Hy-Power Coatings Inc.

Hy-Power Coatings Inc. (“HPC”) is an industrial coatings service provider offering custom water borne paints for metal refinishing which is applied electrostatically.  On November 6, 2017, HPC filed a Notice of Intention to Make a Proposal to its creditors pursuant to subsection 50.4 (1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) and Dodick Landau Inc. was named Proposal Trustee.  Pursuant to the provisions of subsection 69 (1) of the BIA a stay of proceedings has been initiated and all proceedings against HPC are stayed as of the date of filing of the NOI.  On December 6, 2017, pursuant to section 62 of the BIA, HPC filed with the Official Receiver a proposal (the “Proposal”). A meeting of the creditors of HPC to consider the Proposal was held on December 22, 2017 and the creditors voted in favour of the Proposal.  HPC received Court approval of the Proposal on February 13, 2018.  Following Court approval of the Proposal, Hy-Power defaulted on the terms of its Proposal and the default was not remedied or waived.  The Trustee issued a notice to the creditors of Hy-Power notifying them of the default.