Proceedings.

Norbourg

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Winding-up (provincial)Article 261(3) de la Loi sur les Valeurs Mobilières (L.R.Q., c. V-1.1), articles 1299 et suivants du Code Civil du Québec et articles 2, 20, 31 et 885 du Code de procédure Civile
Court
Superior Court of Québec
File
500-11-026909-057
Industry
Financial services · Investment funds & schemes
Filings held39
Last activity27 Jan 2017
OverviewSummary updated

Norbourg is the subject of a court-ordered winding-up in the Superior Court of Québec (Commercial Division), brought under article 261(3) of the Securities Act (L.R.Q., c. V-1.1), articles 1299 and following of the Civil Code of Québec, and articles 2, 20, 31 and 885 of the Code of Civil Procedure. Ernst & Young Inc., through Pierre Laporte, CA, acts as liquidator of the property of the Funds (liquidateur des biens des Fonds). Court file no. 500-11-026909-057.

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Case updates39 dated entries
#Report

The officer filed report no. Cinquième rapport du Liquidateur à la Cour. The Liquidator reports on amounts recovered and distributed to Norbourg and Évolution Fund unitholders since August 25, 2005 (74.6M in Liquidator distributions), notes 7.59M in additional recoveries not yet distributed, and proposes a distribution method: Liquidator's fees first, then Fund creditors pro rata, then unitholders pro rata based on net loss.

Source: Cinquième rapport du liquidateur

#Report

The officer filed report no. Quatrième rapport du liquidateur à la Cour. The Liquidator reports on distributions made to unitholders to date (Liquidator, FISF compensation, MRQ and class action settlement), with an average gross recovery of 91.7% of invested capital. Administration of the Lacroix and Norbourg company bankruptcies continues, and further sums are expected but their amount and timing are unknown.

Source: Quatrième rapport du liquidateur à la Cour

#Report

The officer filed report no. TROISIÈME RAPPORT DU LIQUIDATEUR À LA COUR. The Liquidator has completed a first and a second interim distribution of residual fund monies to unitholders (about $70M potentially) and is holding a $5M reserve for creditors, fees and costs while handling ongoing litigation including the class action. It is asking the Court to tax and approve its fees, those of its counsel and the amicus curiae, former-employee salaries and operating expenses.

Source: Troisième rapport du liquidateur à la Cour (incluant annexes)

#Report

The officer filed report no. Deuxième rapport du Liquidateur. The Liquidator holds the liquidated assets of the 29 Funds in liquid securities and has validated over 96% of unit-holder confirmations. A distribution method judgment is under advisement, so the Liquidator proposes an interim distribution to unit holders (85% of the minimum entitlement, with a 10% provision retained).

Source: Deuxième rapport du liquidateur à la Cour

#Report

The officer filed report no. Premier rapport du Liquidateur à la Cour. The Funds are in court-supervised liquidation; the Liquidator is confirming unitholder holdings (about 7,800 confirmations received from roughly 9,400 accounts as of Nov. 28, 2005) and proposes a fund-by-fund distribution by units held at Aug. 25, 2005, with the RÉA fund liquidation delayed to 2006 for tax reasons.

Source: Premier rapport du liquidateur à la Cour

Parties

Debtor

Norbourg

Liquidator

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice MongeonSuperior Court of Québec2 orders, Jul 2006 – Dec 20073 cases on record

Counsel of record

PartyCounselFirst seenSource
CreditorKPMG, s.r.l., s.e.n.c.r.lOgilvy Renault LLP (now Norton Rose Fulbright Canada LLP)4 Jun 2009Application · 4 Jun 2009
CreditorPièce R-3Borden Ladner Gervais LLP4 Jun 2009Application · 4 Jun 2009
CreditorRichter IncGowling WLG (Canada) LLP27 Jan 2017Order · 27 Jan 2017
CreditorYves LauzonTrudel, Johnston & Lespérance27 Jan 2017Order · 27 Jan 2017
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
UnsecuredCreditors of Gestion du Patrimoine Tandem Inc. (aggregate as reported)Includes approximately $3,700,000 payable to other Norbourg group companies (related party/intercompany); document names no individual creditors; figure described as 'environ' (approximately) 6,500,000$ — debtor: Gestion du Patrimoine Tandem Inc. · as of 26 Sep 2005$6.5MRapport provisoire au ministre des Finances et à l'Autorité des Marchés Financiers
RecoveriesAs stated in the filings

Unsecured creditors: paid in full.Requête modifiée du liquidateur pour approbation du plan de… · 7 Jul 2016

ClassCreditorClaimsRecoveryBasisSource
UnsecuredCréanciers des Fonds—paid in fullper the liquidatorRequête modifiée du liquidateur pour approbation du plan de… · 7 Jul 2016

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.

