NOTICE OF INTENTION TO MAKE A PROPOSAL PROCEEDING
On June 14, 2019, OAN Resources Ltd. (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 June 14, 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”).
Creditors are not required to file a proof of claim at this time. Outstanding claims will be addressed as part of the Company’s restructuring plan to be developed and forwarded to creditors for consideration in due course.
The NOI and related documents can be found below in the Initial Notification to Creditors package.