Watch It! Incorporated (“WII“) and Comfortable Image Inc. (“CII”, collectively the “Companies“) are incorporated in Alberta. WII is a Canadian watch retail franchisor with 30 franchise stores operating under the WATCH IT! banner. CII owns and operates 13 of the 30 WII franchise stores. Corporate head office for both WII and CII are in Calgary, Alberta. The stores sell watches, sunglasses and related accessories. All of the 30 WII franchise store locations are leased.
WII and CII each filed a Notice of Intention to Make a Proposal (“NOI“) pursuant to the provisions of the Bankruptcy and Insolvency Act (“BIA“) on May 15, 2017 and A. Farber & Partners Inc., a member of Farber Financial Group (“Farber“) was appointed as Proposal Trustee. The Companies are not bankrupt. The NOI provides an automatic stay of proceedings against the creditors providing the Companies an opportunity to restructure their affairs and formulate a proposal to creditors. During this time, the Companies remain in control of their assets and continue their businesses.
WII and CII each filed an assignment in bankruptcy on August 21, 2017 and Farber was appointed Licensed Insolvency Trustee. The First Meeting of Creditors are scheduled for September 8, 2017 at 3:30 pm at the office of A. Farber & Partners Inc., 150 York Street, Suite 1600, Toronto, Ontario. Copies of the Certificates of Appointment and Notices to Creditors are posted below.
Creditor or Employee Equiries
For creditor enquiries, please contact:
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 become available.
Proposal and Bankruptcy Documents
- WII – Notice of Intention to Make a Proposal
- CII – Notice of Intention to Make a Proposal
- WII – Bankruptcy Certificate of Appointment
- WII – Bankruptcy Notice to Creditors
- CII – Bankruptcy Certificate of Appointment
- CII – Bankruptcy Notice to Creditors
- First Report of the Proposal Trustee – May 17, 2017
- Second Report of the Proposal Trustee – June 8, 2017
- Third Report of Proposal Trustee – June 28, 2017
Motion Materials (Affidavits, Factums, Books of Authority)
- Application – returnable May 19, 2017
- Affidavit #1 of Darren Bondar – sworn May 16, 2017
- Application – returnable June 12, 2017
- Affidavit #2 of Darren Bondar – sworn on June 7, 2017
- Application – returnable on June 29, 2017
- Affidavit #3 of Darren Bondar – sworn June 29, 2017
Court Orders and Endorsements
- Order to Approve Administrative Charge/Administratively Consolidate Proceedings, May 19, 2017
- Order (Extension, SISP, APA), June 12, 2017
- Order (Service, Extension, and Sealing), June 29, 2017
- Sale Approval and Vesting Order, June 29, 2017