BIC Fund
- Proceeding
- Receivership (court-appointed)section 253 of the Canada Not-for-Profit Corporations Act and section 101 of the Courts of Justice Act
- File
- CL-26-00000213-0000
- Industry
- Financial services · Lending & mortgages
BIC Fund is in court-appointed receivership before the Ontario Superior Court of Justice (Commercial List), file CL-26-00000213-0000, on an application issued May 13, 2026 by Be In Christ Church of Canada, the Denomination and the Fund's largest depositor. Justice Black's endorsement records aggregate deposit liabilities of approximately $12 million as at March 31, 2026: approximately $7,708,547.11 to individual depositors, $1,769,684.15 to congregant members and affiliated ministries, and $2,580,132.31 to the Denomination. The Receiver's first report of May 28, 2026 estimates liabilities of between $8 million and $12 million owed to approximately 200 to 250 depositors, and puts the Fund's BMO operating account at $17,217 as of May 27, 2026. Approximately $3,391,500 in Duroair sale proceeds and holdbacks remains, contingent on litigation.
The court appointed PricewaterhouseCoopers Inc. as receiver, on the application of BE IN CHRIST CHURCH OF CANADA. Court file CL-26-00000213-0000.
The court appointed PricewaterhouseCoopers Inc. as Receiver, on the application of BE IN CHRIST CHURCH OF CANADA. Court file CL-26-00000213-0000.
Source: Receivership Order
Be In Christ Church of Canada, the Fund's largest depositor, issued a Notice of Application seeking a court-appointed receiver over BIC Fund, commencing the Commercial List proceeding.
Source: Application Record
Filing brief
BIC Fund: $12 million owed, $57,000 left
A church denomination's deposit fund took money from several hundred people — congregants, ministries and the denomination itself — and lent it to member churches. On April 2 its treasurer of nearly thirty years told the denomination's board that he had put most of the fund's assets into a private company he controlled, and that he had kept crediting depositors 4% interest on statements when there were no returns to pay it.
Debtor
BIC Fund
Applicant
Be in Christ Church of Canada
Receiver
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 5 orders, May 2026 – Jun 2026 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverPwC | Cassels Brock & Blackwell LLP | 15 May 2026 | Order · 15 May 2026 |
| ApplicantBe in Christ Church of Canada | Dickinson Wright LLP | 14 May 2026 | Factum · 14 May 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Individual Depositors (aggregate as reported)Category aggregate; document does not name individual depositor creditors. The Receiver's First Report (May 28, 2026, p.4) separately estimates total BIC Fund liabilities of $8 million to $12 million owed to approximately 200-250 Depositors (rounded prose approximation). — debtor: BIC Fund · as of 31 Mar 2026 | $7.71M | First Report of the Receiver |
| Unsecured | |||
| Unsecured |
2 more claims in 1 class The stack holds Unsecured claims.
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See all plans| Date | Document | File |
|---|---|---|
| Notice of Second Towhhall Meeting | PDF · Subscribers | |
| FAQ re Depositors | PDF · Subscribers | |
Amended and Restated Receivership Order
| PDF · Subscribers | |
Amending Order
| PDF · Subscribers | |
Endorsement of J Black
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Motion Record of the Receiver | PDF · Subscribers | |
| Letter to Depositors | PDF · Subscribers | |
Notice of Townhall Meeting
| PDF · Subscribers | |
Endorsement of J. Black (re Receivership Order)
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Request for Notice - Schedule A to the Receivership Order
| PDF · Subscribers | |
Application Record
| PDF · Subscribers | |
Factum of the Applicant
| PDF · Subscribers | |
| Pre Filing Report of the Proposed Receiver | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “BIC Fund” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/bic-fund