Grégoire Bellavance & Associés Ltée
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 the bankruptcy of:
Michel Côté, bankrupt
Grégoire Bellavance & Associés Ltée, corporate trustee
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 the Superintendent of Bankruptcy may, for the protection of an asset, exercise the powers set out in subsection 14.03(1) of the Act, under the circumstances referred to in subsection 14.03(2) of the Act;
Whereas the debtor, Michel Côté, filed an assignment on January 31, 1989 with corporate trustee Grégoire Bellavance & Associés Ltée;
Whereas among the debtor's assets was a property known and designated as lot 417-51 in the Charlesbourg land registry;
Whereas the corporate trustee, Grégoire Bellavance & Associés Ltée, registered a certificate of bankruptcy against said property on February 20, 1989 under the number 1314600, and a certificate of trustee appointment under the number 1314599;
Whereas given the lack of equity, said corporate trustee was not able to realize the abovementioned property;
Whereas the trustee, Grégoire Bellavance & Associés Ltée, was discharged from the administration of this estate on December 5, 1991, without previously registering notice of quit claim of its rights in this property;
Whereas the only individual trustee working in the corporate trustee office, i.e., Grégoire Bellavance, has since died;
Whereas in order to legalize ownership, a notice should be filed divesting any rights trustee Grégoire Bellavance et Associés Ltée might claim to hold against this property;
Whereas it is not necessary to appoint a trustee for the sole purpose of registering said notice pursuant to the provisions of section 20 of the Bankruptcy and Insolvency Act;
Whereas the Superintendent of Bankruptcy 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 circumstances referred to in subsection 14.03(2), copies of which delegation are attached, along with copies of subsections 14.01(2) and 14.03(1) to (4) of the Act;
Whereas subsections 14.03(1)a) and b) of the Bankruptcy and Insolvency Act apply;
I, Alain Lafontaine, in my capacity of Deputy Superintendent, Programs, Standards and Regulatory Affairs, mandate Sylvie Laperrière in order to sign a quit claim of rights, titles and interests that could be claimed by Grégoire Bellavance & Associés Ltée against a property formerly designated as lot 417-51 in the Charlesbourg land registry and now known and designated as renovated lot 1045259 in the Quebec City land registry.
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 that person only to comply with these directions.
Signed, in the City of Ottawa, Ontario
May 15, 2003
Programs, Standards and Regulatory Affairs
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