C. & C. Wood Products Ltd. and Westside Logging Ltd.

Receivership

Page last updated: April 22, 2021

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 as of April 19, 2021

Finalization of Receivership

On March 30, 2021, the Court issued the Discharge Order, which among other things:

  • Approved the Receiver's activities, including the Receiver's Final Statement of Receipts and Disbursements;
  • Approved the Receiver’s and its legal counsel’s professional fees and disbursements including the remaining fees to conclude the matters; and
  • Discharged the Receiver, subject to the Receiver concluding the matters and distributing the final funds to Callidus Capital Corporation.

The Court also granted an order (the “Sealing Order”) which approved the sealing of the confidential affidavit of Michelle Grant.

A copy of the Discharge Order and Sealing Order are available on this website under the “Court Orders” tab above.

Finalization of Bankruptcy

No assets remain available in the Bankruptcy of C&C and WSL following the finalization of the receivership and discharge of the Receiver.  PwC as the appointed Bankruptcy Trustee will now proceed to finalize the Bankruptcy and seek their discharge as Bankruptcy Trustee. 

Status Update as of March 19, 2021

On March 19, 2021, the Receiver filed its Third and Final Report to inform the Court of the Receiver’s activities throughout the administration and seek approval of the following:

  • Receiver’s activities, including the Receiver's Final Statement of Receipts and Disbursements;
  • Receiver's and the Receiver's legal counsel's professional fees and disbursements; and
  • Discharging the Receiver.

The application will be heard on March 30, 2021.  A copy of the Third and Final Report and application materials can be found under the "Receiver's Reports" and "Motion Materials" tabs above, respectively.

Status Update as of November 17, 2020

Approval and vesting order

On September 21, 2020 the Court issued an order (the "Approval and Vesting Order") which approved the:

  • activities of the Receiver as described in the Receiver's Second Report, including the Receiver’s statement of receipts and disbursements;
  • the Cranbrook asset purchase agreement vesting the Companies’ right, title and interest in the Cranbrook assets, free and clear of all encumbrances; and
  • the proposed distributions to Callidus Capital Corporation and Columbia Basin Development Corporation.

The Court also granted an order (the “Sealing Order”) which approved the sealing of the confidential supplement to the Second Report.

Cranbrook transaction

We advise that on October 15, 2020, pursuant to the Approval and Vesting Order, the sale to Peak Renewables Ltd. closed. A copy of the Receiver's Certificate is available on this website under the “Receivership Documents” tab above.

Licence asset purchase agreement

We advise that on November 5, 2020, the Licence asset purchase agreement was amended (the "Amended Licence APA") to remove certain forest licences that were not available for transfer. In addition on November 5, 2020 Ministerial Consent for the transfer of the forest licences under the Amended Licence APA was received.

With all of the conditions to the Amended Licence APA met on November 6, 2020, pursuant to the July 29, 2020 Approval and Vesting Order, the transaction regarding the licence asset purchase agreement (as amended) closed. A copy of the Receiver's Certificate is available on this website under the “Receivership Documents” tab above.

Status Update as of September 14, 2020 

On September 14, 2020 C. & C. Wood Products Ltd. (also referred to as C&C Wood Products Ltd.) and Westside Logging Ltd. (the "Companies") filed an application which will be heard on September 18, 2020 by the British Columbia Supreme Court (the "Court"). The application being made is to:

  • seek an order approving the activities of the Receiver as described in the Receiver's second report to the Court (the "Second Report"), including the Receiver’s statement of receipts and disbursements;
  • seek an order approving the sale transaction outlined under the Cranbrook asset purchase agreement, vesting the Companies' right, title and interest in the Cranbrook assets free and clear of encumbrances; 
  • seek an order approving the proposed distributions;
  • seek an order sealing the confidential supplement to the Second Report.

If this Honourable Court approves the sale of the Cranbrook assets, the Cranbrook asset purchase agreement is expected to close on or before October 15, 2020. The application materials are posted on this website under the “Motion Materials” tab above. A copy of the Second Report is posted on this website under the "Receiver's Reports" tab above.

