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
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
Records the commencement of the interim receivership on May 18, 2001, with Ernst & Young Inc. as interim receiver.
Debtor
Queensway Financial Holdings Limited, Queensway Holdings, Inc.
Interim receiver
EY
| 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 $500K · QHI not yet estimated · QHI no distribution.FinalEleventh Report incl Exhibit A · 23 Oct 2008
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Debentureholders | — | $500Kconditional | Finalper the receiver | Eleventh Report incl Exhibit A · 23 Oct 2008 |
| Secured | Debentureholders | — | $500Kinterim | 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 |
| Equity | QHI | — | no distribution | Estimatedper the receiver | Sixth Report to Court · 11 Feb 2002 |
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.
Cumulative receipts
$18.4M
As at 31 Oct 2007Tenth Report
Cumulative disbursements
$12.4M
As at 31 Oct 2007Tenth Report
Cash on hand
$9.85M
As at 23 Oct 2008Eleventh Report incl Exhibit A
Professional fees to date
$2.64M
As at 31 Oct 2007Tenth Report
| Date | Document | File |
|---|---|---|
Court Order
| ||
Eleventh Report incl Exhibit A
| ||
| Exhibit B to Eleventh Report | ||
| Exhibits C-K to Eleventh Report | ||
Tenth Report
| ||
| Instruction Letter for the Post-Filing Claim Process with respect to QFHL and QHI | ||
| 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 | ||
| Post-Filing Proof of Claim - QFHL and QHL | ||
| Notice of Dispute for the Post-Filing Claims Process of QFHL and QHI | ||
Claims Procedure Order
| ||
| Ninth Report to Court | ||
| Eighth Report to Court | ||
| Instruction Letter for the claims procedure with respect to QFHL and QHI | ||
| Notice to Creditors of QFHL and QHK | ||
| Proof of Claim - QFHL and QHI | ||
Seventh Report to Court
| ||
Sixth Report to Court
| ||
| Fifth Report to Court | ||
| Fourth Report to Court | ||
Third Report to Court
| ||
Second Report to Court
| ||
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
| ||
| Notice of Dispute for the Claims Procedure of QFHL and QHI | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Queensway Financial Holdings Limited, Queensway Holdings, Inc.” (Interim receivership), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/queensway-financial-holdings-limited-queensway-holdings-inc