On December 5, 2024 (the “Filing Date”), Cancom Security Inc. (“Cancom” or the “Company”) filed with the Official Receiver a Notice of Intention to Make a Proposal (“NOI”) to its creditors pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and named Dodick Landau Inc. as Proposal Trustee (the “Proposal Trustee”).
Cancom is a First Nation owned business that provides security solutions tailored to meet the needs of its customers while enhancing personal safety, protection of properties, and proprietary information. The Company provides a wide range of services including, physical and electronic solution design, risk avoidance and optimization, security threat assessments and audits, procurement management, and project management. The Company has been a business provider for security services for over 50 years and has created security solutions for a wide variety of Canadian customers including, among others, Indigenous communities, federal, provincial and municipal governments, investment companies, construction companies, and an educational institution.
The Company employs approximately 768 employees, which consists of 182 full-time employees and 586 part-time employees. 171 of those employed are unionized and are members of the United Food & Commercial Workers Union.
A motion brought by Cancom was heard on December 31, 2024 at which the Court approved a stay extension to February 18, 2025, approval of an Administrative Charge in the maximum amount of $100,000 and approval to pay up to $262,000 to critical suppliers. On December 31, 2024 the relief sought was granted by the Court except for the authorization to pay the pre-filing amounts to critical suppliers since the Court was uncertain whether it had the legal authority to grant such an order under the BIA. As such, an amended order was approved by the Court.
Documents
Certificate – Notice of Intention to Make a Proposal – December 5, 2024
Creditor Package – NOI – December 10, 2024
Motion Record – Applicant – December 23, 2024
Factum of the Applicant – December 24, 2024
First Report to Court of the Proposal Trustee – December 27, 2024
Court Order-stay-extension- December 31, 2024
Court Endorsement – December 31, 2024