Helical Pier Systems Ltd.

Receivership

Page last updated: March 23, 2020

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 the file as of March 4, 2020

The sale of the HPS Ltd. inventory and equipment to Helical Pile Solutions Ltd. has now closed and on February 24, 2020 the Receiver filed an application to unseal the Confidential Appendices to the Receiver's First Report. The application is scheduled to be heard on Monday, March 9, 2020. 

On March 4, 2020, an "Invitation for Offers to Purchase" was issued in relation to the equipment of the US entity, Helical Pier Systems Inc. ("HPS Inc."), being sold on an "as-is/where is" basis. Refer to the "Sales and Marketing Materials" section for further information.

Status of file as of January 23, 2020 

On January 22, 2020, the Court granted an Approval and Vesting Order with respect to the HPS Ltd. inventory and equipment sale to Helical Pile Solutions Ltd. A copy of this order is posted in the Court Orders section of this website.

Status of file as of January 22, 2020 

The Trustee presented its Preliminary Report at the first meeting of creditors. Copies of the report can be accessed under the Trustee’s Reports tab of this website.

Status of the file as of January 17, 2020 

On January 17, 2020, the Receiver filed its First Report to seek approval from the Court for a sale and vesting order of certain assets and to seal certain appendices of the First Report. The application will be heard on January 22, 2020.

Status of the file as of January 7, 2020 

On January 7, 2020, PwC was appointed Receiver of Helical Pier Systems Ltd. by the Court of Queen’s Bench of Alberta (“Receivership Order”). A copy of the Receivership Order can be accessed under the Court Orders tab of this website.

Status of the file as of January 4, 2020

The Company did not file a proposal within the period of 30 days after the date of the filing the NOI, and did not seek an extension of the Initial Stay period which expired on January 3, 2020. As a result, the Company was deemed bankrupt on January 4, 2020 and PwC was appointed as Trustee in Bankruptcy over the Company (“Bankruptcy Trustee”). A copy of the certificate of appointment can be accessed under the Notices to Creditors tab of this website. 

The first meeting of creditors will be held on the 22nd day of January 2020 at 10:00 A.M. M.S.T. at the offices of PricewaterhouseCoopers Inc., LIT located at #2200, 10220-103 Avenue NW, Edmonton, Alberta. 

Copies of Notice of the Bankruptcy, First Meeting of Creditors, Statements of Affairs and Proofs of Claims may be accessed under the Notices to Creditors tab of this website, once available. 

Status of the file as of December 5, 2019

On December 4, 2019, Helical Pier Systems Ltd. (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 the Company until January 3, 2019 (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 will be mailed to all affected creditors of the Company by December 9, 2019. 

This website will be updated as further information becomes available.

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Michael Vaasjo

Senior Associate, PwC Canada

Tel: 780-441-6703

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