Buckingham Securities Corporation
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- 01-CL-4192
Buckingham Securities Corporation has been under the receivership and management of BDO Dunwoody Limited, now BDO Canada Limited, since 26 July 2001, when the Ontario Securities Commission obtained the appointment from the Ontario Superior Court of Justice (Commercial List) under BIA s. 243 and provincial Judicature Act authority in court file 01-CL-4192. The receivership remains active. On the Receiver's review of Buckingham's books, brokerage statements and client accounts as at the appointment date, clients were owed cash balances of $1,389,901, against which the Receiver held $140,028 in trust deposits and a further $85,159 in a general account, and a $403,280 shortfall in securities held for clients. W. D. Latimer Co. Limited claimed $1,902,642 as an under-margin balance secured over investments in its possession, a security interest disputed by certain clients. The Receiver put the potential shortfall before costs at $2,452,855, almost certain to increase significantly if thinly traded securities must be realized.
The officer filed report no. Twenty-Third Report. The receivership has been dormant for years pending litigation outcomes; with the Class Action against the auditor dismissed and no funds available to pursue further litigation, the Receiver sees no further recoveries available and seeks discharge after completing administrative wind-up tasks.
Source: Report 23
Heard on the Ontario Securities Commission's application, the court appointed BDO Dunwoody Limited receiver and manager of Buckingham Securities Corporation, commencing the receivership under court file 01-CL-4192.
Source: Original Court Order
Undated filings6 — no date appears on the document · show
Debtor
Buckingham Securities Corporation
Receiver
BDO
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Ground | Ontario Superior Court of Justice | 3 orders, Oct 2002 – May 2004 | 3 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverBDO | Blake, Cassels & Graydon LLP | 27 May 2002 | Application · 27 May 2002 |
| CreditorCaldwell Securities Ltd | McCarthy Tétrault LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| CreditorCanaccord | Miller Thomson LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| CreditorCIBC Mellon Trust Company | Borden Ladner Gervais LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| CreditorCynthia Amsterdam c / o Advocacy for Accountants Law Boutique | DNTW Toronto LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| CreditorDavid Bromberg | Fasken Martineau DuMoulin LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| CreditorW.D | Gowling WLG (Canada) LLP | 1 Oct 2020 | Service list · 1 Oct 2020 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | W. D. Latimer Co. LimitedClaimed security interest over investments in its possession held in the name or for the account of Buckingham — Amount claimed by broker as under-margin balance owed by Buckingham, less $248,000 anticipated from sale of 20,000 Gulf Resources shares; validity of security interest disputed by certain Buckingham clients — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $1.9M | Report 1 |
| 4 | Secured | Bear StearnsUnder-margin amount on Buckingham's account with broker — Per Buckingham's records; Receiver had not yet obtained confirmation of this amount from Bear Stearns — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $238K USD | Report 1 |
| 5 | PMSI / lessors | Unnamed secured trade creditor(s), primarily secured by photocopy equipmentPhotocopy equipment (PMSI-type equipment security) — Portion of the $201,581 total trade creditor liability identified as secured, primarily by photocopy equipment — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $4.73K | Report 1 |
| 7 | Preferred (BIA s. 136) | Employees (vacation pay) · in 185 casesPreferred/employee claim; total liability not yet determined by Receiver at time of report — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | — | Report 1 |
| 8 | Unsecured | Clients owed cash balancesReceiver holds $140,028 in trust deposits and a further $85,159 in a general account (which may have a trust component) against this liability; Receiver has no additional funds to cover shortfall — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $1.39M | Report 1 |
| 8 | Unsecured | Clients owed investments (shortfall in securities held)Approximately $28,000 of this shortfall remained unidentified as to specific accounts at time of report — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $403K | Report 1 |
| 8 | Unsecured | Unsecured trade creditors (aggregate as reported) · in 8 casesTotal trade creditor liability of $201,581 less $4,729 identified as secured by photocopy equipment; document does not name individual trade creditors — debtor: Buckingham Securities Corporation · as of 26 Jul 2001 | $197K | Report 1 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Unsecured creditors: $2.2M.FinalReport 23 · 8 Sep 2020
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | clients of Buckingham | — | $2.2M | Finalper the receiver | Report 23 · 8 Sep 2020 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
4 engagements · 4 firms — latest: BDO Canada Limited, 4 Nov 2004 – 31 Jul 2020, $341,740.80 approvedMotion Record · 30 Sep 2020
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| BDO Canada LimitedReceiver | 4 Nov 2004 – 31 Jul 2020Approved | — | $341,740.80 | not stated | Motion Record · 30 Sep 2020 |
| Blake, Cassels & Graydon LLPCounsel to the receiver | 1 Oct 2004 – 31 Jul 2020Approved | — | $708,412.51 | not stated | Motion Record · 30 Sep 2020 |
| Lax O'SullivanCounsel to the receiver | 1 Aug 2006 – 31 Jan 2013Approved | — | $103,485.35 | not stated | Motion Record · 30 Sep 2020 |
| McCarthy Tétrault LLPCounsel to the receiver | 1 Jul 2007 – 31 Jan 2011Approved | — | $16,182.78 | not stated | Motion Record · 30 Sep 2020 |
Cumulative receipts
$3.51M
As at 8 Sep 2020Report 23
Cumulative disbursements
$1.29M
As at 8 Sep 2020Report 23
Cash on hand
$15.2K
As at 8 Sep 2020Report 23
Professional fees to date
$342K
As at 8 Sep 2020Report 23
| Date | Document | File |
|---|---|---|
February 18, 2021 Motion
| ||
Service List
| ||
Motion Record, returnable September 30, 2020
| ||
| Compendium of Fee Affidavits | ||
Report 23
| ||
| Report 22 | ||
Court Order - Class Action
| ||
| Report 21 | ||
| December 11, 2006 | ||
| Report 19 | ||
Court Order - Amended Claims Bar Order
| ||
| Report 18 | ||
| Court Order - Claims Bar Order | ||
| Report 17 | ||
| Report 16 | ||
Court Order - Approving Latimer Settlement
| ||
| Report 15 | ||
| Court Order | ||
| Report 14 | ||
Exhibit 3
| ||
Report 13
| ||
Oral Reasons - Priority of Receiver's Costs Over Latimer's Claim
| ||
| September 16, 2003 | ||
| January 27, 2003 | ||
| October 23, 2002 | ||
Reasons - Priority of Latimer's Claim
| ||
| September 13, 2002 | ||
| June 12, 2002 | ||
| May 27, 2002 | ||
Preface
| ||
| Report 10 | ||
| Report 9 | ||
| Report 7 | ||
| Report 6 | ||
| February 27, 2002 | ||
| Exhibits A - C | ||
| December 21, 2001 | ||
| W.D. Latimer vs. BDO and Clients | ||
| Report 5 | ||
| App A | ||
| November 29, 2001 | ||
| Report 4 | ||
| Report 3 | ||
| Report 2 | ||
| September 5, 2001 | ||
Report 1
| ||
| August 13, 2001 | ||
| Appendices B - L | ||
Original Court Order
| ||
| Expert Witness Report | ||
| Settlement Agreement from Whitely | ||
| Exhibit A | ||
| App A (1) | ||
| App A (2) | ||
| App B | ||
| Exhibit 1 | ||
| Exhibit 2 | ||
| Report 12 - October 2003 | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Buckingham Securities Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/buckingham-securities-corporation