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Buckingham Securities Corporation

BDO Reports on Buckingham Securities

Click here to view details of all current Reports to date.

Using this Website

This Website provides information intended to bring you up-to-date on BSC's current situation. The navigation bar has several information categories. You can access by clicking on the selected individual heading. The navigation bar includes the Receiver's Notice; past Receiver's correspondence to customers and other creditors; and Common Questions and Answers.

History of BSC's Receivership

All trading is currently frozen by Court Orders and the Receiver is unable to transfer, trade or return any securities without any further Court direction. An initial Receiver's Report and Application to the Court was filed in August 2001 with a hearing set in mid-September 2001.

Financial Status of BSC/Timing

Ordinarily investment dealers have cash funds and securities owing to and from clients; cash funds and securities owing to and from other brokers; and various other assets and liabilities, all balanced and supported by capital introduced by the investment dealer's shareholders. With sufficient capitalization as required by regulation, customers/investors are normally protected with sufficient liquid and other assets available to fulfill the investment dealer's day-to-day obligations.

Unfortunately, it appears that BSC was undercapitalized with losses impacting upon its customers. That is, there is insufficient cash and securities available to fulfil its customer and other creditor obligations. With only a few exceptions, such as RRSP's, customer securities were not segregated nor registered as "customer-owned" securities. This means a probable loss for all BSC customers and other creditors. Until a realization can be affected or a plan of arrangement implemented, the amount of individual customer and creditor losses cannot be determined. The problems facing BSC and the complexities of its financial affairs render this a potentially prolonged process.

Limited Loss Protection

Although BSC was registered under the regulations of the Ontario Securities Commission, it was not a member of the Investor's Dealers Association. In such cases, there remains an investor protection fund (Ontario Contingency Fund) that is administered by a separate trustee/administrator which may provide some possible relief for BSC's customers. The Receiver has approached this administrator and determine that the loss compensation available has not been committed. Initial indications, however, suggest that any available funds are limited and may not cover the full anticipated losses of BSC's customers.

Current Developments

Where major developments involving BSC's customers and creditors arise, the Receiver will be providing 'Current Development' updates chronologically. These will be accessible on the side bar of this website.

February 18, 2021


September 11, 2020


Court Orders

Septemebr 8, 2020
A hearing has been scheduled for 9:30am on September 30, 2020 where the Receiver will request an order from the Court (a) approving its fees and disbursements and those of its counsel, (b) releasing the Receiver and its counsel from certain claims, and (c) discharging the Receiver. The Motion Record for this hearing will be posted on this website immediately after it is served on the service list.

Latimer Settlement

 Service List

Common Questions

Q #1) How long will this process take and when can I get my cash and/or securities back?
A) Unfortunately, an estimate of the extent or length of time that this process will take is not possible due to a number of impacting situations. These include the shortfall in cash and securities available to meet BSC's customer obligations; the claims to security over various marketable securities that would otherwise be available to customers that have been asserted by certain unpaid creditors; and, the indefinite collectibility of significant debts owed to BSC by various parties. The Receiver's website will provide updates and notices of ongoing developments in an effort to keep you informed.

Q #2) Can I transfer my RRSP's to another broker?
A) Yes – But only where the securities are clearly 'customer owned' (i.e. registered in your name and held in trust). In such cases, arrangements can be made by contacting your current plan holder directly.

Q #3) Can I transfer the securities in my BSC account to another broker of my choice? 
A) Not at this time. The Court extended a 'freeze' on all trading of securities by or for BSC following an application by the Ontario Securities Commission. Further, BSC, at this time, does not hold sufficient securities to satisfy the claims of its customers.

Q #4) Will I get the cash BSC owes to me as well as my securities back when this is all over?
A) The Receiver cannot confirm the form or extent of any distribution of either cash balances or securities owing to BSC's customers. The reasons for this indefinite situation and the timing problems for any distribution are explained in our Release #1 (available through the BSC website or directly upon request from the Receiver).

Q #5) What if I don't want you to sell my securities as the market isn't favourable?
A) For the shortfall and available total securities to meet the corresponding obligations to BSC's customers and due to the fact that BSC did not segregate or register most securities for their various customers, direct physical identification of 'your' securities is not possible. No sale or liquidation of the available securities will be made, however, without seeking the directions of the Court.

Q #6) I do not agree with the balance on my 31 July 2001 statement. What do I do?
A) As stated in the Receiver's letter of 13 August, 2001, please review the statement that was enclosed and send a written response to the Receiver with the details of any differences. The Receiver will review your account on an individual basis as it reconciles BSC's customer accounts.

Q #7) My 31 July, 2001 statement is correct, is there anything you need from me?
A) The Receiver still requires your written confirmation of the accuracy of that statement if you have not already forward your confirmation.

Q #8) I received a request for payment of an outstanding balance on my account due to BSC. What should I do?
A) As the Receiver's letter states, where you agree with the balance owing, where the statement is accurate, please forward your payment to BDO Dunwoody Limited, Receiver for BSC, P.O. Box 33, Royal Bank Plaza, Toronto, Ontario, M5J 2J9.

Q #9) I've made payments to BSC for my account but these payments do not seem to have been applied to the outstanding balance.
A) Please assemble and forward to the Receiver proof of all such payments. We will require copies of cancelled cheques and correspondence along with copies of your prior statements.

Q #10) I am a BSC customer but I have not received any correspondence from the Receiver. Why?
A) To date, the Receiver has mailed correspondence to creditors and clients on 31July 2001 and 13 August 2001. Many responses have revealed incorrect addresses on file and efforts are being made to update BSC's records. If you have not received anything thusfar, please contact the Receiver in writing at P.O. Box 33, Royal Bank Plaza, Toronto, Ontario, M5J 2J9 and provide us with your name, address and the details of your account. The Receiver's website contains copies of previous creditor/client mailings.

The information above is compiled from the majority of telephone calls that BDO Dunwoody Limited has received regarding the receivership of Buckingham Securities Corporation. Unfortunately the receiver has been unable to return calls for all the client messages, therefore we have set up this website to answer the most common of the questions related to our administration of Buckingham Securities Corporation. At this time we are unable to answer queries for individual accounts and ask that you put these queries in writing and send to:

BDO Dunwoody Limited
20 Wellington Street East, Suite 500
Toronto, ON  M5E 1C5

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