Estate financialsReported figures — never derived
Total assets at filing

As at ·

Cumulative receipts

$7.59M

As at 8 Jun 2016Cinquième rapport du liquidateur

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures, and the total the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
39 filings
DateDocumentFile
Ordonnance autorisant la distribution des autres actifs, (in french)
  • Counsel Trudel, Johnston & Lespérance
  • Presiding officer Justice Martin Castonguay
PDF · Subscribers
Certificat de non-appel du jugement du 16 juin 2016PDF · Subscribers
Addenda au Cinquième rapport du liquidateur
PDF · Subscribers
Requête modifiée du liquidateur pour approbation du plan de distribution des actifs récupérés par le liquidateur, et directives
  • Recovery outcome Entries: per unstated · Table missing:
PDF · Subscribers
Procès-verbal de l'audience du TribunalPDF · Subscribers
Cinquième rapport du liquidateur
  • Operational summary The Liquidator reports on amounts recovered and distributed to Norbourg and Évolution Fund unitholders since August 25, 2005 (74.6M in Liquidator distributions), notes 7.59M in additional recoveries not yet distributed, and proposes a distribution method: Liquidator's fees first, then Fund creditors pro rata, then unitholders pro rata based on net loss.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Requête du liquidateur pour approbation du plan de distribution des actifs récupérés par le liquidateurPDF · Subscribers
Rapport final EY-3 decembre 2014- Recours collectif- solde non distribué
PDF · Subscribers
Jugement - Recours collectif - Remise du solde résiduel au LiquidateurPDF · Subscribers
Quatrième rapport du liquidateur à la Cour
  • Operational summary The Liquidator reports on distributions made to unitholders to date (Liquidator, FISF compensation, MRQ and class action settlement), with an average gross recovery of 91.7% of invested capital. Administration of the Lacroix and Norbourg company bankruptcies continues, and further sums are expected but their amount and timing are unknown.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Requête amendée du liquidateur pour taxation des honoraires et des débours encourus par le liquidateur
  • Counsel Ogilvy Renault s.e.n.c.r.l.
PDF · Subscribers
Troisième rapport du liquidateur à la Cour (incluant annexes)
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Deuxième distribution aux clientsPDF · Subscribers
Letter to Clients for Cheques Issued, 2nd DistributionPDF · Subscribers
CommuniquéPDF · Subscribers
Jugement Cour Suprême - Refus d'entendre l'appelPDF · Subscribers
Norbourg, Compte en fidéicommis, appel du jugementPDF · Subscribers
Norbourg, Compte en fidéicommis, Jugement
  • Presiding officer Justice Robert Mongeon
PDF · Subscribers
Jugement Cour d'appelPDF · Subscribers
Letter to Unitholders in Norbourg and Evolution mutual fundsPDF · Subscribers
Jugement Méthode de distribution
  • Presiding officer Justice Robert Mongeon
PDF · Subscribers
First Interim DistributionPDF · Subscribers
Interim Distribution - Letter Issued with chequePDF · Subscribers
Deuxième rapport du liquidateur à la Cour
  • Operational summary The Liquidator holds the liquidated assets of the 29 Funds in liquid securities and has validated over 96% of unit-holder confirmations. A distribution method judgment is under advisement, so the Liquidator proposes an interim distribution to unit holders (85% of the minimum entitlement, with a 10% provision retained).
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Requête du liquidateur pour distribution intérimaire
  • Applicant PIERRE LAPORTE, CA de la firme Ernst & Young Inc.
  • Appointee Ernst & Young Inc.
  • Appointee role liquidateur
  • Court COUR SUPÉRIEURE (Chambre commerciale)
  • + 3 more extracted facts
PDF · Subscribers
Tax receipts 2005 - Issuance March 2006PDF · Subscribers
Premier rapport du liquidateur à la Cour
  • Operational summary The Funds are in court-supervised liquidation; the Liquidator is confirming unitholder holdings (about 7,800 confirmations received from roughly 9,400 accounts as of Nov. 28, 2005) and proposes a fund-by-fund distribution by units held at Aug. 25, 2005, with the RÉA fund liquidation delayed to 2006 for tax reasons.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Requête du liquidateur pour approbation du plan de liquidation et de distribution des biens des fonds
  • Applicant Pierre Laporte, CA de la firme Ernst & Young Inc., liquidateur des biens des Fonds
  • Appointee Ernst & Young Inc.
  • Appointee role liquidateur
  • Court COUR SUPÉRIEURE
  • + 3 more extracted facts
PDF · Subscribers
Letter to Unitholders in Norbourg mutual funds and Evolution mutual fundsPDF · Subscribers
Procès-verbal d'audience suite à la Requête du liquidateur pour préciser la procédure à suivre relativement à la liquidation des fondsPDF · Subscribers
Requête du liquidateur pour préciser la procédure à suivre relativement à la liquidation des fonds
  • Applicant PIERRE LAPORTE, c.a. de la firme Ernst & Young Inc., liquidateur des biens des Fonds
  • Appointee PIERRE LAPORTE, c.a. de la firme Ernst & Young Inc.
  • Appointee role liquidateur des biens des Fonds
  • Court COUR SUPÉRIEURE (Chambre commerciale)
  • + 4 more extracted facts
PDF · Subscribers
Letter to Client Representatives of Unitholders of Norbourg mutual funds and Evolution mutual fundsPDF · Subscribers
Rapport provisoire au ministre des Finances et à l'Autorité des Marchés Financiers
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Letter to Unitholders of Norbourg mutual funds and Evolution mutual fundsPDF · Subscribers
Press ReleasePDF · Subscribers
Ordonnance de désignation d'un administrateur provisoirePDF · Subscribers
Ordonnance de blocage, d'interdiction d'opération sur valeurs et suspension des droits conférés par l'inscriptionPDF · Subscribers
Recommandation au ministre des Finances pour la désignation d'un administrateur provisoirePDF · Subscribers
Letter To Unitholders - 2005 Income Tax ReceiptsPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Norbourg” (Winding-up (provincial)), Superior Court of Québec. Retrieved 5 November 2026, https://proceedings.ca/case/norbourg

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Sources last checked · summary updated 24 August 2026 · Report a correction · Printed from proceedings.ca/case/norbourg

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.