Shu-Pak Equipment Inc. f/k/a Foxbar Holdings Inc. (“Shu-Pak” or the “Company”) is in the business of manufacturing side-loading garbage trucks from its leased facility in Cambridge, Ontario, and has twenty seven full time employees.
On May 3, 2024 (the “Filing Date”), Shu-Pak filed with the Official Receiver a Notice of Intention to Make a Proposal (“NOI”), pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3 (the “BIA”), to its creditors and Dodick Landau Inc. (“DLI”) was appointed as Proposal Trustee of Shu-Pak (the “Proposal Trustee”).
Subsequent to the filing of its NOI and the granting of an initial 45 day extension to the stay of proceedings by the Ontario Superior Court of Justice (Bankruptcy) (the “Court”), the Company exhausted its cash reserves, was unable to secure additional financing and therefore, could not pay its bills when they came due. As a result, the Company did not qualify for a further extension to its stay of proceedings and could not make a Proposal to its creditors. As a result, the Company was deemed bankrupt on July 18, 2024 (the “Date of Bankruptcy”) and DLI became Trustee in Bankruptcy of the Company (the “Trustee”).
Following the Date of Bankruptcy, the Trustee commenced a sales process to sell the business of Shu-Pak.
Documents
Certificate of Filing of a Notice of Intention – May 3, 2024
Motion Record – returnable May 31, 2024
Certificate of Assignment-July 18, 2024
Creditor Package-July 24, 2024
Preliminary Report – August 6, 2024