Nadiscorp Logistics Group Inc.
Last updated: January 4, 2010
Effective February 3, 2009, by Order of the Ontario Superior Court of Justice, A. Farber & Partners Inc. became the Interim Receiver and Receiver and Manager (the "Receiver") in respect of all the assets, undertakings and properties of Nadiscorp Logistics Group Inc.
On March 20, 2009, the Receiver filed an assignment in bankruptcy on behalf of Nadiscorp pursuant to an Order of the Honourable Mr. Justice Cameron dated February 20, 2009. A meeting of Nadiscorp's creditors was held on April 8, 2009, at which time inspectors were appointed to the bankrupt estate.
By Order of the Honourable Justice Wilton-Siegel dated May 20, 2009, the Receiver was authorized to implement a claims process for carriers of Nadiscorp in order to quantify potential carrier trust claims, if any. On May 29, 2009, the Receiver sent notices to all carriers of Nadiscorp setting out the Receiver's valuation of those claims (the "Carrier Notices").
On July 3, 2009, the Honourable Justice Morawetz heard a motion concerning the priority of carrier trust claims. His Honour reserved his decision, which resulted in the postponement of a distribution to carriers in accordance with the Carrier Notices. His Honour released his decision on September 25, 2009 (the "Decision").
The Receiver and the second secured creditor have both appealed the Decision. The Receiver understands that the appeal will likely be heard by the Court of Appeal in the spring of 2010.
In the interim, the Receiver is not in a position to make a distribution to carriers as the appeal by the second secured creditor challenges the entitlement of carriers to receive any distribution whatsoever.
Based on current information, the Receiver anticipates a shortfall to the secured creditors. Accordingly, there will likely be no funds available for unsecured creditors.
Orders
- Order of Justice Morawetz dated February 3, 2009
- Endorsement of Justice Morawetz dated February 3, 2009
- Order of J. Cameron dated February 20, 2009
- Approval and Vesting Order of J. Cameron dated February 20, 2009
- Endorsement of J. Cameron dated February 20, 2009
- Order of Justice Wilton-Siegel dated May 20, 2009
- Decision of Justice Morawetz, dated September 25, 2009
- Order of Justice Morawetz dated December 31, 2009
- Endorsement of Justice Morawetz dated December 31, 2009
Notices of Appeal
- Notice of Appeal of HOOPP dated October 23, 2009
- Notice of Cross-Appeal of the Receiver dated October 23, 2009
Notices to Creditors
- Notice and Statement of the Receiver
- Notice of Bankruptcy and First Meeting of Creditors
- Notice to Carriers dated December 11, 2009
Reports
- First Report of A. Farber & Partners Inc. dated February 20, 2009
- Supplementary Report to the First Report of A. Farber & Partners Inc. dated February 20, 2009
- Second Report of A. Farber & Partners Inc. dated May 16, 2009
- Supplementary Motion Record re CIBC returnable July 3, 2009
- Third Report of A. Farber & Partners Inc. dated December 17, 2009
