Pension Plan for Employees of Regal Greetings & Gifts Corporation - October 3, 2006

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 Employees of Regal Greetings & Gifts Corporation, Registration Number 296616.

TO:

Mark Eagles
Mercer Human Resource Consulting
BCE Place
161 Bay Street, P.O. Box 501
Toronto ON M5J 2S5

Administrator

AND TO:

Kevin Watkinson
Senior VP Finance & CEO
Regal Greetings & Gifts Corporation
7035 Ordan Drive
Mississauga ON L5T 1T1

Employer

AND TO:

G. David Ofir
Senior Manager, Financial Advisory
Deloitte & Touche Inc.
79 Wellington Street West, Suite 1900
Toronto ON M5K 1B9

Receiver

AND TO:

Arif Dhanani
Manager
Deloitte & Touche Inc.
79 Wellington Street West, Suite 1900
Toronto ON M5K 1B9

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 Act respecting a Notice of Proposal to make an Order to wind up the Pension Plan for Employees of Regal Greetings & Gifts Corporation (the “Plan”), 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.

IT IS THEREFORE ORDERED that the Plan be wound up in full effective July 22, 2005.

DATED at Toronto, Ontario, this 3rd day of October, 2006


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


 
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