Go Flooring Ltd.

Overview

On July 11, 2024, Go Flooring Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act R.S.C., 1985, c. B-3 (“BIA”) and Crowe MacKay & Company consented to act as Licensed Insolvency Trustee under the Proposal.

Pursuant to subsection 50.4(8) of the BIA, the initial stay period under the NOI proceeding is from July 11, 2024 to August 10, 2024 unless the period is extended by the Court upon application by the Company. During this period, the Trustee will monitor the business of the Company and assist the Company in preparing its Proposal.

On August 2, 2024 the Company made an application to Court to approve the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal to August 10, 2024, the Administration Charge, the sale of certain redundant and non-material assets, as well as the payment of a certain critical pre-filing obligation. The hearing was scheduled for August 8, 2024 at 9:45AM in Vancouver, in person. On August 8, 2024, the Court granted the extension of the stay of proceedings, the sale of certain redundant and non-material assets, as well as the payment of a certain critical pre-filing obligation as sought. The application for the Administration Charge was adjourned to a later date.

On August 20, 2024, the Proposal Trustee issued a material adverse change report (the “MAC Report”) pursuant to subsection 50.4(7) of the BIA. A copy of the MAC Report is below.

On September 20, 2024, the Company made an application to Court to approve the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal to November 7, 2024, among other relief. The Court granted an extension until October 7, 2024 to allow the Company to bring its application for a debtor-in-possession charge and an Administration Charge. Copies of the relevant pleadings are below.

On October 4, 2024, the Company made an application to Court to, among other things, seek an administration charge up to a maximum of $200,000 and extend the time to file a Proposal to November 24, 2024. The Court dismissed the application. Copies of the relevant pleadings can be found below – signed copies will be uploaded once available.

On October 7, 2024, the Company filed a Proposal with the Proposal Trustee (the “Proposal”). The Proposal was electronically filed with the Official Receiver on the same day. A copy of the Proposal can be found below.

On October 9, 2024, the Proposal Trustee made an application to Court to, among other things, request that the Proposal filed by the Company be deemed to have been refused by the creditors pursuant to section 50(12) of the BIA, or alternatively, make an order relieving the Proposal Trustee of the requirements in section 50(6), 51(1) and 62(1) of the BIA, and to approve the Administration Charge. The hearing is scheduled for October 11, 2024, at 9:45AM in Vancouver, in person. A copy of the Requisition, the Notice of Motion, and the Fourth Report to the Court of the Proposal Trustee can be found below.

On October 11, 2024, the Court granted the Proposal Trustee’s request for the Proposal to have been refused by the creditors, and accordingly the Company was deemed to have made an assignment in bankruptcy. Please see below for the entered order, and the Notice of Bankruptcy. The First Meeting of Creditors is scheduled for October 29, 2024 at 2:00PM (Pacific), and will be held virtually.

Creditor’s Information

Certificate of Filing

Creditors’ Package – Notice of Intention to Make a Proposal

Notice of Bankruptcy

Court Materials

Notice of Motion dated August 2, 2024

Affidavit #1 of Irfan Walji

Trustee’s First Report to Court dated August 6, 2024

Order Entered August 8, 2024

Material Adverse Change Report dated August 20, 2024

Affidavit #1 of Leah Jonak

Affidavit #2 of Irfan Walji