Courts approve Pace liquidation settlement

In August 2022, pursuant to an Order of the Ontario Superior Court of Justice (the “Court”), KPMG Inc. was appointed as the liquidator (the “Liquidator”) of PACE Savings & Credit Union Limited (“PACE”). By virtue of the appointment of the Liquidator, FSRA ceased being the administrator of PACE and the Liquidator is, under supervision of the Court, responsible for the winding-up of the PACE entity including addressing its remaining assets and liabilities.

The Liquidator has reported to the Court that a settlement has been reached regarding the litigation that was commenced by PACE in 2018 against, at the time, its former President, former CEO, former directors and various other parties, relating to the matters which resulted in PACE becoming subject to administration by FSRA. The Liquidator sought Court approval of that settlement. The Court has now approved the settlement and the litigation is completely resolved against all parties. FSRA is not a party to the settlement and is not able to disclose the terms of the settlement.

Additional information is available on the Liquidator’s website - persons with potential claims or other interests in the PACE liquidation should monitor the Liquidator’s website for developments.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.