NOTICE OF INTENTION TO MAKE A PROPOSAL PROCEEDING
On May 20, 2020, OEL Projects Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the Bankruptcy and Insolvency Act (the “BIA”). BDO Canada Limited 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 May 20, 2020 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:
On May 27, 2020, the Court granted orders approving the sale of substantially all of the Company’s assets to McIntosh Perry Energy Ltd. and directing the net proceeds therefrom to be distributed to Canadian Imperial Bank of Commerce.
- Application re: Sale Approval and Vesting Order and Distribution Order
- Affidavit of James Johnson – May 21, 2020
Proposal Trustee’s Reports and Correspondence
- Service List – May 24, 2020