ABS Friction Inc.
FollowActive
- Proceeding
- ProposalParagraph 51(1)(f) of the Act
- File
- 35-3158557
Filings held8
Last activity31 Jan 2025
On the record614 days
Secured debt$6M
OverviewSummary updated
ABS Friction Inc. commenced Division I proposal proceedings under the Bankruptcy and Insolvency Act on January 15, 2025, in the Ontario Superior Court of Justice, under court file number 35-3158557. The proceeding is in Ontario and remains active. The record of this matter extends no further: it captures the January 15 commencement and nothing after it. No proposal terms, creditor meeting, court attendance or trustee reporting has been entered on the record to date, and readers tracking the file should treat the commencement as the only established milestone.
Claims processIf you are owed money
A claims procedure has been established — see the order for deadlines.
FormProof of Claim
Proceedings AIAsk this case — answers cite the filings
Case updates8 dated entries
#Filing
Opened the Division I proposal proceeding in the Ontario Superior Court of Justice, dated 15 January 2025 and assigned court file 35-3158557.
Source: Motion Record – Dated January 15, 2025 – Returnable January 31, 2025
Parties
Debtor
ABS Friction Inc.
Proposal trustee
Bricks Damiani
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Leitch | Ontario Superior Court of Justice | 1 order, Jan 2025 | 5 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeBricks Damiani | Scott Petrie LLP | 15 Jan 2025 | Application · 15 Jan 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Nutaratori Capital Inc.as at the date of the Proposal — General security agreement dated March 15, 2018 over all assets, properties and undertakings of the Company — Related-party creditor (indebtedness described as 'related party indebtedness'); security opinion obtained from Nutaratori Capital's own counsel stating security is perfected/enforceable in priority to all other registrations, but Trustee has not obtained an independent opinion confirming this (opinion unconfirmed by Trustee); also holds security over the Proposal Pool itself; amount described in prose as 'totaling $6.0 million' (p.4) and shown as $6,00 | $6M | Creditor Package – Proposal – Dated December 5, 2024 |
| 4 | Secured | Rick Jamieson (Mr. Jamieson)Personal security interest over the Company's assets (nature/amount not specified in document) — Individual - sole director/officer of the Company; classified as a Secured Creditor jointly with Nutaratori Capital; personal guarantor/secured party, name recorded here only per document; no stated amount. — debtor: ABS Friction Inc. | — | Creditor Package – Proposal – Dated December 5, 2024 |
| 7 | Preferred (BIA s. 136) | Preferred Tool & Die, Inc.US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $10.9K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Employee Creditor Claims (aggregate as calculated by the Company)These are claims for severance and termination pay (not wages/salary) and are treated as unsecured claims; any claim asserting priority under s.136(1)(d) of the BIA will be disallowed; no individual employee names given. — debtor: ABS Friction Inc. | $683K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | FINA CONdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $69.3K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Dezhou Jindon Automotive Co., Ltd.Foreign (China) creditor; claim converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $67.3K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Better Brake PartsUS-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $24.2K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Atlantic Packaging Products Ltd. · in 4 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $24K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Specialty Sales & Marketing Inc.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $23.1K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Jamrik Electric Ltd.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $22.8K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Kintetsu World Express (Canada) Inc. · in 4 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $22.1K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Xinlida Auto Parts, LLCUS-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $14K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Brian Kurtz Trucking Ltd.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $12.6K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | JNP Software International Inc · in 2 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $11.9K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Aqua-GulfUS-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $8.6K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Wolfpack Packagingdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $7.86K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Day & Ross Inc · in 10 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $6.6K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Link Engineering Co.US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $6K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Backupify, Inc.US-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $5.05K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Graff Diamond Products Ltd.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $4K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Stericycle · in 8 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $3.41K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Armour Mechanical Inc.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $3.35K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Rite Way Mechanicaldebtor: ABS Friction Inc. · as of 27 Nov 2024 | $3.21K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Lex Scientific Inc.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $3.17K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Igrisan and AssociatesUS-based creditor; USD claims converted to CAD at 1.4036 (Filing Date rate). — debtor: ABS Friction Inc. · as of 27 Nov 2024 | $2.21K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | J D Factors Corporation-Collectionsdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $2.07K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | GS1 Canada · in 46 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $1.78K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Impak Packaging Systems Ltd.debtor: ABS Friction Inc. · as of 27 Nov 2024 | $1.6K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Excellence in Manufacturingdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $1.36K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Label Design Ltd. · in 2 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $1.34K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Barco Materials Handling Ltddebtor: ABS Friction Inc. · as of 27 Nov 2024 | $1.17K | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Kurita Canada Inc. · in 3 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $791 | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Air Liquide Canada Inc. · in 78 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $645 | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | FedEx Freight · in 27 casesdebtor: ABS Friction Inc. · as of 27 Nov 2024 | $333 | Creditor Package – Proposal – Dated December 5, 2024 |
| 8 | