Every CCAA liquidation has a process – an application is made to the courts, the courts appoint a liquidator to be the courts eyes and ears, the liquidator works under the courts to sell assets, restructure the company, and possibly create a new company from the remains of the old company. When the liquidator’s job is done they apply to the court to wind everything up, and the courts approve the request, and life goes on.
In the case of Shepherd’s Village Ministries, KPMG has completed its work, they’ve applied to the courts for a final order to wind everything up, and the courts has handed an order down doing so.
KPMG’s SVM webpage is here and the court’s winding up order is here.
To summarize – the courts
- Establish that everyone that needs to know about the order have been told
- Approved the fees for the liquidator and counsel for the liquidator
- Ordered KPMG to maintain SVM’s books for 90 days and then destroy them
- Declared that SVM will be deemed completely wound up and dissolved
- Authorized KPMG to distribute the remaining funds to itself and its counsel on a pro-rata basis
- Barred anyone from suing KPMG for its work unless fraud is proven
- Released the liquidator from its duties beyond any incidental work it still needs to complete.
- “Schedule A” certfies kPMG’s appointment as a liquidator June 8, 2017, and then being discharged as liquidator on May 4, 2022.
I don’t know what’s in SVM’s books or what it would take to get a copy – if anyone has an interest in them the clock’s ticking.
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