Engagements

TNG Services Inc. formerly known as NexInnovations Inc.

On April 8, 2008, TNG Services Inc. (the “Company”) was deemed bankrupt pursuant to an Order of the Court and A. Farber & Partners Inc. (the “Trustee”) was named as the Trustee in Bankruptcy. TNG was a computer hardware vendor and service support company with its head office located in Mississauga, Ontario.

On November 27, 2008, the Company filed a Proposal to take itself out of bankruptcy. The Proposal was subsequently withdrawn and the Company remained bankrupt.

Pursuant to the Sale Approval and Vesting Order of Justice Campbell dated December 29, 2008 (the “Order”), linked below, the assets of, and the claims against, the Company were transferred to a new company, TNG Acquisition Inc. (“TNG Acquisition”), which became bankrupt effective February 6, 2009 to carry on the administration of the Company’s bankruptcy. The Order also annuls the original bankruptcy order dated April 8, 2008 so the Company is no longer bankrupt.

The net effects to creditors of the Company are:

  1. They are no longer creditors of the Company;
  2. They are now creditors of TNG Acquisition;
  3. The assets in the estate of the Company have been transferred to TNG Acquisition, so the assets that were available to creditors of the Company are still available to them through the TNG Acquisition estate; and,
  4. The TNG Acquisitions estate will also receive the additional benefits of cash payments of $750,000 over an 8-month period and the withdrawal of a claim of approximately $841,000 filed by one of the principals of the Company. These additional benefits would not otherwise have been available to the creditors if the assets and liabilities were not transferred to TNG Acquisitions and if the Company remained bankrupt.

The Order also provides that proofs of claim filed in connection with the bankruptcy of the Company shall stand in place and stead of the proofs of claim filed in connection with the bankruptcy of TNG Acquisition. Creditors who have filed proofs of claim in connection with the bankruptcy or proposal of TNG Services Inc., formerly known as NexInnovations Inc., need not file further proofs of claim in connection with the bankruptcy of TNG Acquisition.

All future updates on the ongoing administration of the former assets and liabilities of NexInnovations will be posted in the TNG Acquisition link on the Farber Financial Group website at:http://www.farberfinancialgroup.com/services/a_farber_partners_inc/corporate_insolvency_restructuring/engagements_current.php?id=39

Employee Claims

Please be advised that all employees from Ontario that wish to file a Proof of Claim should contact Shirley Heaslip at the Ministry of Labour to confirm whether the Ministry of Labour will be filing a claim on their behalf. The number for Shirley Heaslip is 1 800 267-1916.

Bankruptcy Notices

 

Orders

 

Reports