Nationwide Manufacturing Limited (“Nationwide”) operated as a manufacturer and distributor of consumer electronic products. Nationwide filed a Notice of Intention to Make a Proposal (the “NOI”) to its creditors on June 30, 2021 under the provisions of section 50.4(1) of the BIA. Pursuant to the provisions of subsection 69 (1) of the BIA a stay of proceedings has been initiated and all proceedings against Nationwide are stayed as of the date of filing of the NOI.
On August 4, 2021, the Court made an order extending the time for filing a proposal and extending the stay of proceedings for a period of 45 days up to and including September 13, 2021.
On September 13, 2021, Dodick Landau Inc., in its capacity as Proposal Trustee of the Estate of Nationwide, filed with the Official receiver a proposal in the name, and on behalf, of Nationwide.
A Meeting of the Unsecured Creditors to consider the Proposal was held on October 12, 2021 at 11:00 a.m. (Toronto time) by Zoom video conference. At the Meeting of Unsecured Creditors the Proposal was approved by the required majority of unsecured creditors. On April 11, 2022, the Proposal Trustee will motion the Court and recommend, among other things, that an order be made approving the Proposal.