Conservatory Measures
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.
Canada
In the matter of:
Ralph Gordon Plaskett
Plaskett & Associates Limited
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 with the general power to supervise the administration of all estates and matters to which the Act applies;
Whereas I was just made aware of new facts in the bankruptcy estate 31-276060 (Patricia Lynn Flanagan);
Whereas the bankrupt claims a potential interest in a property, interest that existed prior and during the bankruptcy;
Whereas the bankrupt did not disclose her potential interest in the property when she filed an assignment in bankruptcy;
Whereas proven creditor liabilities involved in the bankruptcy totalled approximately $88,000;
Whereas there is a potential gain for creditors;
Whereas the trustee appointed in the bankruptcy has been discharged since January 1998 and the trustee no longer holds a valid trustee licence;
Whereas I believe on reasonable grounds that the estate 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 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 the circumstance referred to in paragraph 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(1)(a) of the Act applies;
Therefore,
I, Alain Lafontaine, in my capacity as Deputy Superintendent (Programs, Standards and Regulatory Affairs), direct:
Glenn Steiner, trustee, as agent of the Office of the Superintendent of Bankruptcy, to do whatever is needed to protect the interests of creditors in the bankruptcy estate 31-276060, including administering the estate and taking whatever measures or remedies he considers appropriate.
These instructions take effect immediately and will stay in place until further notice;
In accordance with subsection 14.03(3) of the Act, these instructions bind their addressee, who must comply with them;
In accordance with subsection 14.03(4) of the Act, a person who complies with the present instructions is not liable for any act done by the person only to comply with them.
Signed in the City of Ottawa, Ontario, July 23, 2004
Alain Lafontaine,
Deputy Superintendent (Programs, Standards and Regulatory Affairs)