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.
The Liquidation Proceedings are substantially complete. The Business has been wound down, the Assets have been liquidated, all liabilities of the Toronto Branch have been paid, and distributions have been made to Proven Creditors of the Toronto Branch.
The only ongoing aspect of these proceedings will be the retention of the Custodial Data by the Data Custodian. Notwithstanding the Liquidator having completed its duties, the Winding-up Proceedings will continue through the completion of the Data Custodian’s mandate, which is expected to occur in November, 2027.
