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3174026 Canada Inc.

Receivership

Page last updated: July 6, 2022

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 of July 4, 2022

­The Order (the “Ancillary Relief Order”) made in the receivership proceeding of 3174026 Canada Inc. (the “Company”) on May 27, 2022, authorized PricewaterhouseCoopers Inc., LIT, in its capacity as Receiver of the Company, to assign the Company into bankruptcy. A copy of the Ancillary Relief Order may be obtained from the Orders section of this website.

On June 27, 2022, pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the “BIA”), PricewaterhouseCoopers Inc., LIT, was appointed as licensed insolvency trustee (the “Trustee”) of the bankrupt estate of the Company by the official receiver, subject to affirmation by the creditors of the Trustee's appointment or substitution of another trustee by the creditors.

The first meeting of creditors (the “Meeting”) will be held at the following date and time using the Google Meet platform:

Date and Time: on July 14, 2022 at 10:00 AM EST 

Link: https://meet.google.com/mbm-paxj-yyg

Participants who do not have a Google account may join the Meeting via phone:

Telephone Number: +1 289-352-9972 

PIN: 266 679 873#

The notice of bankruptcy and first meeting of creditors along with a Proof of Claim and a Proxy forms (the “Notice’) was issued to all known creditors of the Company on July 4, 2022 and is available under the Notices section of this website.

Status of File as of May 24, 2022

On May 24, 2022, the Receiver filed a motion returnable May 27, 2022 seeking orders of the Court:

  1. approving the Cap-Bimet APS and the Cap-Bimet Sale and vesting in the Cap-Bimet Purchaser all of the Receiver’s and 317’s right, title and interest in and to the Cap-Bimet Property;
  2. sealing Confidential Appendix “A” to the Third Report;
  3. approving the Receiver’s R&D for the period from January 6, 2022 to May 16, 2022;
  4. approving the Second Report and the activities of the Receiver described therein;
  5. approving the Third Report and the activities of the Receiver described therein;
  6. approving the fees and disbursements of the Receiver and its legal counsel for the period described in the Third Report;
  7. approving a distribution to Pivot Financial in the amount of $2,379,874.67, plus per diem interest of $914.21 after May 27, 2022,from the Receiver’s available cash on hand, in full satisfaction of the Pivot Financial Term Loan;
  8. approving a distribution to BDC in the amount of $286,858.13, plus per diem interest of $41.92, in full satisfaction of the BDC Debt;
  9. approving a distribution to BDC Capital in the amount of $649,753.98, plus per diem interest of $92.2,0 after March 22, 2022 in satisfaction of the undisputed amount owing on the BDC Capital Debt; and
  10. authorizing the Receiver to make an assignment in bankruptcy on behalf of 317, or to cause 317 to make such an assignment, at the Receiver’s discretion

A copy of the Motion Record can be found in the Court Materials section of the website.

Status of File as of March 23, 2022

The sale transaction contemplated in the asset purchase agreement between the Receiver and Canadawide Sports Inc. closed on March 23, 2022.

Status of File as of March 9, 2022

On March 9, 2022, the Court issued an order (the “Approval and Vesting Order”), effective March 16, 2022 which approved the asset purchase agreement between the Receiver and Canadawide Sports Inc. dated February 24, 2022.

On the same day, the Court issued an order (the “Ancillary Relief Order”), which among other things:

  1. Approved an asset purchase agreement between the Receiver and Canadawide Sports Inc. dated February 24, 2022;
  2. Authorized the Receiver to return deposits submitted as part of the Sale Process to bidders not determined to be back up bidders;
  3. Authorized the Receiver to make the KERP payments (as defined in the First Report) from the sales proceeds;
  4. Approved sealing Confidential Appendices “A” and “B” (as defined in the First Report); and
  5. Approved the First Report of the Receiver, the activities of the Receiver described in the First Report and the fees and disbursements of the Receiver and its legal counsel

Copies of the Approval and Vesting Order and Ancillary Relief Order can be found in the Court Orders section of the website.

Status of File as of March 2, 2022

On March 2, 2022, the Receiver filed a motion returnable March 9, 2022 seeking orders of the Court:

  1. approving the asset purchase agreement dated February 24, 2022 entered into by the Receiver and Canadawide Sports Inc. (the "Purchaser") and the Transaction contemplated therein, and vesting the Purchased Assets into the Purchaser free and clear of any and all security interests, encumbrances, estates, rights and claims;
  2. authorizing the Receiver to return deposits submitted as part of the Sale Process to bidders not determined to be back up bidders;
  3. authorizing the Receiver to make the KERP payments (as defined in the First Report) from the sales proceeds;
  4. approving the Receiver’s statement of receipts and disbursements from the Date of Appointment to February 18, 2022;
  5. sealing Confidential Appendices “A” and “B” (as defined in the First Report)
  6. approving the First Report of the Receiver and the activities of the Receiver described in the First Report; and
  7. approving the fees and disbursements of the Receiver and its legal counsel

A copy of the Motion Record can be found in the Court Materials section of the website.

Status of File as of January 6, 2022

On January 6, 2022 HockeyShot Inc. was placed in Receivership pursuant to a Court Order. PricewaterhouseCoopers Inc., LIT was appointed Receiver. A copy of the Order is located in the Court Order section of this website.


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