Ontario · Winding-up (provincial)
Supplemental Report to the Sixth Report of the Liquidator dated September 28, 2026 Part 3
Court officer report · 28 September 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing9 verified
- secured creditorsnote: 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. · page: 65 · as of: 2017-12-31 · debtor: PACE Savings & Credit Union Limited · creditor: Central 1 Credit Union (lines of credit, demand loan and letter of credit facilities) · currency: CAD · security: Assignment 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.
- unsecured creditorsnote: Total deposits plus accrued interest of $10,490,731 is $956,577,276. A CEO report (page 3) notes deposit insurance covers a maximum of $250,000 per individual account holder. Deposits above insured maximums are not covered. · page: 73 · as of: 2017-12-31 · basis: Deposits from members per Note 17, FY2017 consolidated financial statements (excluding accrued interest) · amount: 946086545 · debtor: PACE Savings & Credit Union Limited · creditor: Members' deposits · currency: CAD
- unsecured creditorsnote: Counterparty not named. Security status not stated. · page: 74 · as of: 2017-12-31 · basis: Other liabilities per Note 18, FY2017 consolidated financial statements · amount: 29921011 · debtor: PACE Savings & Credit Union Limited · creditor: Margin accounts for investment purposes · currency: CAD
- unsecured creditorsnote: Broker not named. · page: 74 · as of: 2017-12-31 · basis: 'Due to investment carrying broker', other liabilities per Note 18, FY2017 consolidated financial statements · amount: 9051429 · debtor: PACE Savings & Credit Union Limited · creditor: Investment carrying broker · currency: CAD
- unsecured creditorsnote: Liability recorded for the amount the Credit Union may not be able to recover from a distributor. Outstanding prepaid cards were $1.5 million against NIL funds on deposit. · page: 74 · as of: 2017-12-31 · basis: Other liabilities per Note 18, FY2017 consolidated financial statements · amount: 1081000 · debtor: PACE Savings & Credit Union Limited · creditor: Prepaid card program liability · currency: CAD
- unsecured creditorsnote: Trade and accrued, creditors not named. · page: 74 · as of: 2017-12-31 · basis: Other liabilities per Note 18, FY2017 consolidated financial statements · amount: 3216384 · debtor: PACE Savings & Credit Union Limited · creditor: Accounts payable and accrued liabilities · currency: CAD
- unsecured creditorsnote: Tax liability. The document does not say whether it is a deemed-trust claim. · page: 74 · as of: 2017-12-31 · basis: Other liabilities per Note 18, FY2017 consolidated financial statements · amount: 668125 · debtor: PACE Savings & Credit Union Limited · creditor: Income taxes payable · currency: CAD
- unsecured creditorsnote: Described as unsecured borrowings of PACE Financial Limited; classified as financial liabilities in their entirety. Dividends of $285,340 accrued. · page: 74 · as of: 2017-12-31 · basis: Other liabilities per Note 18, FY2017 consolidated financial statements; 1,186,435 shares issued at $10, 5% coupon, redeemable by Dec 31, 2022 · amount: 11453454 · debtor: PACE Financial Limited · creditor: PACE Financial Limited preference shareholders (redeemable cumulative preference shares) · currency: CAD
- unsecured creditorsnote: Funds held in trust of $6,995,205 are described as fully funding the current obligation. · page: 75 · as of: 2017-12-31 · basis: Defined benefit obligation per Note 19, FY2017 consolidated financial statements · amount: 4454893 · debtor: PACE Savings & Credit Union Limited · creditor: Employment benefits (unfunded defined benefit post-employment plan) · currency: CAD