B. Riley Farber
B. Riley Farber
  • Our Services
    • Financial Advisory & Restructuring
      Our Services
      • Restructuring
      • Turnaround
      • Stressed & Distressed Transactions and Advisory
      • Business Modelling & Analytics
      • Fraud Forensics & Asset Recovery
      • Engagements
      Bankruptcy & Restructuring Solutions to the Crypto... Bankruptcy & Restructuring Solutions to the Crypto Crisis Explore
    • Corporate Finance
      Our Services
      • Debt Financing
      • Equity Financing
      • Mergers & Acquisitions
      • Business Valuations
      • ———-
      • Transactions
      When Does a Management Buyout Make Sense?... When Does a Management Buyout Make Sense? Learn more
    • HR Strategy
      Our Services
      • Advisory & Support
      • Organizational Alignment
      • Executive & Employee Compensation
      • Performance Management
      Recruiting with Intention: How to Attract Top Tale... Recruiting with Intention: How to Attract Top Talent in a Changing World Get the details
    • Executive Search
      Our Services
      • Executive & Leadership Search
      • Interim Management
      • Fractional Executives
      • Executive & Leadership Opportunities
      Discover the Impact of Some of the Searches We've ... Discover the Impact of Some of the Searches We've Completed View Our Case Studies
    • Organizational & Talent Development
      Our Services
      • Leadership Development
      • Talent Retention
      • Team Effectiveness
      • Executive Presence
      • Executive Coaching
      Family Business Succession: Having the Tough Conve... Family Business Succession: Having the Tough Conversations Learn more
    • Outplacement
      Our Services
      • Executive Career Transition
      The The "I" in Executive Career Transition Explore
    • Wealth Management
      Our Services
      • Financial Planning for Individuals
      • Financial Planning for Business Owners
      Tax Advantaged Personal Pension Plan... Tax Advantaged Personal Pension Plan Get the details
  • Insights
    Featured Insights
    • Articles
    • Case Studies
    • News
    • Sign Up for Newsletters & Insights
    Trends that are driving significant change in your... Trends that are driving significant change in your business Explore
  • Events & Webinars
  • About Us
    Our People & Story
    • Our Team
    • Faces of Farber
    • Equity, Diversity & Inclusion
    • Leadership
    • Our History
    • International Partnerships
    • Contact Us
    • Sign Up for Our News and Insights
    Meet the faces, and personalities, that make-up Fa... Meet the faces, and personalities, that make-up Farber’s unique culture Faces of Farber
    Careers at B. Riley Farber... Careers at B. Riley Farber View opportunities
Subscribe Contact Us
  • Financial Advisory & Restructuring
    • Restructuring
    • Turnaround
    • Stressed & Distressed Transactions and Advisory
    • Business Modelling & Analytics
    • Fraud Forensics & Asset Recovery
    • Engagements
  • Corporate Finance
    • Debt Financing
    • Equity Financing
    • Mergers & Acquisitions
    • Business Valuations
    • Tax Law
    • Transactions
  • HR Strategy
    • Advisory & Support
    • Organizational Alignment
    • Executive & Employee Compensation
    • Performance Management
  • Executive Search
    • Executive & Leadership Search
    • Interim Management
    • Fractional Executives
    • Executive & Leadership Opportunities
  • Talent Development
    • Leadership Development
    • Talent Retention
    • Team Effectiveness
    • Executive Presence
    • Executive Coaching
    • Onboarding Coaching
  • Outplacement
    • Executive Career Transition
  • Wealth Management
    • Financial Planning for Individuals
    • Financial Planning for Business Owners
  • Insights
  • Events & Webinars
  • About Us
    • Our Team
    • Faces of Farber
    • Equity, Diversity & Inclusion
    • Leadership
    • Our History
    • International Partnerships
    • Careers
  • Contact Us
  • Accessibility
  • Privacy Policy
  • Terms of Use

Engagements

Barrymore Furniture Co. Ltd.

NOI

On November 29, 2019, Barrymore Furniture Co. Ltd. (“Barrymore” or the “Company”) filed a Notice of Intention to Make a Proposal (the “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 trustee (the “Proposal Trustee”).

