Securities Decisions and Freeze and cease trade orders
Montréal – The Autorité des marchés financiers (“AMF”) has cancelled the registration of Services financiers iForum inc. (“iForum”) due, in particular, to the fact that iForum has placed itself under the protection of the Bankruptcy and Insolvency Act on the initiative of the senior executives and directors of iForum.
Furthermore, the AMF has given a mandate to the firm Raymond, Chabot, Grant, Thornton & Co. (“RCGT”) to recover, on behalf of the AMF, all records, books and registers of iForum related to its registration with the AMF. These records will be transferred to Quadrus Investment Services Ltd. which purchased the accounts receivable of iForum prior to its bankruptcy. In this manner, former clients of iForum will continue to receive the services required for the protection of their interests. The AMF will also see to the transfer of all former representatives of iForum as quickly as possible. In this respect, former clients and representatives of iForum can call Quadrus at 1-800-511-222.
On November 10, 2005, the Minister of Finance, acting on the November 9, 2005 recommendation of the Bureau de décision et de révision en valeurs mobilières, had appointed Jean Robillard, of the firm RCGT, as provisional administrator to the property of iForum in order to, among other things, take reasonable measures to avert the loss of assets and see to it that the rights of investors were respected.
Given that the bankruptcy of iForum was effected on the initiative of the senior executives and directors of iForum and is designed to defeat the measures already undertaken by the provisional administrator in order to protect the interests of investors, the AMF filed a motion in the Superior Court seeking a change of trustee in order to have RCGT appointed trustee in the bankruptcy of iForum.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers