Lofthouse Brass Manufacturing Limited
The Court-Appointed Interim Receivership of Lofthouse Brass Manufacturing Limited
On April 1, 2008, Lofthouse Brass Manufacturing Limited ("Lofthouse" or the "Company") filed a Notice of Intention to Make a Proposal pursuant to Section 50.4 of the Bankruptcy and Insolvency Act ("BIA"). A. Farber & Partners Inc. ("Farber") was appointed Trustee in the Proposal of the Company.
In addition, by an Order of Registrar Nettie dated April 11, 2008 (the "Order"), Farber was also appointed as Interim Receiver of all of the Company's current and future assets, undertaking and properties of every nature and kind whatsoever, and wherever situate including all proceeds thereof (the "Property") with authority limited to the provisions of the Order, and for greater certainty not to manage or operate the business of the Company without further Order of the Court. The Interim Receiver was also authorized to market and sell the Property of the Company pursuant to a Court approved sales process.
By Order of the Honourable Mr. Justice Spence dated May 21, 2008 (the "Approval and Vesting Order"), a sale of substantially all of Lofthouse's assets was approved. The sale closed on May 27, 2008.
The Approval and Vesting Order also authorized the Receiver to file an assignment in bankruptcy on behalf of Lofthouse. The assignment was filed on May 27, 2008. The first meeting of creditors was held on June 17, 2008.
Pursuant to authority granted by Order of the Honourable Mr. Justice Campbell dated June 6, 2008, the Receiver made a distribution to the secured creditor in full and final satisfaction of amounts owing to it by Lofthouse.
By Order of the Honourable Mr. Justice Siegel dated April 17, 2009, the Receiver distributed the remaining funds from the receivership to the Trustee in Bankruptcy. The Trustee is in the process of reviewing proofs of claim filed in the bankrupt estate, in preparation for an interim distribution to unsecured creditors.
Creditors
The Trustee notes that there were a significant number of issues encountered with the valuation of claims filed by certain creditors. As a result, it has taken a considerable amount of time to properly review and address all issues with those claims. Notwithstanding, the Trustee's review of the claims has now been completed, and notices will be delivered to individual creditors regarding any issues with their respective claims, if any.
An inspectors' meeting was held on October 20, 2009 to discuss, inter alia, the timing of an interim distribution to unsecured creditors. Given the significant number of issues with the proofs of claim that need to be addressed, it was determined that a further inspectors' meeting would be held in early December 2009 to confirm the details surrounding the interim distribution.
The purpose of this website is to provide documents to any interested persons regarding the Proposal and Interim Receivership of the Company. The documents listed below are in .pdf format and can be viewed and/or downloaded.
Orders
- Order of The Interim Reciever Dated April 11, 2008
- Sale Approval and Vesting Order dated May 21, 2008
- Issued and Entered Distribution Order dated June 6, 2008
- Discharge Order dated April 17, 2009
Sales Process
