On October 10, 2024, StateHouse Holdings Inc. (the “Company”) filed an assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (“BIA”) and on October 11, 2024 the assignment was accepted by the Office of the Superintendent of Bankruptcy and B. Riley Farber Inc. (“B. Riley Farber”) was appointed as Trustee in Bankruptcy.
Status Updates
The First Meeting of Creditors was held via ZOOM videoconference on October 30, 2024, at 10:00AM (EDT). A copy of the Trustee’s Preliminary Report to Creditors is posted below.
It is anticipated that there will be no assets available to the creditors of the Company and consequently there will be no value to the shareholders.
Shareholders are not required to complete a proof of claim for their investment losses in the common shares as the proof of claim forms are only required for creditors of the Company.
U.S. Receivership Proceedings
Certain of the primary secured creditors Pelorus Fund REIT, LLC and Pelorus Fund LOC, LLC (Collectively “Pelorus“) have filed a Court application in the State of California to appoint a receiver over certain of the US subsidiaries of StateHouse Holdings Inc. The Court Order was signed effective October 11, 2024. The US receiver is Kevin Singer of Receivership Specialists with offices in California and other states.
The Canadian Trustee has no administrative responsibilities in US Receivership Proceedings.
Although, the Canadian bankruptcy proceedings are at a very early stage, it appears that there will be no funds available for creditors of StateHouse Holdings Inc. and therefore no value to the shareholders.
Creditor Inquiries
For creditor inquiries, please contact:
Geanina Schmidt
Corporate Insolvency Administrator | Restructuring
T: 437.294.3620
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.
Documents
Bankruptcy Documents
• Certificate of Appointment
• Statement of Affairs
• Proof of Claim Form
• Trustee’s Preliminary Report to Creditors
• Minutes of the First Meeting of Creditors
U.S. Receivership
• Order of Justice Robert C. Longstreth
Cease Trading Order