Notice has been sent that the Trustee will be applying for its discharge on April 18, 2013. Notice of any objections to the Trustee's discharge must be filed with the court and a copy served on the Trustee by no later than March 18, 2013. A copy of the notice is included below as "Form 11 Notice" in the Proposal documents section below. Assuming there are no objections, the Trustee anticipates issuing the proposal dividend cheques around March 28, 2013.
The Trustee has received the Court's endorsement with respect to the Trustee's application on January 8, 2013. The Court has agreed with the Trustee. We are awaiting the revised proof of claim from the creditor and expect to be in a position to pay the proposal dividend around the beginning of March 2013.
The Trustee's application for advice and direction has been adjourned to January 8, 2013 in London.
The Trustee has made an application to court for advice and direction regarding the valuation of the claim filed by Trailer Wizards Ltd. The motion is set for December 18, 2012 but we understand that there may be a request to have the motion adjourned to a later date. We will update this website once a court date is confirmed for the hearing. The motion materials are below in six parts labeled as "Motion Record Dec 18".
The hearing of the disputed claim has been delayed and did not occur on October 31. The Trustee will continue to try to have the situation resolved as quickly as possible. There is no new date for a hearing set at this time.
Although we were hoping to be in a position to start to make the proposal payments by now, there are certain claims that are in dispute. One of these disputed claims appears to require Court attendance to resolve. A Court date to hear the dispute has not as yet been set. As the proposal payment to creditors is based on a pro-rata share of the dividend pool, no payments can be made until all claims are resolved. Therefore, the estate is on hold until these claims are resolved. The Trustee will post further updates once further information is available.
The Court has approved the MTI proposal. A copy of the approval order is posted below. A copy of the order approving the claims bar date of Thursday, July 26, 2012 is also attached below. Accordingly, all creditors who have a claim in the MTI proposal MUST file their claims with the Trustee by no later than 5PM, Thursday, July 26, 2012 (the "Claims Bar Date"). Any creditor who does not file a claim by the Claims Bar Date will be forever barred from filing a claim with regards to any indebtedness owing by MTI prior to the filing date of December 16, 2011.
The meeting of creditors was held on June 1, 2012 to consider the proposal. The statutory majority required to pass the proposal was obtained.
The proposal has been amended to reflect that the amount of the unsecured claims of related parties will be extinguished upon successful completion of the proposal. A copy of the amended proposal is attached below in the Proposal documents section as "Amended Proposal".
The Trustee will be applying to Court on Tuesday, June 26, 2012 at 10AM at the London Court, 451 Talbot Street, London, Ontario for the approval of the Proposal. A notice of the Court hearing has been sent to all proven creditors. A copy of the Notice is below in the Proposal documents section as "Notice of Hearing".