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CRTV Association Liquidation FAQs
Why has a liquidator been appointed to wind up the association?
Earlier this year, members of the Society approved the sale of CRTV to Shaw. The money paid by Shaw must be shared among members. However, before that can happen, the Society's outstanding debts must be paid and any money owing to the Society must be collected. It is also necessary to review the Society's membership list to ensure that everyone who is entitled to a share receives payment.
What will the liquidator do?
The liquidator's responsibilities are prescribed by law and include an audit of the Society's assets and liabilities, contacting debtors and creditors to arrange for their accounts to be settled, communicating with members to answer questions and keep them informed of the liquidation process, and holding a final meeting of members to inform of the results of the liquidation.
When will the liquidator complete the winding up?
It is expected to be completed later in 2009.
How much money is available for distribution to members?
Shaw paid approximately $45 million for CRTV. However, the final amount available for distribution to members of the Society will be determined after all outstanding debts have been collected and creditors paid.
Will all members get the same amount?
In terms of the Society's bylaws, upon dissolution of the Society, all assets shall be distributed equitably among the ordinary members in good standing at the time of dissolution.
It has been reported that members will each receive $3,000. Is that correct?
It's not possible to say at this stage, but based on a preliminary review of the Society's accounts, it appears that members will each receive approximately $3,000 plus the refund of their $100 debenture.
When will members receive their money?
As soon as the liquidation process has been completed, which is expected to be later in 2009.
Will members' $100 debentures also be returned?
Yes, they will.
Will members have to pay tax on the money they receive?
In most cases, members will probably be required to pay capital gains tax on a portion of the payment they receive. However, it is recommended that members seek professional advice if they want more information on how the money they receive will affect their tax situation.
My cable account with CRTV was inactive at the time of the sale to Shaw. Am I still eligible to receive a share of the payout?
In terms of the Society's bylaws, the Directors may, by simple majority vote, terminate memberships that have been inactive for twelve months. A debenture shall be returned to a member in good standing, and to other members after outstanding assessments and debts have been paid. Members who were notified by the previous Board of Directors that their membership had been terminated will not be eligible for a share of the payout.
I am having problems with my cable service. Whom can I contact?
The liquidators have nothing to do with the provision of cable service. CRTV's website address is: http://www.crtv.net