Insolvency Engagements

WATCH IT! INCORPORATED AND COMFORTABLE IMAGE INC.

WATCH IT! INCORPORATED (“WII") and COMFORTABLE IMAGE INC. (“CII”, collectively the "Companies") are incorporated in Alberta. WII is a Canadian watch retail franchisor with 30 franchise stores operating under the WATCH IT! banner. CII owns and operates 13 of the 30 WII franchise stores. Corporate head office for both WII and CII are in Calgary, Alberta. The stores sell watches, sunglasses and related accessories. All of the 30 WII franchise store locations are leased.

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Meridion Group

On March 15, 2017, Meridion Highrise Ltd., Meridion Holdings Corp., Meridion Structures Ltd. and 2437156 Ontario Inc. (collectively referred to as the “Meridion Group”) each filed a Notice of Intention to Make a Proposal (“NOI”) under section 50.4 of the Bankruptcy and Insolvency Act and A. Farber & Partners Inc. was appointed as Proposal Trustee for the estates.

The NOI filings by the Meridion Group provide an automatic stay of proceedings against the creditors of the Meridion Group for a 30 day period (the “Stay Period”), thus providing the opportunity to restructure the affairs of Meridion Group and formulate a proposal to creditors.   Copies of the NOI and notice to creditors are posted below.

The Meridion Group was not able to file a viable Proposal with the Proposal Trustee by May 29, 2017 and as such, each entity listed above has been deemed bankrupt effective May 30, 2017. A. Farber & Partners Inc. has been appointed Trustee in Bankruptcy.  Further details regarding the First Meeting of Creditors, etc. will be posted here in the coming days.

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Tags: Insolvency Engagement, meridion group

Techni-Lite Systems Inc.

On February 7, 2017, Techni-Lite Systems Inc. ("Techni-Lite") filed a Notice of Intention to Make a Proposal ("NOI") pursuant to section 50.4 of the Bankruptcy and Insolvency Act and A. Farber & Partners Inc. ("Farber") was appointed as trustee under the proposal proceedings (the "Proposal Trustee"). Techni-Lite, which includes the division of its business called WolfeWorks, develops and manufactures signage using LED-based technology.

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Tags: Insolvency & Restructuring, Insolvency Engagement, Techni-Lite Systems Inc.

Axios Mobile Assets Inc.

On February 24, 2017, A. Farber & Partners Inc. became the Court-appointed receiver (the "Receiver") pursuant to section 243(1) of the Bankruptcy & Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C.43, as amended (the "CJA"), over all of the assets, undertakings and properties (the "Property") of Axios Mobile Assets Inc. pursuant to an Order (the "Appointment Order") of the Honourable Justice Wilton-Siegel of the Ontario Superior Court of Justice (Commercial List).

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Tags: Insolvency & Restructuring, Axios Mobile Assets

Community Microskills Development Centre

On February 15, 2017, Community Microskills Development Centre (the "Company") filed an assignment in bankruptcy and A. Farber & Partners Inc. ("Farber") was appointed Trustee in Bankruptcy (the "Trustee").  The First Meeting of Creditors will be held at the Holiday Inn Toronto International Airport Hotel located at 970 Dixon Road, Toronto, Ontario on Tuesday, March 7th at 10:00am in the Macdonald Room.

Employees who require access to the premises to retrieve personal belongings can do so based on the following schedule:

  • 1 Vulcan Street - between 9am and 10am on February 16, 2017
  • Rexdale Community Hub (Panorama Court) - between 12pm and 1pm on February 16, 2017
  • 235 Dixon Road - between 2pm and 3pm on February 16, 2017
  • 200 Consumers Road - between 10am and 12:30pm on Tuesday, February 21, 2017

NOTE TO EMPLOYEES OF COMMUNITY MICROSKILLS DEVELOPMENT CENTRE REGARDING THE WAGE EARNER PROTECTION PROGRAM ("WEPP")

The Trustee has now gathered payroll related information for the purpose of determining what outstanding wages, vacation pay, expenses, termination and severance pay are owing to the employees according to the Company's records.  In a bankruptcy, employees are entitled to termination and severance pursuant to the Employment Standards Act.  The Trustee mailed each employee an individual and personalized package with a summary of what is owing to them, a pre-populated proof of claim and instructions on how to apply for WEPP (the "WEPP Package") on March 3, 2017.  Employees will be able to review the proof of claim to confirm the Company's information agrees to their records.  The Trustee has also sent this information to Service Canada (the agency that administers WEPP).  

Once you receive your WEPP Package, you will have to submit your signed proof of claim to the Trustee and apply for WEPP with Service Canada.  Once the Trustee notifies Service Canada that you have submitted your proof of claim, they will administer your WEPP claim directly with you.

