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 Superior Machine & Tool (Chatham) Ltd. Registration Number 1055573
TO:
Darlene Sundercock
Wind-Up Specialist
London Life Insurance Co.
255 Dufferin Avenue
London, ON N6A 4K1
Administrator
AND TO:
Anne Marie Ryan
Administrator
Superior Machine & Tool (Chatham) Ltd.
277 William Street South
Chatham, ON N7M 4T3
Employer
AND TO:
Joel Kideckel
Shiner, Kideckel, Zweig
10 West Pearce Street, Suite 4
Richmond Hill, ON L4B 1B6
Trustee in Bankruptcy
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 Superior Machine & Tool (Chatham) Ltd. (the “Plan”).
IT IS THEREFORE ORDERED that the Plan be wound up in full effective November 30, 2006 for the following reasons:
There was a cessation or suspension of employer contributions to the pension fund.
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 6th day of July, 2007.
_________________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services
Financial Services Commission of Ontario