Gummed Papers Limited - August 13, 2007

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);

AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting the Pension Plan for the Employees of Gummed Papers Limited  Registration Number 254680.

TO:                        

Lisa Horton
Wind-up Customer Services Specialist
London Life Insurance Co.
255 Dufferin Avenue
London, ON
N6A 4K1

Administrator        


AND TO:           

Gail Obuhowich
Administrator
Gummed Papers Limited
12 Henderson Ave.
Brampton, ON
N6Y 2A5

Employer


AND TO:    

Juergen Manski
BDO Dunwoody Limited
1 City Centre Drive
Suite 1040
Mississauga, ON
L5B 1M2

Receiver


ORDER

NO request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the Pension Plan for the Employees of Gummed Papers Limited (the “Plan”).

 

IT IS THEREFORE ORDERED that the Plan be wound up in full effective January 31, 2007 for the following reasons:

 

 

  • The employer failed to make contributions to the pension fund as required by the PBA.

  • The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).

  • A significant number of members of the pension plan ceased to be employed by the  employer as a result of the discontinuance of all or part of the business of the  employer or as a result of the reorganization of the business of the employer.

  • All or a significant portion of the business carried on by the employer at a specific  location was discontinued.

 

DATED at Toronto, Ontario, this the 13th day of August, 2007

 

 

_____________________________________

Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services

 
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