On February 22, 2013, The John Forsyth Shirt Company Ltd., Forsyth Holdings, Inc. and Forsyth of Canada Inc. (“Forsyth”) filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”) and obtained an initial order from the Ontario Superior Court of Justice (the “Court”). BDO Canada Limited was appointed as the Monitor (“Monitor”) of the estate.

As you are aware the intent of the CCAA filing was to assist Forsyth in reorganizing it affairs which included negotiating a settlement of pre-filing debt with its existing unsecured creditors as well as finding a replacement senior secured lender. Subsequent to the CCAA filing Forsyth prepared a plan of arrangement which was approved by both the Creditors and the Court (the “Plan”). The Plan provided for a distribution to be made to the Creditors on January 15, 2014 (the “Distribution”). In addition, subsequent to the Plan approval Forsyth was successful in replacing its senior secured lender.

On January 14, 2014 we advised that the Distribution had been delayed as a result of insufficient funds available to make such payment. At that time the Company commenced searching for alternatives to in order to fund the payment. Unfortunately the Company was unsuccessful in its efforts and there is no realistic possibility of a Distribution being made in the foreseeable future.

It is the Monitor’s intention to file a report with the Court to advise of this material adverse change. A copy of which will be mailed to you once available.

Should you have any questions or concerns please feel free to contact Nathan Wong at 416-865-0210.


Letter to Creditors

Monitors Certificate

Application for Stay Extension

Application for Sanction of Plan

Notice of Meeting of Creditors

Filing of Plan, and Application for Approval of Claims Process and Extension of Stay:

Application for Extension of Stay of Proceedings:

Initial Notice to Creditors and List of Creditors:

Initial Application – Canadian Proceedings:

US Chapter 15 Proceedings:

Contact Us

BDO Canada Limited
123 Front St. West, Suite 1200
Toronto, Ontario, Canada
M5J 2M2

Tel: 416-865-0210
Fax: 416-865-0904

Partner:Blair Davidson: x 3112

Senior Manager:Gary Cerrato: x 6058

Senior Administrator:Dru Tailor:416 865 0210 ex. 3220

If you have a question and wish to be contacted, please provide us with the question(s) that you would like answered, together with your contact information. Your contact information should include your name, the company you represent (if applicable), the type of claim held/nature of interest and a contact number (i.e. telephone and/or fax) or email address where we may reach you. 

Please send your inquiry to or by fax to 416-865-0904. Although we endeavor to respond to your enquiry within two business days, the volume of enquiries may impact our response time.

This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our privacy statement for more information on the cookies we use and how to delete or block them.