Court appointment of a liquidator for PACE Savings & Credit Union Limited

KPMG Inc. has been appointed by the Ontario Superior Court of Justice as liquidator (the “Liquidator”) of PACE Savings & Credit Union Limited (“PACE”). The Liquidator was appointed by upon nomination by FSRA as the administrator of PACE. The Court will now have oversight over the liquidation process and the Liquidator will report to the Court on its activities and progress.

With the court-appointment of the Liquidator, PACE is no longer under the administration of FSRA . The Liquidator will now handle the winding-up of the PACE legal entity.

The Liquidator will actively pursue recoveries of the assets and address the liabilities that remain in the PACE legal entity following the recent transaction which saw the day-to-day banking, branches, employees, and members of PACE transferred to Alterna Savings & Credit Union Limited. FSRA will support the Liquidator in its efforts, including in the vigorous pursuit of the claims to recover damages and losses caused by the former management and board members of PACE related to the matters which resulted in PACE initially being placed under administration.

PACE Liquidation website

PACE members will now receive updates and information regarding the ongoing liquidation from the Liquidator and not from FSRA and/or PACE.

The Liquidator has set up a website which will provide updates on the winding-up of the PACE legal entity and copies of all court materials. The Liquidator can also be reached by email at [email protected] or phone at 1-833-812-1699.

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