Important Policy Developments Arise From Monsanto Case
Date:
September 1 2004
On August 31, 2004, the Financial Services Commission of Ontario (“FSCO”) released its first policy in respect of partial wind up procedures following the Supreme Court of Canada’s decision in Monsanto Canada Inc. v. Superintendent of Financial Services (“Monsanto”).
- Where a report indicated that no surplus existed as of the partial wind up date, the filing was complete, any outstanding questions were addressed and the report was approved, then the partial wind up is considered to be complete upon distribution of the basic benefits relating to the partial wind up;
- Where the report reflected a surplus at the time of the partial wind up and approval of the report had been given by the Superintendent of Financial Services (the “Superintendent”), the partial wind up is complete once the assets attributable to the partial wind up are distributed
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