1749049 Alberta Ltd.


Notice of Intention to Make a Proposal

Page last updated: May 14, 2015

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 Update at May 11, 2015

On May 11, 2015, the Proposal Trustee filed its Third Report to Court to update the Court on the results of the Meeting of Creditors and to seek the Court’s approval for the proposal of 1749049 accepted by the creditors at the meeting.

Status of file as of May 5, 2015

On May 5, 2015, a meeting of creditors was held to consider and vote on approval of the Proposal filed by the Company. The requisite majority of creditors required to approve the Proposal pursuant to the provisions of the BIA was obtained and the Proposal was approved by 1749049’s creditors. As a result, the Trustee will apply to the court for a hearing of the application for approval of the Proposal by the Court.

Status of file as of April 24, 2015

On April 24, 2015, the Trustee was advised that the Company intends to amend its Proposal at the general meeting of creditors on May 5, 2015. The Trustee mailed a package to all known creditors of 1749049 containing information on the intended amendment. Further information can be found under the Claims Process tab.

Status Update at April 16, 2015

On April 16, 2015, 1749049 filed a proposal dated April 16, 2015 with the Trustee (the “Proposal”) pursuant to the provisions of the BIA.  The Trustee mailed a package to all known creditors of 1749049 containing information on the meeting of creditors (the “Meeting”) to consider and vote on 1749049 ’s Proposal. Further information relating to the Meeting and details on how to file a claim against 1749049 can be found under the Claims Process tab.

Status of file as of March 4, 2015

On March 4, 2015, the Court granted an order extending the time for the filing of a proposal by the Company in accordance with section 50.4(9) of the BIA until April 16, 2015.

On February 27, 2015, the Trustee filed its Second Report to Court, which can be found under the “Trustee’s Reports” tab to the left.

Status of file as of February 17, 2015

On February 3, 2015, 1749049 Alberta Ltd., operating as Hemisphere Engineering (“1749049” or the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. (“PwC”) was named as the trustee under the NOI (the “Trustee”).

As a result of the NOI filing, all creditors are stayed from commencing or continuing any proceedings against 1749049 until March 4, 2015 (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Company.

Notice of the NOI and the Trustee’s appointment were mailed to all affected creditors of 1749049 on February 10, 2015.

On February 11, 2015, the Company entered into an Asset Purchase and Agreement (subject to Court approval) with MCW Hemisphere Ltd. (“MCW”) which will see the sale of substantially all of the Company’s assets sold to MCW, along with the assignment of certain contracts.



This Web site will be updated as information becomes available.

For more information, please contact: Andrew Burnett, Telephone: +1 780 441 6723, or via Email.
 

Contact us

Andrew Burnett
Tel: +1 780 441 6723
Email