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![]() Directions to the Official ReceiverCanada In the matter of:
Directions for Conservatory Measures 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 Martin Daniel Bell (the trustee) is the holder of an individual licence as trustee in bankruptcy; Whereas Graham Mathew Inc. is the holder of a corporate licence; Whereas an investigation made by the Superintendent pursuant to section 5(3)(e) of the Act revealed that the trustee had a number of deficiencies in the control of estate trust funds and estate administrations; Whereas the Assistant Superintendent, Trustee Compliance and the Senior Bankruptcy Analyst have learned that:
Whereas the trustee has failed to deposit forthwith in an estate trust all funds received for an estate, and
Whereas a June 2007 practice review by the Senior Bankruptcy Analyst of the trustee’s books and records revealed that the trustee was drawing fees prior to obtaining proper authorization; 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 paragraphs 14.03(1)(a), (b) and (d) and (2)(b) of the Act apply to the circumstances of the trustee; I, William Webster, in my capacity as delegate for the Superintendent, direct:
Thesedirections take effect immediately and will remain in effect until such time as the undersigned is satisfied that they are no longer required; In accordance with subsection 14.03(3) of the Act, these directions bind the Official Receiver, who must comply with them; 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 London Ontario, this 24th day of August, 2007. William Webster |
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Created: 2007-10-16 Updated: 2007-10-25 ![]() |
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