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.
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.
The purpose of this website is to provide documents to any interested persons regarding the Proposal of this company. The documents listed below are in pdf format and can be viewed and/or downloaded. Please feel free to return to this website periodically for future updates on the status of these proceedings. Additional documents and information will be posted as it becomes available.