Frank Sheldon Kisluk and Frank S. Kisluk Limited (Ontario) – July 3, 2006

In the Matter of
Frank Sheldon Kisluk
Holder of a Trustee Licence
for the Province of Ontario
And
Frank S. Kisluk Limited
Holder of a Corporate Trustee Licence
For the Province of Ontario

Decision under the Bankruptcy and Insolvency Act
In Respect of Professional Conduct

This decision is rendered as a result of a joint submission by the parties in order to obviate the necessity for a hearing on the merits.

An initial pre-trial telephone conference had been held on April 12, 2006 and the parties made certain undertakings thereat. A second conference was then scheduled for June 19 to finish preparations for the hearing on the merits.

As undertaken, the Trustees' response to the Analyst's report was received in April followed by a joint statement of facts in May, Counsel for the Analyst having elected not to reply in writing to the response of the Trustees. The parties jointly requested a postponement of the second conference, to which the undersigned consented, and the second conference was duly held on June 27.

At the second conference, Counsel advised the Delegate that there would be no need for a hearing on responsibility, and that they were in the process of finalizing a joint submission to the Delegate, which, if ratified by him, could hopefully dispose of the matter of sanctions or penalties without any hearing whatsoever.

The electronic version of the joint submission was received on June 28 and 29, in signed pdf format from the Trustees and in Word format from the Analyst. A copy of the Word version is attached hereto to form part hereof. It embodies a draft submitted to me for acceptance, and contains numerous terms and conditions.

After noting certain imperfections in the draft as submitted, I am nonetheless inclined to accept the parties' agreement. However it seems to me that problems may conceivably arise in its interpretation or execution, or as a result of any failure by the Trustees to comply in full and timely fashion with their undertakings, resulting in the need for further action by me.

I will therefore remain seized of this case in order to be able to intervene further to resolve any difficulties of any nature whatsoever, including those arising from any action or inaction by the Trustees, or from any ambiguity, contradiction, or lacuna in the joint submission, and in order to render another decision later if this seems necessary or desirable.

The present decision may thus be considered to be an interim one, unless no further action by the undersigned proves to be necessary to finally dispose of these proceedings. If further action is required, the parties will of course have the right to make representations and/or to request a hearing on any outstanding matters, and I will deal with such requests as and if they arise.

For the foregoing reasons, the undersigned Delegate Ratifies the joint submission and agreement of the parties attached hereto to form part hereof for all legal purposes;

Declares it to be binding and executory as if it were a decision of this tribunal, and orders the Trustees to conform thereto, under pain of all legal penalties;

Declares that he remains seized of this case, and reserves the right to render any further orders or decisions which may be necessary to give effect to or complete the said agreement, or to finally dispose of the present case, and to impose any further sanctions or penalties which may be appropriate or in the event of any failure by the Trustees to comply integrally with their obligations under the present decision for any reason and in any way whatsoever.

Signed at Montreal this Third Day of July 2006

The Honourable Perry Meyer, Q.C.
Delegate of the Superintendent of Bankruptcy

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