PACE Savings and Credit Union Limited
- Proceeding
- Winding-up (provincial)section 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
- Industry
- Financial services · Banks & credit unions
PACE Savings and Credit Union Limited is being wound up under section 240 of the Credit Unions and Caisses Populaires Act, 2020, by order of the Ontario Superior Court of Justice (Commercial List) made on August 24, 2022 under court file CV-22-00685736-00CL, with KPMG Inc. as court-appointed liquidator. Before the winding-up, Alterna Savings and Credit Union Limited took over substantially all of the credit union's business and assets, member deposits and employees in a transaction that closed on June 30, 2022, and DUCA Credit Union acquired all of the issued and outstanding share capital of CCE in a transaction that closed on March 31, 2022. A claims process was approved on September 22, 2023, with a claims bar date of November 22, 2023. The Financial Services Regulatory Authority of Ontario, as administrator of the Deposit Insurance Reserve Fund, holds an unsecured promissory note of $25,000,000. The proceeding remains active.
The claims bar date has passed — claims were due by
Per the Claims Process Order (September 22, 2023) dated 22 September 2023.
Frequently Asked Questions - Shareholder Claims and Holdings Identification Process — Stakeholder communication
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 1 — Court officer report
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 2 — Court officer report
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 3 — Court officer report
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 4 — Court officer report
The officer filed report no. Sixth Report. The Prepaid Card Business has been largely wound down. The Liquidator continues to pursue the remaining defendants in the Retail Loan Fraud Action and the Ontario indemnification actions, and is seeking approval of a process to identify shareholder claims and holdings as proceeds are expected to be available for distribution after most creditor Claims are resolved.
Source: Sixth Report of the Liquidator dated September 3, 2026
The officer filed report no. Fifth Report. PCU's business and assets were transferred to Alterna in 2022; the Liquidator has since wound down remaining matters including the prepaid card business, resolved retail loan fraud litigation via settlements, and is administering a claims process with a few unresolved claims remaining.
Undated filings1 — no date appears on the document · show
Case update
PACE Savings: KPMG says the claims process needs no representative counsel
A week before KPMG asks the court to approve a negative-notice claims process for PACE's 642 Class B and Class A shareholders, whose redemption amounts total $17,959,611, a lawyer for one Class B holder served a motion to be appointed representative counsel for "Investor Claimants". KPMG's September 28 report opposes it.
Debtor
PACE Savings and Credit Union Limited
Liquidator
KPMG
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 5 orders, Feb 2023 – Apr 2026 | 245 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 4 orders, Aug 2022 – Oct 2026 | 310 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 3 orders, Sep 2023 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| LiquidatorKPMG | Chaitons LLP | 27 Jan 2023 | Application · 27 Jan 2023 |
| ApplicantAdministrator | Fasken Martineau DuMoulin LLP | 24 Aug 2022 | Order · 24 Aug 2022 |
| CreditorAdministrator | Fasken Martineau DuMoulin LLP | 1 May 2023 | Application · 21 Apr 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 |
| CreditorXTM Inc | Cassels Brock & Blackwell LLP | 27 Jan 2023 | Service list · 27 Jan 2023 |
| CreditorYing Jiang | Branch MacMaster LLP · Evolink Law Group | 27 Jan 2023 | Service list · 27 Jan 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Central 1 Credit Union (lines of credit, demand loan and letter of credit facilities) · in 4 casesAssignment of book debts and general security agreement covering all assets of the Credit Union. Facilities: lines of credit $7,500,000 CAD and $250,000 USD; demand loan $4,000,000 CAD; letter of credit $2,000,000 (of which $436,296 unutilized). Board borrowing limit $30,000,000. These are facility limits, not balances. — Lines of credit and demand loan were unutilized at Dec 31, 2017 and 2016. Only the letter of credit was partly drawn, about $1,563,704 (limit less stated unutilized portion; derived from the note's figures, not a stated balance). Pre-filing, FY2017 statements. — debtor: PACE · as of 31 Dec 2017 | — | Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 3 |
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
8 more claims in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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… |
Cumulative receipts
$35.2M
As at 3 Sep 2026Sixth Report of the Liquidator dated September 3, 2026
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justice Conway (October 1, 2026)
| PDF · Subscribers | |
| Frequently Asked Questions - Shareholder Claims and Holdings Identification Process | PDF · Subscribers | |
Shareholder Claims and Holdings Identification Order (October 1, 2026)
| PDF · Subscribers | |
Factum of the Liquidator dated September 28, 2026
| PDF · Subscribers | |
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 1
| PDF · Subscribers | |
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 2
| PDF · Subscribers | |
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 3
| PDF · Subscribers | |
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 4
| PDF · Subscribers | |
| 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 | |
Order Appointing Claims Officer (April 7, 2026)
| PDF · Subscribers | |
Motion Record returnable 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 | |
Second Settlement Approval Order (May 1, 2023)
| PDF · Subscribers | |
Motion Record returnable 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 | |
| Factum of the Applicant returnable August 22, 2022 | PDF · Subscribers | |
First Report of the Liquidator dated January 27, 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 | |
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 | |
| Negative Notice Claims Package | 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” (Winding-up (provincial)), Ontario Superior Court of Justice · Commercial List. Retrieved 5 November 2026, https://proceedings.ca/case/pace-savings-credit-union-limited