Todd Y. Sheriff and Segal & Partners Inc. — December 3, 2008

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.

In the matter of Todd. Y Sheriff.
Licensed trustee for the province of Ontario

Whereas the Superintendent of Bankruptcy issued a Licensing Order dated (the "Licensing Order") against Todd Y. Sheriff and Segal and Partners Inc.;

And whereas this Licensing Order came into effect on and provided, in part that

  1. the trustee license of Todd Y. Sheriff was suspended for 6 months from to (period of licence suspension); and
  2. the trustee license of Todd Y. Sheriff was restricted after that to the filing and administration of corporate estates for a minimum of 18 months (period of licence restriction);

And whereas on the Office of the Superintendent of Bankurptcy learned that Todd Y. Sheriff had filed an estate of an individual debtor, the Climans Estate, during the period of licence restriction in breach of the Licensing Order;

And whereas Todd Y. Sheriff has advised that the filing of the Climans Estate as referenced above was the product of inadvertence only;

And whereas Ann Speers, acting on her capacity as the Senior Analyst responsible for overseeing this Licensing Order (the "Senior Analyst"),attended the Office of Todd Y. Sheriff and Segal and Partners Inc. on to conduct a sample review of files to determine if this breach was an isolated incident;

And whereas the Senior Analyst found from the sample review that the following limited additional breaches of an administrative nature of the Licensing Order had occurred:

  1. that during the period of license suspension, Todd Y. Sheriff signed a Supplementary 170 Report on September 14, 2006 in the Bower Estate;
  2. that during the period of license restriction, Todd Y. Sheriff:
    1. chaired meetings of creditors on and and signed Minutes of the Meetings in the Quenneville Estate.
    2. Signed a Notice of Disallowance of Claim on March 28, 2007 in the Bower Estate;

And whereas Todd Y. Sheriff acknowledges that he breached the Licensing Order in the above ways;

And whereas the parties have jointly drafted and submitted to me the proposed text of the present decision, duly approved by them in writing, and request that I issue the Order accordingly;

And whereas in the specific circumstances of this case the proposed draft appears reasonable and there does not seem to be any reason to derogate from it;

For these reasons I, the Superintendent of Bankruptcy, by virtue of the powers delegated to me under the Bankruptcy and Insolvency Act ("BIA") hereby order that:

  1. The trustee licence of Todd Y. Sheriff be suspended for a period of 6 months commencing 60 days after the date of this Order; and
  2. I remain seized of this matter until this Order has been completely fulfilled.

Ottawa, ON

James Callon
Superintendent of Bankruptcy

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