Notice of Intention to Make a Proposal
On August 29, 2016, Coil Works Inc. (the “Company” or “Coil Works”) filed a Notice of Intention to Make a Proposal (the “NOI”). Hardie & Kelly Inc. has been appointed as Trustee under the proposal (the “Proposal Trustee”).
S. 69(1) of the Bankruptcy & Insolvency Act (the “Act”) provides the Company certain relief including the imposition of a Stay of Proceedings (the “Stay”) against the Company and its assets. Claims against the Company for payment of goods and services supplied to Coil Works prior to August 29, 2016 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 Creditor Notification package.
Proposal – status update as at October 24, 2016
On September 27, 2016, Coil Works filed with the Office of the Superintendent of Bankruptcy a proposal (the “Proposal”) pursuant to the Act. A copy of the Proposal, a condensed statement of the Company’s assets and liabilities, a Report of the Proposal Trustee and Proof of Claim and voting forms can be found below under Creditor Documents. In order for creditors to be eligible to particiapte in distributions from the Proposal, Proofs of Claim must be lodged with the Proposal Trustee by November 25, 2016. The Trustee’s Notice Requiring Persons to Prove Claim is below.
The Proposal was approved by the statutory majority of creditors at the meeting of creditors held on October 17, 2016.
The Trustee has scheduled an application for 2:00 p.m. on November 10, 2016 at the Calgary Courts Centre to seek the requisite Court approval of the Proposal. A copy of the Application for Order Approving Proposal and the Trustee’s Report to the Court on the Proposal can be found below.
- Appliction for Order Approving Proposal – filed October 24, 2016
- Report of Trustee on Proposal to Court – Octboer 24, 2016
- Creditor letter – October 13, 2016
Contact individual for Proposal Trustee – Charla Smith at 403-536-8506 or email@example.com