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OE Quality Friction Inc.

In Receivership

Page last updated: January 23, 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.

On January 9, 2015, PricewaterhouseCoopers Inc. (“PwC”) was appointed as Receiver (the “Receiver”) of all of the assets of OE Quality Friction Inc. (the “Company” or “OEQF”), excluding tangible assets of the Company located in Mexico, pursuant to the security held by Bank of Montreal which appointment was expanded on January 20, 2015 to include the undertaking and all tangible assets of OEQF located in Mexico.

In accordance with the provisions of the Bankruptcy and Insolvency Act (“BIA”), a Notice and Statement of the Receiver was mailed to all known creditors of OEQF on January 19, 2015.

Status of File at January 23, 2015

On January 23, 2015, the Court issued an order:

  1. Abridging the notice period to the time actually given to the receiptients of the Notice of Sale (as set forth in the Pollock Affidavit);
  2. That upon delivery of the Receiver’s certificate to the Purchaser, all right, title and interest in and to the Purchased Assets (as defined  in the Sale Agreement) shall vest in the Purchaser, free and clear of and from any and all security interests.; and
  3. The Sale Agreement and Operating Agreement shall be kept sealed pending further order of the Court

Status of File at January 22, 2015

On January 21, 2015, the Receiver filed a Receiver’s Report to the Court in support of an application by BMO for an order to:

  1. Abridge the required notice period for the sale of the assets of OE Quality Friction Inc., the tangible assets of OEQF, including the assets located in Ontario and Mexico and and the undertaking and rights under the Trust Agreement (as defined in the Receiver’s First Report) (the “Property”) pursuant to the Personal Property Security Act, R.S.), c.P-10; and
  2. Vest in Brake Parts Inc. LLC (“BPI”) title in the Property in connection with a purchase and sale agreement entered into by the Receiver with BPI on January 20, 2015, pursuant to the provision of the Courts of Justice Act, R.S.O. 1990, c. C-43.

This Web site will be updated as information becomes available.

For more information, please contact: Barbara Foster, Telephone: +1 941 8383 ext 13404, or via Email.

Contact us

Barbara Foster

Tel: +1 416 941 8383 ext 13404

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