Sequoia Resources Corporation

Notice of Intention/Bankruptcy

Page last updated: September 03, 2019

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 March 2, 2018, Sequoia Resources Corporation (“SRC”), a privately held company incorporated in Alberta, 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. LIT (“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 SRC until April 1, 2018 (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 SRC before March 9, 2018.
 


Status update as of May 30, 2018

The Trustee is continuing its review of SRC’s assets and transactions. To file a claim for amounts owing, including surface and mineral rentals for periods after March 23, 2018, please see the "Bankruptcy Claims Process" section of our website.

Status update as of April 13, 2018

The Trustee is currently in the process of reviewing the Company's assets . Any decisions with respect to the sale of the Company's assets or transfers of any interests will be deferred pending the outcome of the Trustee's review.

Status update as of March 26, 2018

On March 23, 2018, pursuant to the Bankruptcy and Insolvency Act (Canada) (“BIA”), Sequoia Resources Corp. (“SRC”) filed an assignment in Bankruptcy and PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as Licensed Insolvency Trustee (the “Trustee”) of the estate of the bankrupt. 

Notice of the bankruptcy, the first meeting of creditors and materials relating to the bankruptcy proceedings (the “Notice”) was mailed by the Trustee on March 27, 2018 to all known creditors of SRC, pursuant to the provisions of the BIA. A copy of the Notice along with all relevant materials related to filing a proof of claim and the first meeting of creditors is posted under the “Bankruptcy Claims Process” section of this website. 

The first meeting of creditors for SRC will be held on April 12th, 2018 at 10am at the Metropolitan Conference Centre, at 333 4th ave SW, Calgary Alberta, T2P 0H9.


This Web site will be updated as information becomes available.

For more information, please contact us: Telephone: +1 403 509 6622, Email.
 

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Proposal Trustee

Proposal Trustee, PwC Canada

Tel: +1 403 509 6622

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