Jean Maurice Joseph Lazard; Lazard & Associates Inc.
Directions for Removal of Conservatory Measures to the Official Receiver—November 16, 2011
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 trustee malfeasance or if serious wrongdoing on the part of a trustee puts estate files at risk. Conservatory measures may also be put in place if a trustee becomes ill or dies without a valid succession agreement. Finally, conservatory measures may be put in place if a trustee, for whatever reason, has allowed the administration of his or her practice to become substandard.
In the matter of:
Jean Maurice Joseph Lazard and
Lazard & Associates Inc.
Directions for Removal of Conservatory Measures
(Section 14.03 of the Bankruptcy and Insolvency Act)
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 Jean Maurice Joseph Lazard (the “Trustee”) is the holder of an individual licence as trustee in bankruptcy;
Whereas Lazard & Associates is the holder of a corporate licence as trustee in bankruptcy;
Whereas the Trustee is the sole practitioner of Lazard & Associates Inc.;
Whereas on October 3, 2011, I, Kirti Gauthier, a person to whom the Superintendent had delegated the Superintendent's powers as specified at subsection 14.03(1) of the Act, issued to the Official Receiver a direction for conservatory measures in the matter of Jean Maurice Joseph Lazard and Lazard & Associates Inc. to not appoint them as trustees in respect of any new insolvency estates;
Whereas the Trustee has remedied certain deficiencies regarding his practice in order to enable the filing of new estates;
Whereas the Superintendent has delegated to me, in accordance with section 14.01(2) of the Act, the powers of the Superintendent as specified at section 14.03(1) of the Act, in the circumstance referred to in section 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;
I, Kirti Gauthier, in my capacity as delegate for the Superintendent, remove the directions for conservatory measures issued to the Official Receiver on October 3, 2011;
That in accordance with section 14.03(3) of the Act, these directions bind the Official Receiver, who must comply with them;
That, 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 Ottawa, Ontario, this 16th day of November 2011.
(A) Assistant Superintendent of Bankruptcy
This document has been reproduced as submitted by the delegate of the Superintendent of Bankruptcy.
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