Status Update as of August 19, 2020 

We advise that on August 6, 2020, pursuant to the July 29, 2020 Approval and Vesting Order, the transaction regarding the non-licence asset purchase agreement completed with the Receiver. Accordingly, the Receiver has delivered the Receiver's Certificate to the Purchaser. 

The Receiver continues to work with the Purchaser with respect to the closing of the licence asset purchase agreement, which is expected to occur by October 31, 2020.

Status of file update as at July 29, 2020 

On July 29, 2020 the Court issued an order (the "Approval and Vesting Order") which approved the: 

  • activities of the Receiver as described in the Receiver's First Report, including the Receiver’s statement of receipts and disbursements; 
  • Receiver’s sale process of the Quesnel operations and assets; and 
  • the non-licence asset purchase agreement and the licence asset purchase agreement, vesting the Companies’ right, title and interest in certain assets of the Quesnel operations, free and clear of all encumbrances. 

The Court also granted an order (the “Sealing Order”) which approved the sealing of the confidential supplement to the First Report. 

The non-licence asset purchase agreement is expected to close within 5 business days and the licence asset purchase agreement is expected to close by October 31, 2020. 

A copy of the Approval and Vesting Order and Sealing Order will be posted on this website under the “Court Orders” tab above when available.

Status Update as of July 23, 2020

On July 23, 2020 C. & C. Wood Products Ltd. (also referred to as C&C Wood Products Ltd.) and Westside Logging Ltd. (the "Companies") filed an application which will be heard on July 29, 2020 by the British Columbia Supreme Court (the "Court"). The application being made is to:

  • seek an order approving the activities of the Receiver as described in the Receiver's first report to the Court (the "First Report"), including the Receiver’s statement of receipts and disbursements;
  • seek an order approving the Receiver’s sale process of the Quesnel operations and assets;
  • seek an approval and vesting order approving the sale transaction outlined under the non-licence asset purchase agreement and the licence asset purchase agreement, vesting the Companies’ right, title and interest in certain assets of the Quesnel operations, free and clear of all encumbrances (the "Sale Transaction"); and
  • seek an order sealing the confidential supplement to the First Report.

If this Honourable Court approves the Sale Transaction the non-licence asset purchase agreement is expected to close within 5 business days of court approval and the licence asset purchase agreement is expected to close by October 31, 2020. The application materials are posted on this website under the “Motion Materials” tab above. 

Status Update as of June 22, 2020

The first meeting of creditors for the Bankruptcy of C. & C. Wood Products Ltd. (also referred to as C&C Wood Products Ltd.) and Westside Logging Ltd. was held on Monday June 22, 2020. PricewaterhouseCoopers Inc. was affirmed as Trustee of the estates.

A copy of the Trustee’s preliminary report to creditors can be found under the “Bankruptcy Documents” tab.

Status Update as of June 5, 2020 

On June 2, 2020 C. & C. Wood Products Ltd. (also referred to as C&C Wood Products Ltd.) and Westside Logging Ltd. (together referred to as the “Company”) filed an assignment in bankruptcy pursuant to section 49 of the Bankruptcy and Insolvency Act. PricewaterhouseCoopers Inc. (“PwC”) was appointed trustee, subject to confirmation at the first meeting of creditors. 

On June 5, 2020, pursuant to an Order of the Supreme Court of British Columbia, PwC was appointed Receiver of all the assets, undertakings, and property of the Company. In its capacity as court appointed Receiver PwC will be looking at all options to maximize recoveries including a potential sale of the business. The Company shut-down on May 29, 2020 and the Receiver will not be resuming operations.


All media inquiries should be directed to Kelly Baudru, PwC Communications Manager at T: +1 604 806 7344 or via email: kelly.baudru@pwc.com

All creditor inquiries should be directed to Alicia Cherneski, PwC Manager at +1 604 806 7299 or via email at ca_cc_wood@pwc.com

All inquiries regarding the sale of the business should be directed to Alicia Cherneski, PwC Manager at +1 604 806 7299 or via email at ca_cc_wood@pwc.com

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Alicia Cherneski

Manager, PwC Canada

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