S.K. Bernstein Holdings Inc. (“Holdco” or the “Company”) is a holding company of twenty leases for certain of the diet clinic locations owned by the operating company Post Road Health and Diet Inc. The Company’s leases are located in the provinces of Ontario (12 locations), Alberta (3 locations) and British Columbia (5 locations).
Holdco filed an assignment in bankruptcy on May 29, 2020 under the provisions of section 49 of the Bankruptcy and Insolvency Act. Dodick Landau Inc. was appointed Trustee in Bankruptcy in this proceeding. As a result of the bankruptcy, a stay of proceedings has been initiated and all proceedings against the Company are stayed as of the date of bankruptcy.
On January 11, 2021 the Company filed with the Official Receiver a Proposal pursuant to section 62(1) of the Act and named DLI as Proposal Trustee. On January 28, 2021, a Creditors’ Meeting was held by video conference at which time the creditors approved the Proposal. On February 12, 2021, the Court approved the Proposal.