Accurate Logistics Solutions Inc.
Accurate Logistics Solutions Inc. (“Accurate”) operated as a freight broker servicing Canadian clients, coordinating the transportation of goods by truck and rail. The Company had attempted to expand operations with the development of a collapsible rail deck and the inclusion of their own fleet of owner/operator trucks. As a result of the competitive nature of the trucking industry, the lack of progress on the rail deck development and an economic downturn, the company began experiencing declining revenues and lower margins resulting in a cash flow strain rendering Accurate unable to pay its obligations as they became due. Hardie & Kelly acted as the Licensed Insolvency Trustee under Accurate’s successful proposal to its creditors made under the Bankruptcy and Insolvency Act which ultimately saw unsecured creditors recover an average of 25% of their claims, versus the alternative of no recoveries absent the proposal process.