Powell Associates Ltd. Licensed Insolvency Trustee

Current Insolvency Proceedings

15167180412_d1c83ad528_k.jpg

Insolvency and restructuring matters require clear communication with creditors and stakeholders. The latest information relating to current proceedings are posted here as soon as they are available.


669699 N.B. Ltd., MP Atlantic Wood Ltd. and New Future Lumber Ltd. (collectively, the "Applicants")

FINAL UPDATE - OCTOBER 1, 2018 - The Monitor was discharged by Court order dated August 27, 2018, with effect on July 3, 2018. The CCAA proceeding is at an end.

All future inquiries regarding the Applicants' property, claims against the Applicants' and/or their property and the Interim Receivership proceedings should be directed to:

Grant Thornton Limited

Suite 506, 6940 Mumford Road, Halifax, NS, B3L 0B7

Attn:  Mr. Peter Wedlake, Senior Vice President

Tel: (902) 482-7242

Fax: (902) 453-9257,

___________________________________

On November 29, 2017, the Applicants sought and obtained from the Court of Queen Bench of New Brunswick (the “Court”) an initial order (the “Initial Order”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).  A Charging Order was granted at the same time giving priority to DIP Lender advances of $225,000 and for an Administration Charge in the amount of $100,000.

Powell Associates was appointed by the Court as the Monitor in these CCAA proceedings.

At the Court hearing of December 19, 2017, the Court granted the Applicants an extension of the stay of proceedings to January 31, 2018.  The Court also ordered the sealing of Exhibits "L" and "M" of the First Report of the Monitor dated December 15, 2017.  No changes were made to the amount of the approved DIP Lender's Charge nor the Administration Charge which continue to be $225,000 and $100,000, respectively.

At the Court hearing of January 31, 2018, the Court granted the Applicants an extension of the stay of proceedings to April 23, 2018.  No changes were made to the amount of the approved DIP Lender's Charge nor the Administration Charge which continue to be $225,000 and $100,000, respectively.

On March 26, 2018, the Monitor filed a Motion seeking directions regarding Monitor's concerns over (i) the Applicants' ability to formulate a viable Plan to present at the hearing scheduled for April 23, 2018, and (ii) the short term financial viability of the Applicants.  The motion is scheduled to be heard on April 11, 2018.  On March 29, 2018, the Monitor filed its Third Report to advise the Court of a Material Adverse Change.

On April 5, 2018, RBC filed a motion seeking to lift the CCAA stay of proceedings and for the Court appointment of an interim receiver.  That motion was heard on April 11, 2018. The Court ordered the lifting of the CCAA stay of proceedings and appointed Grant Thornton Limited as Interim Receiver. A copy of the Interim Receiver Order is posted below.

Pursuant to a motion filed by the Monitor and heard on July 3, 2018, the Court approved the accounts of the Monitor and counsel to the Monitor and discharged the Monitor. The Order from that hearing is dated August 27, 2018 and is posted below.  

All date abbreviations are in the form YYMMDD.

COURT ORDERS

MONITOR'S REPORTS

APPLICATION & MOTION MATERIALS

Initial Application - Hearing on 171129

Comeback Hearing on 171219

Comeback Hearing on 180131

Monitor's Motion for Directions on 180411

RBC's Motion to Lift Stay and for a Court Appointed Interim Receiver on 180411

Monitors Motion for Approval of Fees and Discharge heard on July 3, 2018

LIST OF CREDITORS

CREDITOR NOTICES

SERVICE LIST

OTHER DOCUMENTS