Notice of intention to make a proposal proceeding
On March 7, 2019, Commerx Corporation (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the Bankruptcy and Insolvency Act (the “BIA”). Hardie & Kelly Inc. has been appointed as the trustee in respect of the proposal proceedings (the “Proposal Trustee”).
S. 69(1) of the BIA provides the Company certain relief including the imposition of an initial 30-day Stay of Proceedings (the “Stay”) against the Company and its assets. Claims against the Company for payment of goods and services supplied to the Company prior to March 7, 2019 are suspended and creditors are prohibited from continuing or commencing any actions or exercising any rights against the Company except with leave of the Court of Queen’s Bench of Alberta (the “Court”).
The NOI and related documents can be found below in the Initial Notification to Creditors package.
PROPOSAL
At the meeting of creditors held on September 6, 2019, the statutory majority of creditors approved Commerx’s proposal as amended (the “Amended Proposal”). A copy of the Amended Proposal can be found below. An application has been scheduled for 2:00 p.m. on October 11, 2019 at the Calgary Courts Centre to seek the Court’s approval of the Amended Proposal.
A copy of the original proposal, Proof of Claim form, Voting Letter and the Proposal Trustee’s Report on the Proposal are included in the Creditor Package found below.
STATUS UPDATE AS AT NOVEMBER 19, 2019
On October 11, 2019, the application to approve the Amended Proposal was adjourned to 2:00 p.m. on November 15, 2019 at the Calgary Courts Centre in conjunction with the determination of the Appeal of the Notice of Disallowance issued in respect of the claim of Fortitude Financial Investments Inc.
On November 15, 2019, the Court dismissed Fortitude Financial Investments Inc.’s appeal of the Notice of Disallowance and approved the Amended Proposal.
Court Filings
- Application re: Extension of Time to File Proposal and Stay of Proceedings – filed March 28, 2019
- Affidavit of Robert Kulhawy – filed March 28, 2019
- Application re: Further Extension of Time to File Proposal and Stay of Proceedings – filed May 15, 2019
- Affidavit of Robert Kulhawy – filed May 15, 2019
- Application re: Further Extension of Time to File Proposal and Stay of Proceedings and transfer of shares – filed June 17, 2019
- Affidavit of Robert Kulhawy – filed June 17 2019
- Application for Court Approval of Proposal – filed September 24, 2019
- Notice of Hearing of Application for Court Approval of Proposal (Form 40.1) – September 23, 2019
- Bench Brief of the Trustee re: Court Approval of Proposal – filed September 24, 2019
- Affidavit of Robert Kulhawy re: Appeal of Disallowance – filed October 30, 2019
- Supplemental Bench Brief of Proposal Trustee re: Appeal of Disallowance – filed November 8, 2019
- Agreed Book of Exhibits re: Appeal of Notice of Disallowance
- Brief of Commerx Corporation re: Appeal of Disallowance – filed November 12, 2019
Proposal Trustee’s Reports
- First Report of the Proposal Trustee – March 29, 2019
- Second Report of the Proposal Trustee – May 16, 2019
- Third Report of the Proposal Trustee – June 18, 2019
- Report of Trustee on Proposal (form 40) – September 23, 2019
Court Orders
- Order re: Authorizing filing of Notice of Intention to Make a Proposal – filed February 27, 2019
- Order re: Extension of Time to File Proposal and Stay of Proceedings – April 2, 2019
- Order re: Extension of Time to File Proposal and Stay of Proceedings – May 16, 2019
- Order re: Extension of Time to File Proposal and Stay of Proceedings and Litigation Plan schedule – June 19, 2019
- Adjournment Order – October 11, 2019 (UNFILED)
- Order re: Fortitude Appeal of Disallowance
- Proposal Approval Order
Contact Us
Affidavit of Robert Kulhawy – filed May 15, 2019Contact for the Proposal Trustee – Marc Kelly at 403-536-8510.