Encore filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to the provisions of the Bankruptcy and Insolvency Act (“BIA”) on September 27, 2011, and B. Riley Farber Inc. (“B. Riley Farber“) was appointed as Proposal Trustee.
On October 25, 2011, by Order of the Honourable Justice Brown, the deadline to file a Proposal was extended to December 12, 2011.
Ultimately, a restructuring proposal could not be completed by the Company. As a result, the first secured lender brought a motion to terminate the BIA proposal proceeding and appointed B. Riley Farber as receiver (the “Receiver“). This motion was granted on December 8, 2011, by the Honourable Justice Morawetz. As a result, Encore was deemed to have made an assignment into bankruptcy effective December 8, 2011.
During the NOI process, the Company completed two Court-approved sale transactions. After the Receivership, the Receiver undertook a third Court-approved sale. The assets remaining consisted of a small amount of inventory and fixed assets plus accounts receivable. In the event that there were sufficient proceeds to pay the first secured creditor in full, the residual, if any, would be subject to the interests of certain related party secured creditors. Accordingly, no surplus funds were available for distribution to preferred or unsecured creditors.
The First Meeting of Creditors of the Encore was held on December 29, 2011, at 10:00 a.m. EST at the Office of the Superintendent of Bankruptcy, 25 St. Clair Avenue East, Suite 600, Toronto, Ontario. During the meeting, the appointment of B. Riley Farber as bankruptcy Trustee was affirmed.
The Trustee in Bankruptcy obtained an Order Discharging Trustee on March 4, 2016.
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The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
- Certificate of Filing a Notice of Intention to Make a Proposal
- NOI Notice to Creditors
- Certificate of Appointment (bankruptcy)
- Notice to Creditors re: bankruptcy
- First Report of the Proposal Trustee, dated September 30, 2011
- Second Report of the Proposal Trustee, dated October 21, 2011
- Third Report of the Proposal Trustee, dated December 5, 2011
- First Report of the Receiver, dated December 21, 2011
- Second Report of the Receiver, dated January 17, 2012
- Motion Record, returnable October 5, 2011
- Motion Record, returnable October 25, 2011
- Motion Record, returnable December 5, 2011
- Motion Record, returnable December 23, 2011
- Motion Record, returnable January 20, 2012
- Motion Record, returnable September 26, 2014
- Order of Justice Wilton-Siegel, dated October 5, 2011
- Approval and Vesting Order of Justice Wilton-Siegel, dated October 5, 2011
- Endorsement of Justice Wilton-Siegel, dated October 5, 2011
- Order of Justice Brown Approving Extension, dated October 25, 2011
- Approval and Vesting Order of Justice Brown, dated October 25, 2011
- Order of Justice Morawetz, dated December 8, 2011
- Endorsement of Justice Morawetz, dated December 8, 2011
- Sale Approval and Vesting Order, dated December 23, 2011 (Justice Newbould)
- Order approving Receiver’s activities, dated December 23, 2011 (Justice Newbould)
- Approval & Vesting Order, dated January 20, 2012
- Order re: Recovery of Samples, dated January 26, 2012
- Order Discharging Receiver, dated September 26, 2014
- Order Discharging Trustee, dated March 4, 2016