NOTICE TO FORMER EMPLOYEES OF COMMUNITY MICROSKILLS DEVELOPMENT CENTRE (“Microskills”) RE: BENEFIT CLAIMS WITH INDUSTRIAL ALLIANCE

The Trustee in bankruptcy is happy to advise that Industrial Alliance (“IA”) has agreed to honour health and dental claims incurred by former employees of Microskills between February 15 and 28, 2017 in accordance with the terms of the policy.   IA still takes the position that they did nothing wrong in cancelling the group insurance.

Claims will be adjudicated in accordance with the terms of the contract and their standard practices. This means that for some claims additional information or clarification will be needed and some claims may be denied on this basis (same as if the group policy was still in force).

Former employees have 90 days from February 28, 17 to submit their claims to Keith Bullock as follows:

Keith Bullock

Senior Consultant, Group Benefits and Compliance

Industrial Alliance

522 University Avenue, Suite 400

Toronto, ON  M5G 1Y7

Email: keith.bullock@ia.ca

 

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Tags: Insolvency & Restructuring, Insolvency Engagement

Exclusive Transfer Enterprise Corporation

Bankruptcy

On August 8, 2016, Exclusive Transfer Enterprise Corporation (the "Company") made an assignment in bankruptcy and A. Farber & Partners Inc. ("Farber") was appointed Trustee in Bankruptcy (the "Trustee").  The First Meeting of Creditors was held at the Holiday Inn Peterborough-Waterfront, located at 150 George Street North in Peterborough, Ontario on August 31, 2016, where the appointment of the Trustee was confirmed by the creditors of the Company.

Receivership

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Tags: Insolvency & Restructuring, Insolvency Engagement

Intertainment Media Inc.

On January 27, 2017, Intertainment Media Inc. ("Intertainment" or the "Company") filed a Notice of Intention to Make a Proposal ("NOI") pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and A. Farber & Partners Inc. ("Farber") was appointed as proposal trustee in the Company's NOI proceedings (the "Proposal Trustee").  A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal along with a copy of the NOI Creditors Package are posted below.

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Tags: Insolvency & Restructuring

BG Furniture Ltd.

Receivership

By an Order of the Honourable Justice Newbould of the Ontario Superior Court of Justice (Commercial List) (the “Court”) dated January 12, 2017 (the “Receivership Order”), A. Farber & Partners Inc. (“Farber”) was appointed receiver (the “Receiver”) of all the assets, undertakings and properties of BG Furniture Ltd. (“BG”).

The Receiver has entered into an agreement with Maynards Industries Canada Ltd. (“Maynards”) to liquidate the inventory and equipment of BG. A public auction sale will be conducted by Maynards on Wednesday, March 22, 2017 starting at 10:00 a.m. Interested parties may bid on items for sale by attending in person or online. Details of the auction sale can be found on Maynards website here: http://www.maynards.com/auctions/industrial/auction-details/bg-furniture

The Receivership Order does not stay or restrict the rights of the mortgagee, Platinum Investment Group Inc. (“Platinum”), with a first charge on the real property of BG, municipally known as 75 Ridout Street, Walkerton, Ontario (the “Real Property”), in respect of, among other things, Platinum’s rights to enforce its mortgage security. The Receiver has been notified that Platinum is undertaking power of sale proceedings to sell the Real Property outside of the receivership proceedings.

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Tags: BG Furniture Ltd.

Prosperity Foods Ltd.

On December 2nd, 2016, Prosperity Foods Ltd. ("Prosperity" or the "Company") filed a Notice of Intention to Make a Proposal ("NOI") pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and A. Farber & Partners Inc. ("Farber") was appointed as proposal trustee in the Company's NOI proceedings (the "Proposal Trustee").  A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal along with a copy of the NOI Creditors Package are posted below.

As part of the proceedings, the Company sought and obtained Court approval for the sale of the Company's assets to a third party purchaser on December 13, 2016.  The related materials filed in support of the Application and the Court Orders are posted below.

The Company had until January 3, 2017 to file a Proposal with the creditors.  Unfortunately, the Company failed to file a Proposal and was deemed to have made an assignment in bankruptcy on January 4, 2017.  The Proposal Trustee was appointed as Trustee (the "Trustee") of the Estate of the Bankrupt by the Official Receiver, subject to affirmation by the creditors of the Trustee's appointment or substitution of another Trustee by the creditors.  A copy of the Notice of Bankruptcy and First Meeting of Creditors is posted below as well as a copy of the Certificate of Appointment.

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Tags: Insolvency & Restructuring, Insolvency Engagement

Strike Minerals Inc.

On November 29, 2016, Strike Minerals Inc. ("Strike" or the "Company") filed a Notice of Intention to Make a Proposal ("NOI") under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA"), and A. Farber & Partners Inc. ("Farber") was appointed as proposal trustee in the Company's NOI proceedings (in such capacity, the "Proposal Trustee"). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal is posted below.

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