Ontario · Winding-up (provincial)
Sixth Report of the Liquidator dated September 3, 2026
Court officer report · 3 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 filing8 verified
- closing confirmedscope: the Purchase and Assumption Transaction · outcome: completed · effective: 2022-06-30 · purchaser: Alterna Savings and Credit Union Limited · date basis: stated; scope: the CCE Transaction · outcome: completed · effective: 2022-03-31 · purchaser: DUCA Credit Union · date basis: stated
- disbursementsnote: Stated as approximately $6.4 million. Components: ~$6.1M professional fees; ~$187,663 to Alterna under the transition services agreement; ~$50,237 for mediation of various proceedings; $100,745 miscellaneous. · since: August 24, 2022 (date of the Liquidation Order), through August 28, 2026 · amount: 6400000 · currency: CAD
- operational summaryThe 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.
- professional feesnote: Stated as approximately $6.1 million; the report does not state whether this includes or excludes tax and gives no separate figure for the Liquidator's own fees. · party: Liquidator, its independent counsel Chaitons LLP, Fasken Martineau DuMoulin LLP, Lax O'Sullivan Lisus Gottlieb LLP, BDO, and other legal and professional service firms · amount: 6100000 · period: August 24, 2022 to August 28, 2026 · currency: CAD
- purchaserAlterna Savings and Credit Union Limited; DUCA Credit Union
- receipts cumulativenote: Stated as approximately $35.2 million. Components: ~$13.6M from the Former Directors, CUMIS and Final Settlement Agreements; ~$5.1M from the PSC estate; ~$5.7M interest income; ~$5.2M Retail Loan Fraud and BHSI settlements; ~$0.6M Prepaid Card Business income; ~$5.0M other receipts. · since: August 24, 2022 (date of the Liquidation Order), through August 28, 2026 · amount: 35200000 · currency: CAD
- report date3 September 2026
- report noSixth Report