On December 2, 2009, Madoc Co-Operative Association (“Madoc” or the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act (the “BIA”). B. Riley Farber Inc. (“B. Riley Farber“) was appointed as Trustee (“Trustee”) in the Proposal of the Company.
On December 23, 2009, B. Riley Farber was appointed as Interim Receiver of Madoc. Also on the same date, the deadline to file the Proposal was extended to January 18, 2010. By Court Order dated January 15, 2010, the deadline to file a Proposal was further extended to February 26, 2010. By Court Order dated February 24, 2010, the deadline to file a Proposal was further extended to April 12, 2010.
Madoc filed a Proposal with the Official Receiver on April 12, 2010. On May 3, 2010, a meeting of creditors was held to consider the Proposal. Given that the realization of a number of significant assets of Madoc had not yet been completed at the time of that meeting, and there remained unresolved issues regarding the status of claims of debenture holders, the creditors voted in favour of adjourning the meeting to July 6, 2010.
The Trustee has sent a notice of adjourned meeting to all known creditors advising that the meeting of creditors to consider the Proposal will be reconvened on Tuesday, July 6, 2010, at 11:00 a.m. at the Fairland Inn & Suites by Marriott located at 407 North Front Street, Churchill Room, Belleville, Ontario.
The Trustee has prepared a Supplementary Report to assist creditors in considering the Proposal at the July 6, 2010, meeting. A copy of the Supplementary Report is attached below.
As a result of the meeting of creditors held on July 6, 2010, please be advised that the majority of creditors refused the Proposal, which in turn deemed the Company bankrupt as of July 6, 2010. A copy of the bankruptcy certificate is attached below, for your review.
Creditor or employee enquiries
For creditor or employee inquiries, please contact:
E: [email protected]
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 Assignment dated July 6, 2010
- Bankruptcy Proof of Claim
- Certificate of NOI dated December 2, 2009
- Notice of NOI package to Creditors
- Certificate of Proposal dated April 12, 2010
- Notice of Proposal package to Creditors
- Notice of Adjourned Creditors’ Meeting
- Trustee’s Supplementary Report to Creditors
- First Report of Proposal Trustee dated December 18, 2009
- Third Report of Proposal Trustee dated January 12, 2010
- Motion returnable on December 23, 2009 for the appointment of Interim Receiver
- Motion returnable on December 23, 2009 re first extension of time to file a Proposal
- Motion returnable on February 24, 2010 re third extension of time to file a Proposal
- Motion returnable on April 30, 2010 re approval of sale of certain assets
- Interim Receiver Appointment dated December 23, 2009
- Endorsement of Justice Ray dated December 23, 2009 extending deadline to file Proposal
- Order of Justice Roy dated January 15, 2010 extending deadline to file Proposal
- Order of Deputy Registrar Dempster dated February 24, 2010 extending deadline to file Proposal