Master Cleaning Supplies Inc. (“Master” or the “Company“) filed a Notice of Intention to Make a Proposal (“NOI“) pursuant to the provisions of the Bankruptcy and Insolvency Act (“BIA“) on September 17th, 2012 and A. Farber & Partners Inc., a member of Farber Financial Group (“Farber“), was appointed as Proposal Trustee.
The effect of the NOI is that it provided an initial 30-day stay of proceedings overall amounts owing to creditors effective September 17th, 2012 while the Company formulated a Proposal to their creditors.
The Company failed to file a Proposal by the deadline of October 17th, 2012 and as a result, they are deemed to have filed an assignment into bankruptcy as of October 18th, 2012. The First Meeting of Creditors is scheduled for November 7th, 2012 at 10:00 a.m. at the offices of Farber Financial Group, 150 York Street, Suite 1600, Toronto, Ontario. A. Farber & Partners Inc. has been appointed as Trustee in Bankruptcy.
Copies of the insolvency-related documents can be found below.
The Company entered into an agreement of purchase and sale, subject to Court approval, to sell the business, other than the accounts receivable, to a third party. The hearing for Court approval was held Tuesday, September 25, 2012. Copies of the motion material and Approval and Vesting Order are posted below.
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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.
- Certificate of Bankruptcy, dated October 18, 2012
- Notice to Creditors, dated October 25, 2012
- Certificate for the Notice of Intention to Make a Proposal, dated September 17, 2012
- Notice to Creditors, dated September 19, 2012