This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On May 28, 2012, pursuant to an application by Pinnacle Capital Resources Limited in its capacity as general partner of Red Ash Capital Partners II Limited Partnership ("Red Ash"), the Ontario Superior Court of Justice (Commercial List) (the "Court") granted an Order pursuant to section 46(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the "BIA") appointing PricewaterhouseCoopers Inc. ("PwC") as interim receiver in respect of Kraus Inc., Kraus Canada Inc., and Strudex Fibres Limited (collectively the "Companies"). A copy of the Order can be found in the Court Orders section of this website.
PwC understands Red Ash brought applications for bankruptcy orders in respect of Kraus Inc. and Strudex Fibres Limited, which shall be returnable and heard by the Court on June 11, 2012, at 9:30 a.m. PwC understands that a separate application has been made before the Court of the Queen's Bench in Winnipeg, Manitoba by Red Ash for a bankruptcy order in respect of Kraus Canada Inc. A copy of the applications for bankruptcy orders in respect of each of the Companies can be found in the Motion Materials section of this website (under part 5 of 5 of the Applicant's Motion Record).
PwC understands that an application has been made in these proceedings by Red Ash for an order appointing PwC as receiver pursuant to section 243(1) of the BIA over the assets, undertakings and property of Kraus Inc., Kraus Canada Inc., Strudex Fibres Limited, and 538626 B.C. Ltd.
On May 28, 2012, pursuant to the Order, PwC as interim receiver in respect of the Companies sent a notice of its appointment and the scheduled hearing on June 11, 2012 to the following parties:
A copy of the notice can be found in the Notices section of this website.
On June 10, 2012, the Interim Receiver and the Proposed Receiver filed its second report with the Court to:
On June 7, 2012, the Applicants filed a supplementary application record for the motion to be heard on June 11, 2012, for:
On June 5, 2012, The Queen’s Bench Winnipeg Centre In Bankruptcy issued an order to transfer proceedings in the matter of the Bankruptcy of Kraus Canada Inc. to the Ontario Superior Court of Justice (Commercial List) in Bankruptcy & Insolvency, Toronto. A copy of the order is posted under the Court Orders tab.
On May 29, 2012 PwC, in its capacity as Interim Receiver and Proposed Receiver filed its first report to the Court to support a motion to be heard subsequent to the hearing for the applications for bankruptcy orders on June 11, 2012 to, among other things, determine:
A copy of PwC's first report can be found in the Reports section of this website. A copy of the motion record can also be found in the Motion Materials section of this website.
This Web site will be updated as information becomes available.