Page last updated: October 1, 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.
Further to the Receiver’s status update of June 26, 2020, a series of appeals have been commenced with respect to the following Orders granted by the Honourable Madam Justice Duncan of the Supreme Court of Yukon which can be found here.
Accordingly, proceedings with respect to the above have been initiated by Welichem in the Yukon Court of Appeal, Proceeding No. 20-YU866, 20-YU867, and No. 20-YU868 and by Yukon in the Court of Appeal of Yukon, Proceeding No. 20-YU865. Copies of the facta and other pertinent materials filed by the parties to these appeals can be found here.
The above appeals are scheduled to be heard on by the Yukon Court of Appeal on November 16 and 17, 2020.
The Court, on June 26, 2020 released its Decisions in respect of the applications heard January 28 - 30, 2020. Copies of the Decisions can be found in the "Court Orders" tab above.
The Court, on May 25, 2020, released its Decisions in respect of the applications heard January 28 – 30, 2020. Copies of the Decisions can be found in the “Court Orders” tab above.
The Court granted an Order on May 11, 2020 approving the increase of the Receiver’s Borrowing Charge from $3 million to $7.5 million. A copy of the Order can be found in the “Court Orders” tab above. The Court’s decision regarding the remainder of the relief sought in the Receiver’s Notice of Application dated March 23, 2020 remains reserved.
The Receiver has issued its Supplemental Third Report to Court. A copy can be found in the “Receiver’s Reports” tab above.
A copy of the March 13, 2020 Case Management Conference Order and all other relevant application materials of the Receiver related to the April 29, 2020 hearing have now been uploaded.
In preparation for the Receiver’s application increase the Receiver’s Borrowing Charge, a Case Management Conference was held on March 13, 2020 before Madam Justice Duncan. The issues of setting down a hearing date and service deadlines were settled.
The hearing is set for 10:00 am on April 29, 2020, at the Supreme Court of Yukon, Whitehorse Courthouse.
In support of the April 29 hearing, the Receiver issued its Third Report to Court on March 23, 2020. A copy of the Receiver’s Third Report can be found under the “Receiver’s Reports” tab above.
A copy of the March 13, 2020 Case Management Conference Order and all other application materials related to the April 29, 2020 hearing will be uploaded upon receipt from the Court.
The Court heard the matters noted below on January 28 – 30, 2020. The Court has reserved its decision. The Receiver will provide an update on its website once the Court releases its decision.
Pursuant to Section 4.7 (a) of RFP# YZC-2019-001, the Receiver has entered into a contract for the performance of environmental monitoring, surveillance and reporting at the Yukon Zinc Wolverine Mine Site.
The Case Management Conference took place on December 13, 2019. The Court has set aside January 28 – 30, 2020 to hear the following matters:
The Receiver has issued its Second Report to Court dated January 16, 2020. A copy of the Receiver’s Second Report can be found under the “Receiver’s Reports” tab above.
The Receiver has uploaded all application materials under the “Court Application Materials” tab above.
The Receiver has filed its Supplemental First Report to Court dated December 12, 2019. A copy of the Report can be found in the “Receiver’s Reports” tab above.
The court hearing set for December 13, 2019 referenced in the Receiver’s First Report to Court has been postponed and has been replaced by a Case Management Conference.
The first meeting of creditors for the Bankruptcy of Yukon Zinc Corporation was held on Thursday October 31, PwC was affirmed as Trustee of the estate. A copy of the Trustee's preliminary report to creditors can be found under the "Bankruptcy Documents" tab.
On July 31, 2019, Yukon Zinc Corporation (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act and Alvarez & Marsal Canada Inc. was named as the Proposal Trustee. On August 22, 2019, the Supreme Court of British Columbia granted an order that provided for, among other things, an extension of the initial stay period under the NOI proceedings to make a proposal or apply for further extension from August 30, 2019 to October 7, 2019. Yukon Zinc Corporation did not file a proposal nor did they apply to extend the initial stay period under the NOI proceedings. Therefore, the Company was deemed bankrupt on October 8, 2019 and Alvarez and Marsal was appointed Trustee in Bankruptcy. PwC was substituted in place of Alvarez and Marsal as Trustee on October 11, 2019 by Order of the Supreme Court of British Columbia. Copies of the Court Order, Certificate of Assignment and Creditor Communications can be found under the “Bankruptcy Documents” tab.
On September 13, 2019, the Supreme Court of Yukon granted an Order appointing PricewaterhouseCoopers Inc. ("PwC") as Receiver (the "Receiver") of the assets, undertakings, and property of Yukon Zinc Corporation ("YZC"), including YZC's Wolverine Mine. The purpose of the receivership is to stabilize and run a sale process for YZC's assets, including the Wolverine Mine.
The Receiver is in the process of developing a sale and investment process and will be making an application to the Court shortly for approval of that process.
The Receiver will update this website regularly. All relevant documents relating to Court Orders, application materials, creditor communication, and the sale process will be uploaded to the Receiver's website.
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