IWSF (International Water Safety Foundation)
Bankruptcy
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Status of the file as at December 23, 2010:
The first meetings of creditors of WSS and IWSF were hold, as scheduled, in Montreal on December 6, 2010. Copy of the Report on Trustee’s Preliminary Administration is posted in the “Documents” section, along with its Appendix A comprising an English translation of certain excerpts from the Receiver’s report summarizing his conclusion and recommendations.
The reasons for the November 9, 2010 judgment by the Superior Court of Quebec were made available on December 16, 2010. Copies of the original French document and the English translation are posted in the “Documents” section.
Status of file as at November 19, 2010:
As authorized by the Superior Court of Quebec, the Receiver of IWSF and WSS filed assignments in bankruptcy for both IWSF and WSS under the Canadian Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. (“PwC”) was appointed Trustee to the Estates on November 15, 2010.
On November 18, 2010, PwC sent Notices of Bankruptcy to all known creditors and insurance benefit holders of IWSF Group Master Policies as well as the relevant documentation to submit a claim, if any, against the Estates.
The Trustee will submit its preliminary report at the first meetings of creditors that will be held on December 6, 2010, at 11:00 AM for WSS and 11:30 AM for IWSF at the office of the Superintendant of Bankruptcy, 5, Place Ville-Marie, 8th Floor, Montreal, (Quebec). Copy of the Trustee’s report will be posted in the Documents section of the Website thereafter.
Copies of the following documents are available in the Documents section of the Website:
- Judgment of the Superior Court of Quebec dated November 9, 2010 authorizing the Receiver to file assignments in bankruptcy for both IWSF and WSS (French only);
- Certificate of appointment of the Trustee for IWSF (French and English);
- Certificate of appointment of the Trustee for WSS (French only);
- Notices of Bankruptcy for IWSF and WSS(French and English);
- Proof of claim forms for IWSF and WSS (French and English);
Status of file as at November 11, 2010:
On November 9, 2010, the Superior Court of Quebec rendered a judgment authorizing the Receiver of IWSF and WSS to file assignment in bankruptcy for both IWSF and WSS under the Canadian Bankruptcy and Insolvency Act (“BIA”). Copies of the judgment (original French version and English translation) will be posted in the Documents section as soon as available.
Certificates of IWSF Group Master Policies offer no insurance protection and certificate holders should take immediate action to get appropriate insurance coverage with insurance carriers.
Shortly after it is appointed Trustee to the bankruptcies of IWSF and WSS, PricewaterhouseCoopers inc. will send a notice of bankruptcy to all known insurance benefit-holders of IWSF Group Master Policies as well as the relevant documentation to submit a claim, if any, against the estates of IWSF or WSS. Copies of such notice and documentation will be made available in the Documentation section of the Website as soon as available.
Status of file as at October 20, 2010:
On October 8th, 2010, the Autorité des marchés financiers ('AMF'), filed a motion before the Superior Court of Quebec seeking the appointment of a Receiver to International Water Safety Foundation ('IWSF') as well as Water Safety Services inc. ('WSS') pursuant to the Act respecting l'Autorité des marchés financiers. Copy of the motion filed may be found in the Documents section (french version only).
The Court issued an initial ex-parte order on October 8, 2010 and an additional order on October 14, 2010, whereby Mr. Claude Gilbert, of PricewaterhouseCoopers LLP, was appointed Receiver to IWSF and WSS. Copy of both orders may be found in the Documents section (french and english versions).
On October 19, 2010, the Receiver sent a letter to all known insurance benefit holders of IWSF Group Master Policies. Copy of this letter may be found in the Documents section.
This Web site will be updated as information becomes available.
For more information, please contact: Hotline: +1 514 205 5698.
