Natura filed a Notice of Intention to Make a Proposal (“NOI“) pursuant to the provisions of the Bankruptcy and Insolvency Act (“BIA“) on Friday, December 16, 2011 and B. Riley Farber Inc. (“B. Riley Farber“), was appointed as Proposal Trustee.
The effect of the NOI is that it provides an initial 30-day stay of proceedings over all amounts owing to creditors effective December 16, 2011 (i.e. all amounts outstanding at December 16, 2011 and prior) whilst the Company formulates a Proposal to its creditors. Please note that during this process, Natura World Inc. is not bankrupt but has availed itself of a process whereby an insolvent company, under protection from its creditors, restructures it financial affairs.
Natura World Inc. (“Natura” or the “Company“) is an Ontario incorporated company that manufactures and distributes mid-to-high end all natural mattresses and related products to retail outlets in Canada and the USA. The Company has its main manufacturing facility in Cambridge, Ontario.
On January 11, 2012, the Company was granted a 45-day extension to file its Proposal pursuant to an Order of the Ontario Superior Court of Justice. A copy of the Court Order is posted below.
On February 29, 2012, the Company was granted a further 45-day extension to file its Proposal pursuant to an Order of the Ontario Superior Court of Justice. Natura has until April 16, 2012, to file a Proposal to its creditors. A copy of the Court Order is posted below.
Natura failed to file a Proposal to its creditors before 11:59 p.m. (EST) on April 16, 2012, and, accordingly, pursuant to subsection 50.4(8) of the BIA, the Company is deemed to have made an assignment in bankruptcy. A copy of the Certificate of Assignment and Notice to Creditors package is posted below.
B. Riley Farber was discharged as Trustee in Bankruptcy pursuant to a Court Order dated August 14, 2017.
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The case updates and court filed documents on this website are for informational 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 Filing of a Notice of Intention to Make a Proposal dated Dec 16, 2011
- Notice to Creditors Package