Overview
On August 4, 2023, Krueger Electrical 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 August 4, 2023 to September 3, 2023 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 24, 2023 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 October 18, 2023. The extension was granted by the Court on August 30, 2023.
On October 12, 2023, the Proposal Trustee issued a material adverse change report (the “MAC Report”) pursuant to subsection 50(10) of the BIA. A copy of the MAC Report is below.
On October 19, 2023 the Proposal Trustee confirmed to the Office of the Superintendent of Bankruptcy through the filing of the requisite form, that a Proposal was not filed within the permitted time, and accordingly the Company was deemed to have made an assignment in bankruptcy. Crowe MacKay & Company Ltd. was appointed by the Official Receiver as the trustee of the bankrupt estate (the “Trustee”).
The First Meeting of Creditors is scheduled for November 8, 2023 at 2PM (Pacific) and will be held virtually by videoconference. For an invite to the First Meeting of Creditors, please contact Mr. Nelson Allan at (604)-697-5209 or nelson.allan@crowemackay.ca
Creditor’s Information
Creditors’ Package – Notice of Intention to Make a Proposal
Court Documents
Notice of Motion dated August 24, 2023
Trustee’s First Report to Court dated August 24, 2023
Entered Order of Justice Loo made on August 30, 2023
Material Adverse Change Report of the Proposal Trustee dated October 12, 2023.
Service List
Service List (September 15, 2023)