Bankruptcy

On January 17, 2020, Barrymore ceased operations and filed an assignment in bankruptcy. B. Riley Farber was appointed as Bankruptcy Trustee by the Official Receiver (the “Bankruptcy Trustee”), subject to affirmation by the unsecured creditors at the first meeting of creditors which is scheduled for February 6, 2020 at 10:00 a.m. at  B. Riley Farber, LIT, 150 York Street, Suite 1600, in Toronto, Ontario.

On January 21, 2020, the Bankruptcy Trustee obtained an order (the “January 2020 Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) authorizing the Bankruptcy Trustee to sell Barrymore’s assets and, if necessary, disclaim the lease for the Barrymore’s premises, before the first meeting of creditors and the appointment of inspectors. A copy of the January 2020 Order is posted below.

The Bankruptcy Trustee has engaged Infinity Asset Solutions as agent to conduct a public auction sale of all inventory and equipment located at Barrymore’s operating facility, located at 1168 Caledonia Road, Toronto, Ontario. The online public auction sale will take place on February 6, 2020. Details on the auction sale are available on infinityasssets.com

The Bankruptcy Trustee is also reviewing offers to purchase the intellectual property of Barrymore. The deadline for submission of offers is February 3, 2020. Enquiries for potential purchaser qualification and receipt of a nondisclosure agreement to allow data room access (upon execution and acceptance) should be made to B. Riley Farber to the attention of:

Robyn White
T: 647.796.0630
E: rwhite@brileyfin.com

Background – NOI

The primary purpose of the NOI was to provide Barrymore with temporary relief from creditors to allow it to carry on business through the holiday season and canvas the market for potential buyers of its business and/or assets.

On December 9, 2019, the Company brought a Motion to the Court for an Order seeking an extension to the time within which the Company is required to make a Proposal. The Court issued an Order granting the extension to February 12, 2020 (the “Extension Order”). A copy of the Extension Order is posted below.

On January 16, 2020, the Proposal Trustee issued a Notice of Material Adverse Change (the “MAC Notice”) in respect of the Company’s cash flow and business operations. A copy of the MAC Notice is posted below.

Sales Process During NOI

The Proposal Trustee assisted Barrymore in conducting a marketing and sale process to invite offers for the purchase of all of the right, title and interest in Barrymore’s assets, property and undertakings (the “Assets”).

The Assets included the following:

  • Inventory – Finished goods and raw materials
  • Trade Account Receivables and other account receivables
  • Real Property Lease
  • Manufacturing fixtures and equipment
  • Customer lists and dealer network
  • Website and Intellectual Property
  • Store signage

Interested parties were invited to submit offers directly to the Proposal Trustee. Ultimately, a successful offer, if any, would be subject to an asset purchase agreement, which in turn would be subject to Court-approval.

  • Teaser
  • NDA

Creditor Enquiries

For creditor enquiries, please contact:

Geanina Schmidt
T: 416.496.3753
E: gschmidt@brileyfin.com

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
  • Creditors Package – Notice of Bankruptcy

Proposal Documents

  • Creditors Package – Notice of Intention to Make a Proposal
  • Notice of Material Adverse Change

Court Reports

  • First Report of the Proposal Trustee – December 4, 2019

Motion Materials

  • Motion Record (returnable January 21, 2020)
  • Book of Authorities (returnable January 21, 2020)
  • Factum (returnable January 21, 2020)
  • Motion Record (returnable December 9, 2019)

Court Orders and Endorsements

  • Order of Justice Hainey – January 21, 2020
  • Order of Justice McEwen (Extension Order) – December 9, 2019
  •   Print friendly version

Contacts

Paul Denton

CA (NZ), CIRP, LIT
Managing Director Restructuring
  • 416.496.3773
  • 416.846.0069
  • pdenton@brileyfin.com

Featured Article

Bankruptcy & Restructuring Solutions to the Crypto Crisis

August 22, 2022

The financial news has been dominated recently by a series of high-profile crypto failures and bankruptcies and its making investors edgy. Allan Nackan explains the turmoil faced by many…

View article
Authentically, different. ™
  • About Us
    • Our Team
    • Leadership
    • Equity, Diversity & Inclusion
  •  
    • Our History
    • Our Partnerships
    • Careers
  • Of Interest
    • Insights
    • Upcoming Events
International
  • BTG Global Advisory
  • IIC Partners
  • Privacy
    • Terms of Use
    • Privacy Policy
    • Cookie Notice
    • Accessibility Policy
Subscribe Contact Us

© 2023 B. Riley Farber. All rights reserved.

B. Riley Farber