Sidney Charles Schiff and Schiff & Associates inc. — July 18, 2008

CANADA
Province of Ontario
Industry Canada
Office of the Superintendent of Bankruptcy

In the matter of Sidney Charles Schiff
Presently a holder of a trustee licence for Ontario
and Schiff & Associates inc.
Presently a holder of a trustee licence for Ontario

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Decision under Section 13.2(5) of the Bankruptcy and Insolvency Act (BIA)

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WHEREAS the Bankruptcy and Insolvency 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 the Superintendent of Bankruptcy may, for the protection of the estates, exercise the powers set out in subsection 13.2(5) of the Act in suspending or cancelling a trustee’s licence under the circumstances referred to in paragraphs (a) to (d) of subsection 13.2(5) and in accordance with subsection 13.2(6) of the Act;

WHEREAS Mr. Serge Ciardullo, Senior Bankruptcy Analyst, submitted his report on this matter on March 31st, 2008;

WHEREAS Mr. Serge Ciardullo’s report states the following as serious deficiencies on the part of the trustees:

• failure to comply with paragraph 30(c) of Directive 13R - Trustee Licensing, which requires a trustee, as a condition of practice, to have adequate facilities to perform his professional engagements;
• failure to comply with paragraph 45(a) of Directive 13R - Trustee Licensing, which requires a trustee, within the maintenance of a trustee licence, to seek the approval of the Superintendent, in writing, prior to the effective date of a change of district or of the resident office of the trustee;
• failure to comply with paragraph 46 of Directive 13R - Trustee Licensing, which requires a trustee, within the maintenance of a trustee licence, to communicate to the Superintendent, in writing, any change in the information supplied by the trustee under Directive 13R;
• failure to comply with subsection 13.2(2) Bankruptcy and Insolvency Act, which requires a trustee to pay prescribed licensing fees on December 31 of each year following the day on which a licence is issued.
  

WHEREAS a notice of intended decision to cancel the trustee’s individual and corporate trustee licences pursuant to paragraph 13.2(5)(b) of the Bankruptcy and Insolvency Act was sent by the Superintendent to the trustees on June 9th, 2008, in accordance with section 13.2(6) of the Bankruptcy and Insolvency Act; AND

WHEREAS the trustees, Mr. Sidney Charles Schiff and Schiff & Associates inc. did not respond to the Superintendent before July 10th, 2007, as requested in his notice of intended decision.

ORDER:

I, the Superintendent of Bankruptcy, pursuant to the statutory powers provided to me, by virtue of subsections 13.2(5) and 14.01(1) of the BIA, hereby order as follows:

That the trustee licences of Mr. Sidney Charles Schiff (individual) and Schiff & Associates inc. (corporate) be cancelled ten days after the issuance of this order.

Ottawa, July 18th, 2008

Superintendent of Bankruptcy

James Callon

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This document has been reproduced as submitted.