A.T.R. Equipment Industries Ltd. o/a GN Packaging Equipment
Last Updated: December 10, 2009
A.T.R. Equipment Industries Ltd. o/a GN Packaging Equipment (“GN Packaging Equipment”) filed a Notice of Intention to Make a Proposal ("NOI") on November 18, 2009, pursuant to Section 50 of the Bankruptcy and Insolvency Act (the “Act”). A copy of the package mailed out to creditors on November 25, 2009 is below.
GN Packaging Equipment is not bankrupt, but has availed itself of a procedure whereby an insolvent person, with creditor and Court approval, restructures its financial affairs. Our role as Trustee in this matter is to assist with the development of the Proposal, to liaise with creditors to explain same to them and to aid in the decision that creditors will ultimately make regarding the Proposal. We also monitor the cash flow of GN Packaging Equipment during this process.
All liabilities of GN Packaging Equipment as at November 18, 2009 are frozen by force of the Act and will be subject to the Proposal mentioned above. Please note that during this process, GN Packaging Equipment is not bankrupt but is continuing to proceed under protection of the Act.
GN Packaging Equipment has thirty (30) days from the date of filing the Notice of Intention to Make a Proposal to lodge a Proposal, subject to Court extension. Once this Proposal is filed with the Official Receiver, the Trustee is will send a copy of the Proposal along with a notice advising of the Meeting of Creditors To Consider the Proposal.
Please feel free to contact Ann-Marie Thompson at 416 496-3505 or by email at amthompson@farberfinancial.com should you require any further information with respect to this matter.
NOI Documents
