PACE Savings and Credit Union Limited
FollowActive
- Proceeding
- CCAAsection 240 of the Credit Unions and Caisses Populaires Act, 2020, S.O. 2020, c. 36, Sched. 7, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-22-00685736-00CL
OverviewSummary updated
PACE Savings and Credit Union Limited is the subject of proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice, commenced on August 18, 2022 under court file number CV-22-00685736-00CL. The proceeding remains active. The record before this page consists of the commencement of the application itself; no subsequent orders, reports or hearing outcomes have been entered against the file, and no stage of the proceeding beyond commencement is recorded. This narrative will be extended as further milestones are read out of the filings.
Claims processIf you are owed money
The claims bar date has passed — claims were due by
Per the Claims Process Order (September 22, 2023) dated 22 September 2023.
Proceedings AIAsk this case — answers cite the filings
Case updates31 dated entries
28 earlier updates, back to 18 August 2022 — subscribers.
Parties
Debtor
PACE Savings and Credit Union Limited
Monitor
KPMG
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 5 orders, Feb 2023 – Apr 2026 | 220 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 3 orders, Sep 2023 | 146 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, Aug 2022 – Sep 2022 | 285 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorAdministrator | Fasken Martineau DuMoulin LLP | 1 May 2023 | Application · 1 May 2023 |
| CreditorFinancial Services Regulatory Authority | Fasken Martineau DuMoulin LLP | 27 Jan 2023 | Service list · 27 Jan 2023 |
| CreditorLarry Smith, 1428245 Ontario Ltd | Crawley MacKewn Brush LLP | 27 Jan 2023 | Service list · 27 Jan 2023 |
| CreditorProceeding Commenced AT Toronto | Chaitons LLP | 8 Feb 2023 | Application · 8 Feb 2023 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Financial Services Regulatory Authority of Ontario (FSRA), as administrator of the Deposit Insurance Reserve Fund · in 2 casesPromissory note issued by the Credit Union — Listed among 'Known Claims' in the liquidation; classification as secured/unsecured not explicitly stated in text, but arises from a promissory note connected to FSRA in its regulatory/administrator capacity - regulatory quasi-debt. — debtor: PACE Savings & Credit Union Limited | $25M | Fourth Report of the Liquidator dated September 6, 2023 |
Sale processAs stated in the filings
2 transactions · 2 closed — Both the Purchase and Assumption Transaction and the CCE Transaction closed prior to the Liquidator's appointmentFourth Report of the Liquidator dated September 6, 2023 · 6 Sep 2023
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Alterna Savings and Credit Union Limitedsubstantially all of the business and assets and assumed substantially all of the liabilities, member deposits and employees of the Credit Union, except for certain excluded assets and liabilities · asset sale · agreement 20 Apr 2022 | not stated | Closed30 Jun 2022 | Sixth Report of the Liquidator dated September… |
| DUCA Credit Unionall of the issued and outstanding share capital of CCE · share sale · agreement 11 Jan 2022 | not stated | Closed31 Mar 2022 | Sixth Report of the Liquidator dated September… |
Estate financialsReported figures — never derived
Cumulative receipts
$34.7M
As at 19 Mar 2026Fifth Report of the Liquidator (March 19, 2026)
Documents
31 filings
| Date | Document | File |
|---|---|---|
| Motion Record returnable October 1, 2026 | PDF · Subscribers | |
Sixth Report of the Liquidator dated September 3, 2026
| PDF · Subscribers | |
Endorsement of Justice Steele (April 7, 2026)
| PDF · Subscribers | |
Motion Record returnable April 7, 2026
| PDF · Subscribers | |
Order Appointing Claims Officer (April 7, 2026)
| PDF · Subscribers | |
Fifth Report of the Liquidator (March 19, 2026)
| PDF · Subscribers | |
| Proof of Claim Package | PDF · Subscribers | |
Claims Process Order (September 22, 2023)
| PDF · Subscribers | |
Endorsements of Justice Osborne (September 22, 2023)
| PDF · Subscribers | |
Monitor Activities Approval Order (September 22, 2023)
| PDF · Subscribers | |
Fourth Report of the Liquidator dated September 6, 2023
| PDF · Subscribers | |
| Motion Record returnable Septmber 22, 2023 | PDF · Subscribers | |
Third Report of the Liquidator dated May 5, 2023
| PDF · Subscribers | |
Endorsement of Justice Steele (May 1, 2023)
| PDF · Subscribers | |
Motion Record returnable May 1, 2023
| PDF · Subscribers | |
| Second Settlement Approval Order (May 1, 2023) | PDF · Subscribers | |
Second Report of the Liquidator dated April 21, 2023
| PDF · Subscribers | |
Endorsement of Justice Steele (February 8, 2023)
| PDF · Subscribers | |
First Settlement Approval Order (February 8, 2023)
| PDF · Subscribers | |
| Motion Record returnable February 8, 2023 Part 2 | PDF · Subscribers | |
| Motion Record returnable February 8, 2023 Part 3 | PDF · Subscribers | |
Motion Record returnable February 8, 2023 Part 4
| PDF · Subscribers | |
First Report of the Liquidator dated January 27, 2023
| PDF · Subscribers | |
Service List dated January 27, 2023
| PDF · Subscribers | |
BC Recognition Order (September 9, 2022)
| PDF · Subscribers | |
| Frequently Asked Questions for PACE Members | PDF · Subscribers | |
| Letter to PACE Members dated August 25, 2022 | PDF · Subscribers | |
Endorsement of Justice Conway (August 24, 2022)
| PDF · Subscribers | |
Liquidation Order (August 24, 2022)
| PDF · Subscribers | |
Application Record returnable August 22, 2022
| PDF · Subscribers | |
| Factum of the Applicant returnable August 22, 2022 | 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., “PACE Savings and Credit Union Limited” (CCAA), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/pace-savings-credit-union-limited