On April 1, 2022, Victory Nickel Inc. (“Victory”) filed a Notice of Intention to make a Proposal (“NOI”) pursuant to Section 50.4 of the Bankruptcy and Insolvency Act¸ R.S.C 1985, c. B-3, as amended (the “BIA”) and on April 14, 2022, filed a Proposal pursuant to Part III, Division I of the BIA (the “Proposal”). Grant Thornton Limited was appointed as proposal trustee in the Proposal proceedings. The First Meeting of Creditors was held on May 5, 2022, and adjourned to July 26, 2022.
At the reconvened meeting held on July 26, 2022, the Proposal was not approved by the requisite majority of creditors. Consequently, Victory was automatically deemed bankrupt. Further the creditors moved to appoint A. Farber and Partners Inc. as the Trustee in Bankruptcy.
On February 8, 2023, pursuant to the order of Justice McEwen (the “Substitution Order”), certain estates of A. Farber & Partners Inc. and A. Farber & Partners Ltd. (collectively “Farber”), were transferred to B. Riley Farber Inc. (“B. Riley Farber”) and B. Riley Farber was substituted in place of Farber as Trustee in Bankruptcy (the “Trustee”).
The Trustee retained Red Cloud Securities Inc. to assist the Trustee in conducting a sale process (the “Sale Process”) with respect to the assets of Victory. In response to the Sale Process, an offer was received from Rio Tinto Exploration Canada Inc. (“Rio Tinto”) for Victory’s interest in the Lac Rocher mineral claims. A condition of Rio Tinto’s offer is that the sale is subject to court approval. Accordingly, the Trustee has made an application to have the sale approved by the court, in addition to approval of other ancillary matters. The Application Record, along with other relevant documents, are posted below.
For creditor or employee inquiries, please contact:
Associate | Restructuring
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.
Court Orders & Motion Materials