Directions to Christopher Finniss—
October 31, 2017
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.
DIRECTION TO CHRISTOPHER FINNISS
(October 31, 2017)
In the matter of:
Donna Marie Cairns and
Cooper & Company 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 Donna Marie Cairns (the “Trustee”) is the holder of an individual licence as a licensed insolvency trustee;
Whereas Cooper & Company Ltd. is the holder of a corporate licence as a licensed insolvency trustee;
Whereas the Trustee is the sole licensed insolvency trustee practitioner of Cooper & Company Ltd.;
Whereas on October 20, 2017, Mr. Jack Steinman, Regional Director – Ontario, of the Office of the Superintendent of Bankruptcy (“OSB”), was made aware by a representative of an affiliate of the corporate firm, that the Trustee had made materially significant unauthorized withdrawals from estate trust funds, for which she is currently a fiduciary;
Whereas on October 26, 2017, Ms. Stephanie Lee, Senior Bankruptcy Analyst, of the OSB, reviewed the banking records of estate trust accounts and identified that the Trustee had made materially significant unauthorized withdrawals from estate trust funds, for which she is currently a fiduciary;
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 subsection 14.03(2) of the Act;
Whereas the Superintendent has delegated to me, in accordance with subsection 14.01(2) of the Act, the powers of the Superintendent as specified at subsection 14.03(1) of the Act, in the circumstance referred to in subsection 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;
Whereas paragraph 14.03(2)(b) of the Act applies;
I, Sergio Ciardullo, in my capacity as delegate for the Superintendent direct Mr. Christopher Finniss to:
- copy all computer data associated with the Ascend insolvency software by Promeric Technologies Inc., all accounting data, and all e-mails, correspondence and documents relating to the assets and estate files in such electronic format, contained in any computer or data storage device, relating to the assets and files of the estates administered by Donna Marie Cairns and Cooper and Company Ltd., or identified as requiring administration, wherever they may be located, particularly at the following location:
1120 Finch Ave W # 108and to remit said computer data to Mr. Murray Ferron, Official Receiver, 151 Yonge Street, Toronto, Ontario M5C 2W7;
Toronto, Ontario M3J 3H7
- enlist the aid of any individual(s) considered necessary in order to fully comply with these directions.
That these directions take effect immediately and will remain in effect 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 in accordance with subsection 14.03(3) of the Act, these directions bind the Official Receiver, who must comply with them;
That, pursuant to subsection 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 31st day of October 2017.
Assistant Superintendent – Trustee Compliance
- Date modified: