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The below information is being provided to employees based on information available from the books and records of Reliable
Bookbookbinders Limited (the “Company” or “Reliable”)
The Company is bankrupt and operations have ceased as of May 14, 2018.
The effect of the bankruptcy is that your employment with the Company has been terminated effective today, May 14 2018. A letter advising you of this has been mailed to you.
PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as Trustee of the bankruptcy estate of Reliable (the “Trustee”). PwC is assessing the financial situation of the Company. Once it has completed this analysis and more information is available, it will update a PwC website for Reliable. The website address is: www.pwc.com/ca/reliable.
Decline in the printing industry has affected the trade binderies resulting in reduced sale volumes and price pressures.
The Trustee is reviewing the Company’s financial situation and as such, is currently unable to answer these questions at this time. Once more information becomes available, PwC will update its website.
Any amounts owed to you for salary, wages, vacation pay, termination pay, severance, etc. are claims in the bankruptcy. Details of amounts owed to you by the Company, if any, will be provided to you by the Trustee, at which time, the Trustee will comply with the provisions of the Wage Earner Protection Program Act (“WEPPA”), if applicable, and will provide you with further information regarding the WEPPA program and details of how to make a claim under the program and against the Company for amounts that may be owed to you by the Company.
WEPPA is a program offered by the Federal Government of Canada, which offers some protection for employees where employees are owed money and employers become bankrupt. Details and instructions on making a claim under the program will be mailed to you by the Trustee in the upcoming weeks. Information can also be obtained at www.servicecanada.gc.ca/eng/sc/wepp or by calling the Toll-Free number 1-866-683-6516.
In accordance with WEPPA regulations, in addition to any claim you make under the program, you are also required to file a proof of claim form, pursuant to S.124 of the Bankruptcy and Insolvency Act (Canada) (“BIA”), against the Company for amounts owed to you by the Company. A proof of claim form will be mailed to you in the coming weeks by the Trustee and, to assist you to complete the proof of claim, the Trustee will also send to you details of any amounts owed to you by the Company pursuant to the Company’s payroll records.
The Trustee notified Manulife Assurance Company of Canada (the "Service Provider") of the bankruptcy of Reliable. The Service Provider has advised the Trustee that each group member will be provided with an Option Statement regarding their individual investments in the group RRSP. Each former employee of Reliable who contributed to the group RRSP will be contacted by the Service Provider directly by June 8, 2018 regarding their investments. Details of how to contact the Service Provider will be provided to the employees of Reliable on the Option Statement to be delivered to each former employee directly by the Service Provider.
Any employee benefits paid by the Company will be cancelled as of the date of bankruptcy. Please contact the benefit provider regarding any claims incurred prior to the date of bankruptcy.
All creditors are required to complete a proof of claim in order to be eligible to receive a dividend. Proofs of claim forms will be sent to all known creditors by the Trustee. Proofs of claim forms can also be downloaded from the Trustee’s website: www.pwc.com/ca/reliable.
Your T4 will be mailed to you in due course and your Record of Employment (“ROE”) will be electronically filed directly with Service Canada.
The Trustee is currently reviewing the Company’s financial situation. However, based on an initial review, it appears unlikely that unsecured creditors will receive a dividend distribution.
The Receiver will try to sell the company as a going concern. If no buyers can be found, the assets will be liquidated.
Yes, personal effects can be picked up on Thursday, May 17, 2018 from 8am to 12pm. Please use the side entrance.