1000526664 Ontario Inc. (o/a Active Remedy Club or “ARC”) operated a 4,000 sqf wellness club in downtown Toronto which included cold plunges and saunas. On December 7, 2024, ARC ceased operating due to liquidity constraints.
On December 18, 2024, ARC filed with the Official Receiver a notice of intention (“NOI”) to make a proposal to its creditors and named Dodick Landau Inc. (“DLI”) as Proposal Trustee (“NOI Proceedings”). During the NOI Proceeding, ARC actively sought a buyer for the business, however, due primarily to the high cost of rent, no firm offer was received. As a result, following the expiration of the initial 30-day stay of proceedings, since no extension to the stay of proceedings was sought, and no proposal was filed, ARC was deemed to have made an assignment into bankruptcy on January 18, 2025.
Documents
Certificate of FIling of Notice of Intention to Make a Proposal – December 18, 2024
Creditor Package – December 22, 2024
Report for Non-Filing of Proposal – January 17, 2025
Certificate of Assignment – January 18, 2025
Creditor Package – January 23, 2025