Precision Assessment Technology Corporation ("PATC"), Precision Assessment Technology (US) Corporation ("PATC (US)"), Trenchless Specialties, Inc. ("TSI") and Precision Sampling, Inc. ("PSI")

CCAA Filing Information

Page last updated: July 7, 2011

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.

Status of file as at November 5, 2010

  • [November 5, 2010]
    The Plan of Comprise and Arrangement approved by the Supreme Court of British Columbia provided that the unsecured creditors were to receive a partial payment of all Proven Claims funded by the repayment of a promissory note from DrillPro LLC ("DrillPro"). The DrillPro promissory note was $250,000 USD and was due on November 1, 2010. The first $125,000 of this note collected was to be the funding for all Proven Claims while the remainder was pledged to Comerica. The payment of all Proven Claims is contingent on repayment of the promissory note from DrillPro.

    As of November 4, 2010, the DrillPro note has not been repaid and the Monitor in conjunction with PATC is investigating all potential courses of action to remedy the situation in an expedited manner. We will continue to update the creditors as to the status of collection efforts on the DrillPro note.
  • [January 29, 2010]
    On January 29, 2010, the Supreme Court of British Columbia issued an Order dated January 29, 2010 (the "Order") approving the extension of the Stay Period to February 28, 2010. A copy of this Order is available on this website under the heading "Court Orders".
  • [December 16, 2009]
    On December 16, 2009, the Supreme Court of British Columbia issued a Final Order (the "Order") approving the Plan of Compromise and Arrangement. A copy of this Order is available on this website under the heading "Court Orders". A copy of the Plan of Compromise and Arrangement may be found within the Court Order dated November 25, 2009.

    Included in the December 16, 2009 Order is the Court's approval extending of the Stay Period to January 29, 2010.
  • [November 25, 2009]
    On November 25, 2009 the Supreme Court of British Columbia authorized a Meeting of Creditors of the Petitioners of PATC, PATC (US), TSI and PSI to be held on December 15, 2009 at 10:00 a.m. The purpose of the meeting is to approve the Plan of Compromise and Arrangement in the proceedings commenced under the CCAA.
  • [November 25, 2009]
    On November 20, 2009, the Supreme Court of British Columbia issued an Order dated November 20, 2009 (the "Order") approving the extension of the Stay Period to December 22, 2009. A copy of this Order is available on this website under the heading "Court Orders".
  • [November 13, 2009]
    On November 13, 2009, the Supreme Court of British Columbia issued an Order dated November 13, 2009 (the "Order") approving the extension of the Stay Period to November 20, 2009. A copy of this Order is available on this website under the heading "Court Orders".
  • [October 15, 2009]
    On October 2, 2009, the Supreme Court of British Columbia issued an Order that extended the claims bar date for Trenchless Specialties, Inc. (“TSI”) and Precision Sampling, Inc.(“PSI”) from October 16, 2009 to October 30, 2009.

    In addition, the Court extended the date of the delivery of materials to the creditors of TSI and PSI to October 7, 2009.and the sale of TSI’s assets was approved.

    In order to participate in any such distribution, any person having a claim against any of TSI and PSI arising on or after September 18, 2009 must deliver to the Monitor a Proof of Claim Form on or before the claims bar date of 5:00 p.m. (Vancouver time) on October 30, 2009.

    At this time the October 2, 2009 Order has not been entered by the Court. The entered Order will be added to the website once received.
     
  • [September 18, 2009]
    On September 18, 2009, the Supreme Court of British Columbia issued an Order dated September 18, 2009 (the "Order") approved the extension of the Stay Period to October 16, 2009. A copy of this Order is available on this website under the heading "Court Orders". Also at that hearing, Trenchless Specialties, Inc. (“TSI”) and Precision Sampling, Inc. (“PSI”) were added as Petitioners to the proceedings and directs the Monitor to solicit claims from Creditors of TSI and PSI for the purpose of determining which Creditors will be entitled to be share in the distribution.

    In order to participate in any such distribution, any person having a claim against any of TSI and PSI arising on or after September 18, 2009 must deliver to the Monitor a Proof of Claim Form on or before the Claims Bar Date of 5:00 p.m. (Vancouver time) on October 16, 2009.
     
  • [September 4, 2009]
    On September 4, 2009, the Supreme Court of British Columbia issued a Claims Bar Order (the "Order") approved the extension of the Stay Period to October 2, 2009. A copy of the Order is available on this website under the heading "Court Orders". The Order directs the Monitor to solicit claims from Creditors of the Company for the purpose of determining which Creditors will be entitled to be share in the distribution.
    In order to participate in any such distribution, any person having a claim against any of the Company arising on or after June 25, 2009 must deliver to the Monitor a Proof of Claim Form on or before the Claims Bar Date of 5:00 p.m. (Vancouver time) on October 2, 2009.
     
  • [July 24, 2009]
    Order dated July 24, 2009, approved the extension of the Stay Period to September 4, 2009. A copy of the Order is available on this website under the heading "Court Orders".
     
  • [June 25, 2009]
    On June 25, 2009, the Supreme Court of British Columbia (the "Court"), granted an Order (the "Order") providing protection for Precision Assessment Technology Corporation and Precision Assessment Technology (US) Corporation (the "Petitioners") pursuant to Companies' Creditors Arrangement Act ("CCAA") and PricewaterhouseCoopers Inc. ("PwCI") was named as Monitor (the "Monitor"). A stay of proceedings was granted until July 24, 2009 (the "Stay Period"). A copy of the Order is available on this web site below under the heading "Court Orders".
     
