Standard Trust was a full-service trust company with offices in every major city across Canada. As a result of liquidity constraints and loan concentrations, Standard Trust was placed into liquidation on an application by the Office of the Superintendent of Financial Institutions.
We were appointed Co-Liquidator to conduct a forensic audit of Standard Trust and to review various reports and appraisals on which Standard Trust relied when it made loans and advances. The reviews concluded that certain reports and appraisals were inaccurate and negligently prepared, which resulted in litigation being commenced against firms that prepared the reports and appraisals. The actions we commenced, including one against a national appraisal firm that valued Standard Trust’s collateral, materially increased recoveries to Standard Trust’s stakeholders.