On December 7, 2017, an Initial Application under the Companies' Creditors Arrangement Act ("CCAA") was heard in the Supreme Court of Nova Scotia and an Initial Order was granted by Justice James L. Chipman.
Pursuant to Paragraph 11.7(1) of the CCAA, BDO Canada Limited has been appointed as Monitor under the CCAA proceedings.
On December 22, 2017 the Supreme Court of Nova Scotia granted, among other things: 1) Extension of the stay of proceedings until February 1, 2018 and 2) Claims Procedure Order. Creditors and other stakeholders are urged to review the order as your rights maybe affected. The court order is included in Court Orders and the Claims Procedure is included under a hew heading called Claims Procedure.
Creditors are advised that the Monitor has issued a Notice of Material Adverse Change. Details can be found in the Monitors Second Report and the Notice of Material Adverse Change.
Additional notices and information will be available through this website under Documents as it becomes available.
On February 20, 2018 the stay against creditors expired and the court set aside the creditors claims procedure. Creditors are advised that creditors should govern themselves accordingly.
Application for First Extension and Claims Procedure Order
The Supreme Court of Nova Scotia approved a Claims Procedure on December 22, 2017. The Claims Procedure Order is documented here and under Court Orders. Creditors are urged to review these documents carefully as the Claims Procedure Order will impact your rights.
A summary of the significant dates is noted here, however creditor are urged to review the Claims Procedure Order in detail:
- Monitor to send Proof of Claims document to all known Creditors on or before January 10, 2018
- Monitor to publish a Notice to Creditors in the Chronicle Herald on or before January 15, 2018
- Proof of Claims must be filed with the Monitor by 5:00pm AST on February 16, 2018
- Restructuring Claims must be filed by the later of 5:00pm AST on February 16, 2018 or seven (7) business days after the event giving rise to the Restructuring Claim
- Monitor will review each Proof of Claim before February 23, 2018 and will either allow, partially allow or disallow each claim. If a claim is partially or fully disallowed, any person wishing to appeal would have to file a Dispute Notice by March 20, 2018 with the goal of having such hearings completed by April 30, 2018
- If a Claimant is dissatisfied with the decision of the Claims Officer, there is a further right of appeal to the Supreme Court of Nova Scotia.
- Claims Procedure Order - December 22, 2017
- Claims Procedure Schedule A
- Claims Procedure Schedule B
- Claims Procedure Schedule C
- Claims Procedure Schedule D
- Claims Procedure Schedule E