Engagements

Madoc Co-Operative Association

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”). A. Farber & Partners Inc. was appointed as Trustee (“Trustee”) in the Proposal of the Company.

Status Updates

On December 23, 2009, A. Farber and Partners Inc. 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:
Allan Nackan
T: 416.496.3732
E: anackan@farbergroup.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

NOI/Proposal/Bankruptcy Documents

Reports

Motion Materials

Orders