Winnipeg Free Press
People often unaware they have money, own property
How much money could Manitobans have squirrelled away in accounts, pension funds or insurance policies they re not aware of?
How much money could Manitobans have squirrelled away in accounts, pension funds or insurance policies they re not aware of? When you look at other provinces, there are millions, said Elizabeth McCandless, director of the Manitoba Law Reform Commission, which is proposing legislation that includes an online searchable database to reunite Manitobans with their forgotten, abandoned and unclaimed property.
Other provinces have enacted stand-alone legislation that establishes a process for the administration of unclaimed personal property so money can end up in the hands of rightful owners.
The Nygard Group of companies owed $50 million to creditors, including nearly $30 million to American lender White Oak Commercial Finance, when it was placed under receivership in March by Manitoba Court of Queen s Bench Justice James Edmond.
Last November, Edmond approved the sale of 1771 Inkster Blvd. and set Jan. 18, 2021, as the closing date. The Nygard Group tried to block the sale and regain control of the two remaining properties.
They argued White Oak had been paid in full and asked the judge to end the receivership. The case ended up in the Manitoba Court of Appeal which sided with the receiver and approved the Inkster sale. It s now set to close Feb. 8. If approved, the Broadway sale would close Feb, 15.