On November 11, 2009, the Ontario Superior Court of Justice (Commercial List) issued an order (the “Recognition Order”) recognizing administration orders made November 11, 2009 (the “English Orders”) by the High Court of Justice (Chancery Division, Companies Court) of England and Wales in respect of each of Aero Inventory (UK) Limited and Aero Inventory plc (together, the “Foreign Debtors”), and recognizing the proceedings contemplated by the English Orders as foreign main proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C., 1985, c. C.-36.
The English Orders contemplate the Foreign Debtors’ protection under the Insolvency Act, 1986, Schedule B1, in England and Wales. Pursuant to the English Orders, James Robert Tucker, Richard Heis and Allan Watson Graham of KPMG LLP (the “Foreign Representatives”) were appointed as joint administrators of the affairs, business and property of the Foreign Debtors. KPMG Inc. was appointed as Information Officer in Canada.
On Friday January 22, 2010, the Joint Administrators of Aero Inventory (UK) Limited ("Aero UK") and Aero Inventory Plc ("Aero Plc" and collectively the "Foreign Debtors") assigned the Foreign Debtors into bankruptcy, pursuant to the Bankruptcy and Insolvency Act (“BIA”) of Canada with KPMG Inc. being named as the Trustee in Bankruptcy of both Aero UK and Aero Plc (the “Trustee”).