Joseph Mathew and
Mathew & Associates Ltd.
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 Joseph Mathew (the “Trustee”) is the holder of an individual licence as trustee in bankruptcy;
Whereas Mathew & Associates Ltd. is the holder of a corporate licence as trustee in bankruptcy;
Whereas the Trustee is the sole practitioner of Mathew & Associates Ltd.;
Whereas the Honourable Justice B. Paris dismissed the Trustee's appeal from reassessments made under the Income Tax Act for the 2001, 2002 and 2003 taxation years pursuant to a judgment rendered August 2, 2012 (the “Judgment”);
Whereas the Superintendent is concerned about the solvency of the Trustee as a result of the Judgment;
Whereas the Trustee's current file inventory totals 1,822 estates;
Whereas according to the 2012 Annual Banking Report, the current estate inventory is comprised of an aggregate amount of approximately $1,643,000 in the trust bank accounts;
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 at section 14.03(1) of the Act, in the circumstance referred to in section 14.03(2), a copy of which delegation is attached, along with copies of sections 14.01, 14.02 and 14.03 of the Act; and
Whereas paragraphs and 14.03(2)(b) of the Act applies;
I, Diane Valic, in my capacity as delegate for the Superintendent, direct the Toronto Dominion Bank (5650 Yonge Street, North York, Ontario, M2M 4G3) that, pursuant to sections 14.03(1)(b) and (c) of the Act:
- it consider upon receipt of the present directions, Navpreet Saini or Marie-Josée Sicard, employees of the Office of the Superintendent of Bankruptcy, as the only authorized signatories as relates to any operations on the funds credited to the estates of bankruptcies and proposals administered by Joseph Mathew or Mathew & Associates Ltd.;
- it make no debit, payment or transfer of funds credited to, or which ought to have been credited to, the estates of bankruptcies and proposals administered by Joseph Mathew or Mathew & Associates Ltd. without the countersignature of Navpreet Saini or Marie-Josée Sicard;
- it 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, bank drafts or other instruments being signed by Navpreet Saini or Marie-Josée Sicard;
That these directions take effect immediately and will remain in effect until such time as the undersigned is satisfied that they are no longer required;
That in accordance with section 14.03(3) of the Act, these directions bind the Toronto Dominion Bank, who must comply with them;
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.
Signed at the City of Toronto, Ontario, this 1st day of October, 2012.
Assistant Superintendent of Bankruptcy
This document has been reproduced as submitted by the delegate of the Superintendent of Bankruptcy.
- Date modified: