Dear SOTO Members,
It is with great regret that we must advise you that the Southern Ontario Tourism Organization has made a bankruptcy assignment consistent with the terms of the Bankruptcy and Insolvency Act. The assignment is effective and the office will close on April 22, 2005.
After struggling for the past few years and working through the Re-Visioning process during the last 10 months it became evident that SOTO could not develop a sustainable business plan that would provide appropriate value to its members and partners. The process was frustrated by SOTO’s inability to form a meaningful partnership with the Ministry of Tourism and Recreation and the Ontario Tourism Marketing Partnership. The SOTO Board of Directors had determined through the Re-Visioning deliberations that a regional organization such as SOTO could not be cost effective for the tourism industry in Southern Ontario without a strategic partnership with MTR/OTMP.
As a result, the Board, after careful consideration at the April 20th Board meeting, determined that SOTO was insolvent and the bankruptcy assignment was approved by resolution.
We regret any inconvenience to members and any value that has not been realized. Every effort has been made by staff to minimize negative impacts to our members and Strategic Partners.
KPMG Inc. is the trustee in bankruptcy should there be any financial questions relative to the process they can be contacted as follows:
Robert J. Bradley
Senior Manager
KPMG Inc.
Marsland Centre, Suite 300
20 Erb Street West
Waterloo, Ontario
N2L 1T2
Phone: (519) 747-8277 Fax: (519) 747-1432
Email: bbradley@kpmg.ca
Thank you for your participation, support and encouragement over the years. We wish you every success during these very difficult times.
Bob Usher
Chair of the Board
Phone: (519) 439-3921
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Peter McFadden
President & CEO
Phone: (519) 756-3230 ext. 22
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