One Earth Oil & Gas Inc.
Notice of Intention to Make a Proposal
On November 5, 2015, One Earth Oil & Gas Inc. (the “Company” or “One Earth”) filed a Notice of Intention to Make a Proposal. 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 One Earth prior to November 5, 2015 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”).
Proposal
On March 24, 2016, One Earth 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 a Proof of Claim form can be found below under Creditor Documents.
A general meeting of the affected creditors of One Earth was held on April 14, 2016 at which time the statutory majority of creditors overwhelmingly approved the Proposal. On April 27, 2016, the Court granted Orders approving the sale of assets contemplated in the Proposal and the Proposal itself.
The Proposal was fully implemented, dividends distributed to creditors entitled thereto and the Proposal Trustee has been discharged.
For further information please contact Marc Kelly at 403-536-8510 or at mkelly@insolvency.net.
Commencing Documents
Court Applications
- Application re: Extension of Time and Administration Charge – Nov. 25, 2015
- Affidavit of P. Sametz – Nov. 25, 2015
- Application re: Extension of Time – Jan. 7, 2016
- Affidavit of P. Sametz – Jan. 7, 2016
- Application re: Extension – Feb. 22, 2016
- Affidavit of P. Sametz – Feb. 22, 2016
- Application re: Extension – Mar. 7, 2016
- Affidavit of Peter Sametz – Mar. 7, 2016
- Form 40 – Report of Trustee on Proposal to Court – Apr. 14, 2016
- Affidavit of Stephen Austin – Apr. 21, 2016
- Application re: Approval of Proposal – Apr. 22, 2016
- Supplemental Affidavit of Stephen Austin – Apr. 26, 2016
Court Orders
- Order re: Extension of Time – Nov. 30, 2015
- Order re: Extension of Time – Jan. 11, 2016
- Order re: Extension of Time – Feb. 24, 2016
- Order re: Extension of Time – March 9, 2016
- Order Approving Sale – April 27, 2016
- Order Approving Proposal – April 27, 2016
- Order Discharging Trustee – October 30, 2017
Reports of the Proposal Trustee
- First Report of Proposal Trustee – Nov. 25, 2015
- Second Report of Proposal Trustee – Jan. 7, 2016
- Third Report of Proposal Trustee – Feb. 23, 2016
- Fourth Report of Proposal Trustee – March 7, 2016
Creditor Documents
- Cover letter re Meeting of Creditors to consider the Proposal of One Earth Oil & Gas Inc.
- Notice to Creditors
- Proposal of One Earth Oil & Gas Inc.
- Report of Proposal Trustee on Proposal
- Statement of Affairs of One Earth Oil & Gas Inc.
- Form 31 – Proof of Claim Form – One Earth Oil & Gas Inc.
- Form 37 – Proxy – One Earth Oil & Gas Inc.
- Voting Letter – One Earth Oil & Gas Inc.
- Form 40.1 – Notice of Hearing of Application for Court Approval of Proposal