Pinsky, Bisson Inc. — June 21, 2019
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.: 825132
Before Elisabeth Lang, Superintendent of Bankruptcy
In the matter of conduct pursuant to section 14.01, and the suspension or cancellation of a licence pursuant to subsection 13.2(5) of the Bankruptcy and Insolvency Act concerning:
Office of the Superintendent of Bankruptcy Canada
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Éric Bisson, an individual trustee licence number 2703
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Murray Pinsky, an individual trustee licence number 1638
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Pinsky, Bisson Inc., corporate trustee licence number 2617
Reasons for Decision and Order
- This decision is based on the consideration of documents relating to professional conduct investigations pertaining to the above named individual and corporate trustees which were provided to the Superintendent on June 4, 2019.
- In an agreement signed by the parties, dated May 27 and 29, 2019, the parties advised the Superintendent that they agreed to the following facts and events:
- In accordance with paragraph 5(3)(e) of the Bankruptcy and Insolvency Act (BIA), François Ménard was appointed investigator and carried out the professional conduct investigations of Éric Bisson, Murray Pinsky, and Pinsky, Bisson Inc.;
- On June 15, 2016, the investigator presented to the Investigation Review Committee a preliminary report on the professional conduct of Éric Bisson and Pinsky, Bisson Inc.;
- On May 8, 2017, the investigator presented to the Investigation Review Committee a preliminary report on the professional conduct of Murray Pinsky and Pinsky, Bisson Inc.;
- The investigations dealt in particular with the existence of referral agreements, as defined in the Office of the Superintendent of Bankruptcy position paper entitled Referral Agreements between Trustees and a Third Party dated March 31, 2006, as well as shortcomings in the debtor assessments;
- On September 27, 2016 and October 25, 2017, in their written responses to the investigator’s preliminary reports, the Licensed Insolvency Trustees disputed the existence and alleged circumstances of such agreements or shortcomings; and
- The parties agreed to enter into settlement discussions with a view to finding a negotiated solution to the present investigations and to reconcile their differences and they thereby reached a mutually acceptable agreement.
- The trustees have been provided notice pursuant to subsections 14.02(1) and 13.2(6) of the BIA, and took the opportunity to make submissions.
- In light of the parties having reached a mutually acceptable agreement, the need for a hearing on the merits of these investigations is obviated.
- After consideration of the circumstances in the present matter, including:
- the above mentioned facts agreed to by the parties;
- the related reports and documents provided by the parties;
- the fact that the investigations commenced prior to my appointment as Superintendent of Bankruptcy, have taken a prolonged period of time and were resolved consensually;
- Therefore, in my capacity as Superintendent of Bankruptcy, I hereby order:
- that this decision brings the investigations commenced on November 6, 2015 to an end;
- the corporate trustee, Pinsky, Bisson Inc., licence number 2617, to pay $40 000 to the Receiver General of Canada by June 21, 2019;
- that, taking into consideration that the individual trustee licence number 1638, Murray Pinsky will retire and cease his practice as a licenced insolvency trustee effective June 21, 2019, his licence number 1638 be cancelled at his request as of June 21, 2019;
- the individual trustee, Éric Bisson, licence number 2703 to pay $10 000 to the Receiver General of Canada by June 21, 2019;
- the corporate trustee, Pinsky, Bisson Inc., licence number 2617, to transfer all insolvency estates to another Licensed Insolvency Trustee by no later than December 21, 2019; and
- taking into consideration that the corporate trustee licence number 2617, Pinsky, Bisson Inc., will cease its operations effective December 21, 2019, licence number 2617 be cancelled at its request as of December 21, 2019.
In the event that any of the Trustees fail to comply with the terms of this Order, the Trustees shall be in default pursuant to paragraph 13.2(5)(b) of the BIA.
Signed at Ottawa, Ontario June 21, 2019 pursuant to subsection 14.01(1) and paragraph 13.2(5)(d) of the Bankruptcy and Insolvency Act.
Superintendent of Bankruptcy
This document has been reproduced as submitted by the Superintendent of Bankruptcy.
- Date modified: