Hardie & Kelly Planit Builders Ltd.Planit Builders Ltd.

Status Update

January 9, 2018 – “Proposal approved by the Court of Queen’s Bench of Alberta”

January 3, 2018 – *Proposal approved by Creditors”

In order to participate in the Proposal process and be eligible to receive any distributions contemplated under the Proposal, creditors must file a properly completed Proof of Claim form including appropriate supporting documentation with the Proposal Trustee by February 5, 2018, otherwise any claim against Planit becomes statute barred.  The necessary materials to file a claim are included in the “Creditor Package” found below.

Proposal Proceedings

On October 27, 2017, Planit Builders Ltd. (the “Company” or “Planit”) 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 Planit prior to October 27, 2017 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”).

 

On November 24, 2017, Planit filed the proposal to its creditors (the “Proposal”) with the Office of the Superintendent of Bankruptcy.  A copy of the Proposal and associated documents including the materials necessary to file a claim with the Proposal Trustee and vote on the Proposal are included in the document entitled Creditor Package below:

The meeting of Planit’s creditors to consider the Proposal was held on Wednesday January 3, 2018 at which time the Proposal was overwhelmingly approved by both classes of creditors.

The application to seek the Court’s approval of the Proposal was held on January 9, 2018 at 10:00 a.m. at which time the Court granted an Order approving the Proposal.  The formal notice of the application can be found below.

Should you have any questions or concerns please contact Marc Kelly, of Hardie & Kelly Inc. at 403-536-8510.

Commencing Documents

The commencing documents are included in the Notice to Creditors below: