Rochelle Pont Budd — February 20, 2013

Professional Conduct Decision

What is a professional conduct decision?

An investigation into a Licensed Insolvency Trustees (LIT)'s professional conduct is initiated when there is information to suggest that the LIT has not properly performed the duties of a trustee or there has been improper administration of an estate or lack of compliance with the Bankruptcy and Insolvency Act (BIA).

In some cases, the findings are sufficiently serious to support a recommendation for sanctions against the LIT's licence (cancel or suspend a LIT's licence (subsection 13.2(5) of the BIA) or impose conditions or limitations (subsection 14.01(1) of the BIA)).

The professional conduct decision is deemed to be a decision of a federal board, commission or tribunal and may be judicially reviewed by the federal court.

OSB File No.: 07-01

Before William R. James, Superintendent of Bankruptcy

In the matter of a trustee's professional conduct pursuant to section 14.01 of the Bankruptcy and Insolvency Act concerning:

Nicole Lachance, Senior Bankruptcy Analyst – Applicant


Rochelle Pont Budd, an individual trustee – Respondent

Reasons for Decision and Order

  1. This decision is taken based on the consideration of documents provided to the Superintendent on .
  2. In a letter signed jointly by the parties, dated the parties advised the Superintendent that they agreed on the following facts and events:
    1. Nicole Lachance, Senior Bankruptcy Analyst, investigating the professional conduct of the trustee Rochelle Pont Budd, pursuant to paragraph 5(3)(e) of the Bankruptcy and Insolvency Act (BIA), submitted to the Superintendent of Bankruptcy a report;
    2. The professional conduct of the trustee was examined for the periods during which she was offering her services through the auspices of the corporate trustees Friedman & Friedman Inc. and J. Lukca & Associates Inc.;
    3. The trustee admits responsibility for the allegations contained in said report, but has explained that she followed the protocols and guidelines established by each of these respective firms;
    4. The Senior Bankruptcy Analyst has taken these representations into consideration, but nonetheless maintains that a sanction is appropriate;
    5. Since the trustee has started offering her services through another corporate trustee in the month of September 2006, no similar allegations have been brought to the attention of the Senior Bankruptcy Analyst, concerning the trustee's professional conduct;
    6. The trustee has collaborated with the Senior Bankruptcy Analyst throughout the disciplinary process; and
    7. That the sanctions recommended in the report would represent a complete and mutually agreeable resolution of the matter.
  3. The parties were provided with a reasonable opportunity to be heard pursuant to section 14.02 of the Bankruptcy and Insolvency Act (BIA). Neither party has sought the opportunity to make representations on any outstanding matters.
  4. In light of the above, the need for a hearing on the merits of this matter is obviated.
  5. After consideration of the circumstances of the present matter, including the above mentioned events agreed by the parties and the related report, it appears to me that the requirements of section 14.01 (1) (a) and b) of the BIA are met, and that the proposed sanction is fair and reasonable.
  6. Therefore, in my capacity as Superintendent of Bankruptcy, I hereby order:
    1. The suspension of trustee licence number 1946 issued to Rochelle Pont Budd for a period of fifteen (15) days, starting and ending on ; and
    2. That following the fifteen day suspension, and for a period of six months ending , all Statements of Receipts and Disbursements signed by Rochelle Pont Budd also be co-signed by another licensed trustee, and in the event that she manages a trust account, all cheques and monthly bank reconciliations be co-signed by another licensed trustee.

Given in Ottawa, Ontario, pursuant to section 14.01(2) of the BIA.

William R. James,
Superintendent of Bankruptcy

This document has been reproduced as submitted by the Superintendent of Bankruptcy.

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