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 10, 2011, on the application made by certain creditors (the “Creditors”), an order (the “Appointment Order”) was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to section 47.1(1)(b) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”) and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43, as amended (the “CJA”) appointing PricewaterhouseCoopers Inc. (“PwC”) as interim receiver (the "Interim Receiver") of all of the assets, undertakings and properties (the “Property”) of True Blend Tobacco Company Inc. (“True Blend”), Brian Kevin Poreba and Victor Osztrovics (collectively the “Debtors”) acquired for, or use in relation to the business carried on by the Debtors.
The Appointment Order will remain in effect until May 12, 2011 at 11:59 p.m., or until such time as a motion for an extension of the Appointment Order can be heard by the Court. On May 27, 2011 the Court issued an order extending the Appointment Order until further order of the Court.
On July 4, 2011, PwC was also appointed as receiver (the “Receiver”) over all of the Property of True Blend by Trisura Guarantee Insurance Company, pursuant to its security agreements with True Blend.
On August 8, 2011, the Court issued an order discharging PricewaterhouseCoopers Inc. as Interim Receiver of the Debtors effective upon the Interim Receiver filing the Discharge Certificate with the Court, at which time the Interim Receiver’s Charge and the Interim Receiver’s Borrowings Charge shall be terminated and extinguished.
On July 29, 2011, the Interim Receiver prepared its Second Report to the Court to; (i) inform the Court of itsactivities since its First Report; (ii) advise the Court of the sale of certain of True Blend’s Property as described in the First Report; and (iii) to seek an order from the Court (a) approving the First and Second Reports of the Interim Receiver; (b) approving the Interim Receiver’s Statement of Receipts and Disbursements; (c) approving the fees and disbursements of the Interim Receiver and that of its legal counsel; (b) termination the Interim Receiver’s Charge and the Interim Receiver’s Borrowings Charge upon the Interim Receiver filing a discharge certificate; and (e) declaring that PricewaterhouseCoopers Inc. has duly and properly discharged its duties, responsibilities and obligations as the Interim Receiver and discharging and releasing the Interim Receiver. A motion will be heard on August 8, 2011.
On May 12, 2011, the Appointment Order was extended until further Order of the Court.
On May 19, 2011, the Interim Receiver mailed to all known creditors the Notice and Statement of the Receiver.
This Web site will be updated as information becomes available.