Maple Bank

Creditor and stakeholder information

Introduction

On February 16, 2016, the Attorney General of Canada filed an application before the Commercial List of the Ontario Superior Court of Justice (the “Court”) in respect of Maple Bank GmbH Canada Branch (“Maple Bank”) pursuant to the Winding-up and Restructuring Act, R.S.C 1985, c. W-11, as amended ("WURA").

The Court made an order (the "Winding-up Order") on February 16, 2016 and appointed KPMG Inc. as liquidator, in respect of the winding up of Maple Bank and of the assets, as defined in section 618 of the Bank Act, S.C. 1991, c.46, as amended, (the “Bank Act”) of Maple Bank.

Interim Distribution

On November 16, 2016, The Liquidator filed materials in advance of a motion to be heard on November 18, 2016 (the “November 18 Hearing”) which sought approval for an Interim Distribution (“Interim Distribution”). The Interim Distribution Order (“Interim Distribution Order”) sets out a distribution on or after December 19, 2016 to Maple Bank’s creditors who have submitted a proof of claim that has been accepted and admitted by the Liquidator. At the November 18 Hearing, the Court approved the conversion and / or hedging of Maple Bank’s Canadian funds into Euros to mitigate the foreign exchange risk of Maple Bank’s German stakeholders.

On November 25, 2016, the Court issued the Distribution Order which authorizes the Liquidator to make a distribution to creditors of the Toronto Branch with Proven Claims (that have been allowed in whole or in part), inclusive of statutory interest in the amount of 5% per annum in accordance with section 158.1(2) of the WURA, on, or after the Distribution Date (being December 19, 2016).The Court also approved the posting of a notice of the Interim Distribution, notifying creditors with claims against Toronto Branch that wish to participate in the Interim Distribution to file their claims with the Liquidator before 4:00pm EST on December 16, 2016.

On December 9, 2016, the Court adjourned the Liquidator’s motion for the approval of Principal Officer Claims Bar Process until December 22, 2016.

On December 22, 2016, the Court issued an endorsement that set a schedule for the Liquidator’s motion for the approval of a Principal Officer Claims Bar Process to be heard on March 7, 2016.

On January 27, 2017, the Court issued the Principal Officers Additional Claims Order and the Representative Counsel Order.

On March 3, 2017, the Liquidator issued a motion for the approval of an Interim Distribution following the passing of the Principal Officers Additional Claims period which ended on March 1, 2017.

Marketing Process

As part of the Marketing Process Order approved on April 5, 2016, the Liquidator has realized on substantially all of the assets of Maple Bank. Between June 21, 2016 and November 15, 2016, the Liquidator completed several transactions for Maple Branch’s assets, which were approved by the Court. Details of these transactions are described in the Liquidator’s Fourth through Eighth Reports.

Claims Process - General

On June 8, 2016, the Court issued an order (the “Claims Procedure Order”) approving a claims process (the “Claims Process”). For copies of all documents related to the Claims Process, please see below.

Principal Officers Claims Procedure

On January 27, 2017, the Court issued the Principal Officers Additional Claims Order, which approved the Principal Officers Claims Procedure. Claimants that believe they have a Principal Officers Claim are required to file a Principal Officers Proof of Claim with the Liquidator by 4:00 P.M (Eastern Time) on FEBRUARY 28, 2017. The Principal Officers Proof of Claim form can be downloaded below.

Maple Bank

Maple Bank

Connect with us

Stay up to date with what matters to you

Welcome

Welcome

Services

Services

Contact

Deal advisory