Staffy Canada Inc.

On August 1, 2024, Staffy Canada Inc. (the “Company“) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and B. Riley Farber Inc. (“B. Riley Farber) was appointed as proposal trustee in the Companies’ NOI proceedings (in such capacity, the “Proposal Trustee”).

The NOI filing provides for a stay of proceedings against the Company, pursuant to s. 69(1) of the BIA, subject to certain limitations, while the Company formulates a restructuring plan and attempts to develop a viable proposal for its creditors.

On November 28, 2024, the Company filed a Proposal with the Proposal Trustee as required and an Notice to Creditors of Proposal mailing was performed on December 9, 2024.

Relevant documents can be found below.

Status Updates

November 28, 2024

On November 28, 2024, the Company filed a Proposal with the Proposal Trustee as required and an Notice to Creditors of Proposal package was sent to creditors on December 9, 2024.

A General Meeting of Creditors to consider and vote on the Proposal will be held via ZOOM videoconference on Thursday, December 19, 2024 at 10:00 a.m. (EST). To joint the Meeting, please use the below access details:

ZOOM VIDEOCONFERENCE LINK

Dial-in Option (Canada): +1 780 666 0144

Dial-in Option (USD): +1 929 205 6099

Meeting ID: 922 0863 1075

Passcode: 320640

October 14, 2024

On October 14, 2024 the Ontario Superior Court of Justice (Commercial List) issued an order:

i) extending the time for the Company to file a proposal pursuant to s. 50.4(9) of the Bankruptcy and Insolvency Act, for 45 days, up to and including November 8, 2024;

ii) approval of the proposed RISP; and

iii) approving the Second Report of the Proposal Trustee and the activities described therein.

A copy of the order can be found below.

August 23, 2024

On August 23, 2024 the Ontario Superior Court of Justice (Commercial List) issued an order:

a) extending the time for the Company to file a proposal pursuant to s. 50.4(9) of the Bankruptcy and Insolvency Act, for 45 days, up to and including October 14, 2024;

c) granting a first-ranking priority charge against the assets, property and undertakings of the Company, in the maximum amount of $150,000 as security for the payment of the professional fees

d) approving the First Report of the Proposal Trustee and the activities described therein.

A copy of the Order can be found below.

August 20, 2024

The Company has scheduled a motion to be heard on August 23, 2024, seeking an Order for:

a) extending the time for the Company to file a proposal pursuant to s. 50.4(9) of the Bankruptcy and Insolvency Act, for 45 days, up to and including October 14, 2024;

c) granting a first-ranking priority charge against the assets, property, and undertakings of the Company, in the maximum amount of $150,000 as security for the payment of the professional fees; and

d) approving the First Report of the Proposal Trustee and the activities described therein.

A copy of the Motion Record can be found below.

Creditor Inquiries

For creditor inquiries, please contact:

Sara Corcoran
Corporate Insolvency Administrator | Restructuring
T: 437.294.4650
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.