  • Precision Assessment Technology Corporation and Precision Assessment Technology (US) Corporation, filed for protection under the Companies` Creditors Arrangement Act on June 25, 2009.
     

This Web site will be updated as information becomes available.

For more information, please contact: Lucas Matsuda, telephone: 604 806 7309.
And Jim crooks, telephone: 604-806-7306.


Claim Materials:

PATC, PATC (US), TSI and PSI

The Order authorizing a Meeting of Creditors be held to approve the Plan of Compromise and Arrangement may be found under the heading "Court Orders". Within this Order you will find  Schedule "B" (the Plan of Compromise and Arrangement), Schedule "C" (Notice of Creditor's Meeting), Schedule "D" (Proxy and Instructions for Completion of the Proxy), Schedule "E" (Payout Election Form), Schedule "F" (Notice of Motion for Final Order and Draft Final Order), and Schedule "G" (Notice of Hearing of Final Order).

The Meeting of Creditors will be held on December 15, 2009 at 10:00 a.m. at 700 - 250 Howe Street, Vancouver.  

The completed and signed Proxy Form is to be provided to the Monitor, PricewaterhouseCoopers Inc., no later than 5:00 p.m. (Vancouver Time) on December 11, 2009.


PATC and PATC (US)

The Claims Bar Order is available under the heading "Court Orders" where you can find the Order, Schedule B (the Proof of Claim) and Schedule C (the Notice to Creditors). Copies of the Monitor's Reports issued on or before September 4, 2009 are available under the heading "Monitor's Report".

TSI and PSI

The Order dated September 18, 2009 is available under the heading "Court Orders", Schedule C (the Proof of Claim) and Schedule D (the Notice to Creditors). Copies of the Monitor's Reports issued on or before September 4, 2009 are available under the heading "Monitor's Report".


Monitor's Certificate:
328 KB Monitor's Certificate, dated March 23, 2010

Monitor's Reports:
328 KB Monitor's Fifth Report to Court, dated December 7, 2009
328 KB Monitor's Fourth Report to Court, dated October 15, 2009
328 KB Monitor's Third Report to Court, dated October 1, 2009
328 KB Monitor's Second Report to Court, dated September 2, 2009
328 KB Monitor's First Report to Court, dated July 22, 2009

Court Orders:
 

328 KB Order Dated January 29, 2010
328 KB Administrative Charge Order Dated December 16, 2009
328 KB Final Order Approving Plan Dated December 16, 2009
328 KB Order Dated October 2, 2009
328 KB Order Authorizing a Meeting of Creditors to approve the Plan of Compromise and Arrangement, dated November 25, 2009
328 KB Order dated Nov 20, 2009 extending the stay of proceeding to Dec 22, 2009
328 KB Order Extending Stay of Proceedings, dated November 13, 2009
328 KB Order dated October 16, 2009 extending the stay of proceedings to Nov 13, 2009
328 KB Order dated September 18, 2009, extending the stay of proceedings to October 16, 2009.
328 KB Amended DIP Order, dated September 30, 2009.
328 KB Claims Bar Order dated September 4, 2009, extending the stay of proceedings to October 2, 2009.
328 KB Order dated July 24, 2009, extending the stay of proceedings to September 4, 2009.
328 KB Initial Order, dated June 25, 2009

Motion Material:

328 KB Affidavit #12 of R. Nowack Dated January 27, 2010
328 KB Notice of Hearing Dated January 26, 2010
328 KB Notice of Motion Dated January 26, 2010
328 KB Notice of Hearing - Final Order Dated November 25, 2009
328 KB Notice of Motion - Final Order Dated November 25, 2009
328 KB Amended Notice of Motion Scheduled for December 16, 2009
328 KB Notice of hearing scheduled for Nov 25 ,2009, dated November 20 2009
328 KB Notice of motion scheduled for Nov 20, 2009, dated November 17 2009
328 KB Affidavit #10 of R. Nowack, dated November 17 2009
328 KB Notice of hearing scheduled for Nov 20, 2009, dated November 17 2009
328 KB Amended Notice of Motion, dated November 12 2009
328 KB Affidavit #9 of R. Nowack, dated November 12 2009
328 KB Affidavit #8 of R. Nowack, dated October 15, 2009
328 KB Amended Notice of Motion scheduled for Oct 16, 2009, dated October 14, 2009
328 KB Notice of Motion, dated October 13, 2009.
328 KB Notice of Hearing, dated October 13, 2009.
328 KB Amended Notice of Motion, dated September 30, 2009.
328 KB Affidavit #7 of R. Nowack, dated September 30, 2009.
328 KB Notice of Hearing, dated September 21, 2009.
328 KB Amended Petition, dated September 18, 2009.
328 KB Amended Notice of Motion, dated September 2, 2009.
328 KB Affidavit #3 of R. Nowack, dated July 22, 2009.
328 KB Affidavit #4 of R. Nowack, dated September 1, 2009.
328 KB Filed Petition to the Court, dated June 25, 2009.
328 KB Affidavit #2 of R. Nowack, dated June 25, 2009.
328 KB Affidavit #1 of R. Nowack, dated June 25, 2009.

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