CANADA
Canada NewsWire Group
CORNER BROOK, NL, April 4 /CNW/ - The Most Rev. Douglas Crosby, Bishop of
St. George's Diocese, today confirmed that the Roman Catholic Episcopal
Corporation of St. George's, the civil arm of the Diocese, is seeking a 45 day
extension of the time to file a proposal under the Notice of Intention filed
on March 8, 2005 pursuant to the Bankruptcy and Insolvency Act. This notice
effected a "stay of proceedings" in civil actions against the Corporation
including those launched since 1991 on behalf of 36 victims of sexual abuse.
Since March 8th, the Corporation has notified its creditors of the
filing, established a listing of the Corporation's land holdings, completed a
full review of the Corporation's insurance policies, initiated a review of a
number of legal issues affecting various stakeholders including creditors and
parishioners and has begun assembling a list of other assets within the
Corporation. The Corporation is currently in the process of obtaining
independent valuations for each of its land holdings and, with the assistance
of legal counsel, is preparing to meet with the insurers to assess liability
coverage.