On February 3, 2014, the Court of Queen’s Bench of Alberta issued a Bankruptcy Order adjudging Assistive Financial Corp. (the “Company” or “AFC”) a bankrupt. Hardie & Kelly Inc. was appointed as Trustee of the bankrupt estate.
- Affidavit of Verification of Spencer M. Coupland – January 17, 2014
- Application for Bankruptcy Order – January 20, 2014
- Bankruptcy Order – February 3, 2014
Contact person for the Trustee – Marc Kelly – 403-536-8510 or firstname.lastname@example.org
First Meeting of Creditors
The first meeting of creditors is scheduled to be held at 2:00 p.m. on February 24, 2014, on the 3rd Floor of the Watermark Tower located at 530 – 8th Ave. SW, Calgary, Alberta.
Notice of the meeting of creditors, Statement of Affairs, proof of claim form and form of proxy are included in the creditor package below.
Statement of Claim
On May 2, 2014, the Trustee, under the direction of the Estate Inspectors, filed a Statement of Claim in the Court of Queen’s Bench of Alberta against the previous director, officers and shareholders of the Company, as well as certain non-arms length parties to the Company (the “Estate Action”).
- Statement of Claim – May 2, 2014
- Statement of Defence – May 26, 2014
- Application to Remove Counsel – June 10, 2014
- Affidavit of Marc Kelly – June 10, 2014
- Affidavit of Marc Kelly – June 10, 2014 (Exhibits “I” – “M”)
- Amended Statement of Claim – June 12, 2014
- Statement of Defence of Brandi Schiffner – June 27, 2014
- Statement of Defence of Cameron Schiffner – July 3, 2014
- Notice of Change of Representation – July 9, 2014
- Reply to Defence – July 11, 2014
- Application re: Delivery of Property & Records – July 17, 2014
- Affidavit of Marc Kelly – July 17, 2014
- Affidavit of Barry Crump – August 11, 2014 (Volume 1)
- Affidavit of Barry Crump – August 11, 2014 (Volume 2)
- Application re: Removal of Trustee and Counsel – August 12, 2014
- Order re: Records – August 18, 2014
- Affidavit of Marc Kelly – November 6, 2014
- Application re: Delivery of Property & Records – November 26, 2014
- Affidavit of Paul Chiswell – November 27, 2014
- Application re: Records and Search Terms – December 2, 2014
- Adjournment Letter – December 8, 2014
S. 38 Order Application
Mr. Michael Kallis, in his capacity as a creditor of AFC, made an application to Court on February 18, 2015 and was granted an Order to assume conduct of the Estate Action from the Trustee pursuant to Section 38 of the Bankruptcy and Insolvency Act (the “S.38 Application”). The relevant documents associated with the S.38 Application can be found below. For further information please contact Mr. Kallis’ legal counsel, Mr. Micheal A. Loberg, at 403-668-6561 or the Trustee.
- Affidavit of Michael Kallis re: Application for S.38 Order – December 23, 2014
- Application for S.38 Order – January 30, 2015
- S.38 Order – February 18, 2015
- Service Letter re: S.38 Order – February 26, 2015
Funding of Estate Administration and Litigation
The Estate Inspectors have authorized the Trustee to borrow up to $750,000 from Debentureholders in order to fund the bankruptcy proceedings and litigation by way of a Subscription Agreement For Funding Notes (the “Funding”). Debentureholders were issued a personalized letter from the Trustee dated April 8, 2014 (the “Trustee’s Letter”) by way of email in respect of the Funding. Debentureholders who may not have received the Trustee’s Letter should contact the Trustee.
The documents referred to in the Trustee’s Letter which contain the necessary information to enable Debentureholders to invest in the Funding are as follows:
The deadline to participate in the Funding and deliver funds to the Trustee is April 23, 2014.
Participation in the Funding involves a high level of risk due to, amongst other things, the current bankruptcy of the Company and the inherent uncertainty involved in litigation, and therefore, there is a significant risk that all or a portion of the amount any Debentureholder invests in the Funding will not be repaid, and that no proceeds of any litigation will be paid.
The Cash Store Financial Services Inc.
On April 14, 2014, The Cash Store Financial Services Inc. and certain of its subsidiaries (collectively referred to as the “Cash Store”) sought and obtained an Initial Order under the Companies’ Creditors Arrangement Act (the “CCAA”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) granting a stay of proceedings and certain other relief provided under the CCAA.
Interested parties may access the document library of the Court appointed Monitor of the Cash Store through the following link:
RTF Financial Holdings Inc.
On October 8, 2014, PricewaterhouseCoopers Inc. was appointed as Receiver and Manager (the “Receiver”) of RTF Financial Holdings Inc. (“RTF”) by Order of the Court of Queen’s Bench of Alberta (the “Receivership Order”). The Receivership Order provides for a stay of proceedings against RTF. The Trustee will continue to monitor the receivership proceedings in respect of AFC’s claim against RTF.
Interested parties may access the document library of the Court appointed Receiver of RTF through the following link: