1776690 Ontario Inc The Country Way Health Food Store
Follow- Proceeding
- Proposalsection 182 of the Business Corporations Act, R.S.O. 1990, c. B.16, as amended
- File
- CV-21-00661436-00CL
1776690 Ontario Inc., carrying on business as The Country Way Health Food Store, remains in active Division I proposal proceedings begun on January 25, 2022 before the Ontario Superior Court of Justice (Commercial List) under court file CV-21-00661436-00CL, with 2655396 Ontario Inc. as applicant and section 182 of the Ontario Business Corporations Act as the statutory basis. The company's statement of affairs, as at May 1, 2021, reported assets of $102,450 against liabilities of $572,835, comprising $114,450 secured, nil preferred and $458,385 unsecured. Secured obligations reported include approximately $192,000 to TNT Holdco Inc. under a guarantee securing a $250,000 advance toward a $2.2 million share purchase price, approximately $69,595 to Royal Bank of Canada on an operating line and credit card, and a 2017 retail instalment contract with Toyota Credit Canada Inc. on a 2015 Toyota 4Runner. RBC, including a $60,000 CEBA loan, is treated as an unaffected creditor under the proposal. The company advises nothing is owing to employees or other preferred creditors.
Motion Record for Approval of Proposal - Returnable 13 April 2022 - dated was filed. Court file CV-21-00661436-00CL.
Source: Motion Record for Approval of Proposal - Returnable 13 April 2022 - dated
Opened the Division I proposal proceeding on January 25, 2022 in the Ontario Superior Court of Justice (Commercial List), court file CV-21-00661436-00CL.
Source: Motion Record of the Applicant - 2655396 Ontario Inc - dated
The officer filed report no. First Report. Country Way continues to operate its health food store in Sault Ste. Marie while pursuing a Proposal and a related corporate Arrangement aimed at stabilizing the business and restructuring its capital, after suffering significant sales declines due to COVID-19.
Source: First Report to the Court submitted by MNP Ltd dated
Debtor
1776690 Ontario Inc The Country Way Health Food Store
Proposal trustee
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | TNT Holdco Inc.Guarantee granted by Country Way in favour of TNT securing an advance of $250,000 made by TNT to 259 ON toward the $2.2 million share purchase price; guarantee granted TNT a security interest in the Company's inventory, fixtures, furniture and equipment — Approximate amount per SOA ('owed approximately $192,000'); would hold priority interest over the Assets — debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · as of 1 May 2021 | $192K | Notice of Proposal to Creditors |
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesOperating line and credit card secured against the Company's inventory, fixtures, furniture and equipment (Assets) — Secured obligation to RBC stated as approximately $69,595; RBC also treated as an Unaffected Creditor under the Proposal, including CEBA loan of $60,000 (see note on CEBA) — debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · as of 1 May 2021 | $69.6K | Notice of Proposal to Creditors |
| 4 | Secured | Toyota Credit Canada Inc. · in 20 casesRetail Instalment Contract dated October 23, 2017 re: 2015 Toyota 4Runner — Vehicle estimated to have realizable value lower than the remaining obligation to Toyota; balance not stated — debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store | — | Notice of Proposal to Creditors |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesDocument names no individual unsecured creditors in these pages; SOA reports total unsecured amount — debtor: 1776690 Ontario Inc. cob The Country Way Health Food Store · as of 1 May 2021 | $458K | Notice of Proposal to Creditors |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: no distribution.Under the plan · sanctionedAmended Proposal - dated · 29 Jan 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | — | — | paid in full | Under the plansanctionedper the debtor | Amended Proposal - dated · 29 Jan 2022 |
| Unsecured | Related Creditors | — | no distribution | Under the plansanctionedper the debtor | Amended Proposal - dated · 29 Jan 2022 |
| Unsecured | Creditors (Certificate holders) | — | 20 %conditional | Under the plansanctionedper the debtor | Amended Proposal - dated · 29 Jan 2022 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at 1 May 2021 · per Estimated realizable value of assets as of the Date of the Proposal; liabilities based on the Company's Statement of Affairs (unaudited, draft/internal financial information) · entity - 1776690 Ontario Inc. cob The Country Way Health Food Store (Country Way) only, not consolidated with related entities such as 259 ON or NumCo — Asset breakdown: Inventory $54,000, Vehicles $12,000, Trade Fixtures $48,450, Total $114,450. Liability breakdown: Secured $114,450, Preferred Nil, Unsecured $458,385, Total $572,835.
Professional fees to date
$50K
As at 21 Jan 2022First Report to the Court submitted by MNP Ltd dated
| Date | Document | File |
|---|---|---|
Approval Order - OBCA Arrangement
| ||
Endorsement of Justice Osborne J
| ||
Motion Record - Returnable on October 7, 2022 dated
| ||
Court Order Approving Proposal dated
| ||
Endorsement Approving Proposal dated
| ||
Motion Record for Approval of Proposal - Returnable 13 April 2022 - dated
| ||
Amended Proposal - dated
| ||
| Endorsement | ||
| Interim Order dated | ||
Motion Record of the Applicant - 2655396 Ontario Inc - dated
| ||
| Factum of the Proposal Trustee - dated | ||
First Report to the Court submitted by MNP Ltd dated
| ||
| Notice of Reconvened Meeting of Creditors for 2022 February 1 | ||
Notice of Proposal to Creditors
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “1776690 Ontario Inc The Country Way Health Food Store” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/1776690-ontario-inc-aka-the-country-way-health-food-store