Queensway Financial Holdings Limited, Queensway Holdings, Inc.
Follow- Proceeding
- Interim receivershipSECTION 47(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, and SECTION 101 OF THE COURTS OF JUSTICE ACT R.S.O. 1990, c. C.43
- File
- 01-CL-4146
- Industry
- Financial services · Insurance
Queensway Financial Holdings Limited and Queensway Holdings, Inc. were placed in interim receivership in the Ontario Superior Court of Justice (Commercial List) on May 18, 2001, with Ernst & Young Inc. appointed interim receiver under section 47(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act (court file 01-CL-4146).
A claims procedure has been established — see the order for deadlines.
Per the Notice of Dispute for the Post-Filing Claims Process of QFHL and QHI dated 13 September 2007.
The officer filed report no. Eleventh Report. The Interim Receiver reports the near-completion of the IIC liquidation with distribution of the IIC surplus to Sun States/Queensway, proposes a second interim dividend of C$7,213,000 to unsecured creditors, and seeks approval to donate the remaining life insurance 'Insured Interests' to a charity after exhausting realization options.
Source: Eleventh Report incl Exhibit A
The officer filed report no. Tenth Report. The Interim Receiver continues to oversee the wind-down of the Queensway receivership, monitoring the ADL's administration and closing of the International Indemnity Company (IIC) liquidation, and completing the Post-Filing Claims Process ahead of an interim distribution to unsecured creditors.
Source: Tenth Report
Instruction Letter for the Post-Filing Claim Process with respect to QFHL and QHI — Stakeholder communication
Notice of Dispute for the Post-Filing Claims Process of QFHL and QHI — Claims procedure order
Instruction Letter for the claims procedure with respect to QFHL and QHI — Claims procedure order
Debtor
Queensway Financial Holdings Limited, Queensway Holdings, Inc.
Interim receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Pepall | Ontario Superior Court of Justice | 2 orders, Sep 2007 – Oct 2008 | 22 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Interim receiverEY | Stikeman Elliott LLP | 30 Oct 2008 | Order · 30 Oct 2008 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Comerica Bank and Trilon Bancorp Inc. (Senior Lenders)Senior secured lenders holding security over the Property; receiver's certificates and Interim Receiver's Charge rank ahead per Order — Consent required for asset sales over $200,000; amount of indebtedness not stated in these pages — debtor: Queensway Financial Holdings Limited and Queensway Holdings, Inc. | — | Report to this Honourable Court on the actions of the Interim Receiver since its appointment; and Provide this Honourable Court with EYI' s recommendations regarding the sale of the shares of Coachman Insurance Company |
“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: paid in full. Debentureholders a distribution · QHI not yet estimated.FinalEleventh Report incl Exhibit A · 23 Oct 2008
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Debentureholders | — | conditional | Finalper the receiver | Eleventh Report incl Exhibit A · 23 Oct 2008 |
| Secured | Debentureholders | — | interim | Finalper the receiver | Tenth Report · 31 Oct 2007 |
| Unsecured | — | — | paid in full | Finalper the receiver | Eleventh Report incl Exhibit A · 23 Oct 2008 |
| Unsecured | QHI | — | not yet estimated | per the receiver | Seventh Report to Court · 17 May 2005 |
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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$18.4M
As at 31 Oct 2007Tenth Report
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Court Order
| PDF · Subscribers | |
Eleventh Report incl Exhibit A
| PDF · Subscribers | |
| Exhibit B to Eleventh Report | PDF · Subscribers | |
| Exhibits C-K to Eleventh Report | PDF · Subscribers | |
Tenth Report
| PDF · Subscribers | |
| Instruction Letter for the Post-Filing Claim Process with respect to QFHL and QHI | PDF · Subscribers | |
Notice of Last Day (Claims Bar Date) for the filing of Post-Filing Proofs of Claim to Creditors of Queensway Financial Holdings Limited ("QFHL") and Queensway Holdings, Inc. ("QHI"), dated September 1
| PDF · Subscribers | |
| Post-Filing Proof of Claim - QFHL and QHL | PDF · Subscribers | |
| Notice of Dispute for the Post-Filing Claims Process of QFHL and QHI | PDF · Subscribers | |
Claims Procedure Order
| PDF · Subscribers | |
| Ninth Report to Court | PDF · Subscribers | |
| Eighth Report to Court | PDF · Subscribers | |
| Instruction Letter for the claims procedure with respect to QFHL and QHI | PDF · Subscribers | |
Notice to Creditors of QFHL and QHK
| PDF · Subscribers | |
| Proof of Claim - QFHL and QHI | PDF · Subscribers | |
Seventh Report to Court
| PDF · Subscribers | |
| Sixth Report to Court | PDF · Subscribers | |
| Fifth Report to Court | PDF · Subscribers | |
| Fourth Report to Court | PDF · Subscribers | |
Third Report to Court
| PDF · Subscribers | |
Second Report to Court
| PDF · Subscribers | |
Report to this Honourable Court on the actions of the Interim Receiver since its appointment; and Provide this Honourable Court with EYI' s recommendations regarding the sale of the shares of Coachman Insurance Company
| PDF · Subscribers | |
| Notice of Dispute for the Claims Procedure of QFHL and QHI | 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., “Queensway Financial Holdings Limited, Queensway Holdings, Inc.” (Interim receivership), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/queensway-financial-holdings-limited-queensway-holdings-inc