Libman & Company Limited and Libman Manufacturing Limited
The Notices of Intention to Make a Proposal filed by Libman & Company Limited and Libman Manufacturing Limited
On March 25, 2010 Libman & Company Limited and Libman Manufacturing Limited, collectively referred to as the “Companies”, each filed their own 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 Proposals of the Companies.
The effect of the Notices of Intention to Make a Proposal (“NOI”) is that they provide an initial 30-day stay over all creditors staying all amounts outstanding effective March 25, 2010 (i.e. all amounts outstanding at March 25, 2010 and prior) while the Companies formulate a Proposal to be presented to their creditors.
The Companies, with the assistance of their financial advisor, has initiated a marketing and sales process (hereinafter, “Sales Process”) to sell the Companies’ assets on a going-concern basis. This process is currently anticipated to last through April 2010. In the meantime, the Companies’ factory and office will remain open.
By Order of the Court dated April 23, 2010, the Companies were granted a 45 day extension to June 8, 2010 to formulate and submit Proposals.
On May 12, 2010, as a result of the Sales Process, the Libman Companies have signed an Asset Purchase Agreement (“APA”) for sale of certain assets with the Martin Ross Group Inc., to affect a going concern sale of the business which is, however, subject to Court approval.
The purpose of this website is to provide documents to any interested persons regarding the Proposals of the Companies. The documents listed below are in .pdf format and can be viewed and/or downloaded.
Libman & Company Limited
- Certificate of Filing of a Notice of Intention to Make a Proposal, dated March 25, 2010
- Notice to Creditors, dated March 31, 2010
- Order of Justice Hoy (stay extension), dated April 23, 2010
- Endorsement of Justice Hoy, dated April 23, 2010
Libman Manufacturing Limited
- Certificate of Filing of a Notice of Intention to Make a Proposal, dated March 25, 2010
- Notice to Creditors, dated March 31, 2010
- Order of Justice Hoy (stay extension), dated April 23, 2010
- Endorsement of Justice Hoy, dated April 23, 2010
