error
Subscriptions are not available for this site while you are logged into your current account.
close
Skip to main content

      On August 24, 2022, pursuant to an Order of the Ontario Superior Court of Justice, PACE Savings & Credit Union Limited (“PCU”) was ordered to be wound up pursuant to section 240 of the Credit Unions and Caisses Populaires Act, 2020 and KPMG Inc. was appointed as liquidator of all of the remaining assets, undertakings and properties of PCU.

      January 15, 2025 update: the liquidation proceedings of PACE are ongoing. At this time, the Liquidator is continuing to work through claims received as part of the claims process approved by the Court. Certain of these claims may require litigation and/or other legal steps. Until there is a resolution or determination of all claims, the Liquidator cannot accurately determine recoveries that may be available for holders of investment and profit shares of PACE.

      Shareholder Claims and Holdings Identification Process

      On October 1, 2026, the Ontario Superior Court of Justice granted an Order approving the Shareholder Claims and Holdings Identification Process (the “Claims Process”).

      The Claims Process applies only to holders of Class B Investment Shares and/or Class A Profit Shares of PACE. Claims arising from Membership Shares are not included in the Claims Process, and holders are not being asked to confirm their Membership Share holdings as part of this process.

      Shareholders who received a Negative Notice Claims Package should review the information provided carefully. If the mailing address shown in your package is incorrect or your mailing address has changed, please notify the Liquidator of your correct mailing address by e-mail at pacecu@kpmg.ca. You do not need to file a Notice of Dispute of Negative Notice Claim solely to update your mailing address.

      If you agree with all of the information in the Statement of Negative Notice Claim, no further action is required from you. If you disagree with any information, please complete and file a Notice of Dispute of Negative Notice Claim with the Liquidator by no later than 5:00 p.m. Eastern Time on December 4, 2026.

      Frequently Asked Questions - Shareholder Claims and Holdings Identification Process [PDF 122 KB]

      Negative Notice Claims Package [PDF 223 KB]

      Proof of Claim Package [PDF 225]

      Contact

      Email: pacecu@kpmg.ca
      Phone: 1-833 812 1699

      Connect with us

      Anamika Gadia

      Partner, Deal Advisory, Turnaround & Restructuring and National Leader, Industrial Markets

      KPMG Canada

      account_balance

      Information on companies for which KPMG is acting as Monitor, Receiver and Manager, Liquidator, or Trustee in Bankruptcy.
      Learn more