The Ontario Court (General Division) on August 15, 1994 ordered that Confederation Life Insurance Company be wound-up pursuant to the Winding-up Act. By further order of the same date, the Court appointed the Superintendent of Financial Institutions (the "Superintendent") provisional liquidator of Confederation Life Insurance Company. The Superintendent appointed KPMG Inc. as his agent to assist in the administration of the liquidation. The Liquidation was deemed to commence August 12th, 1994. On September 10, 1997 the Court discharged the Superintendent as provisional liquidator of Confederation Life Insurance Company and appointed KPMG Inc. as permanent Liquidator.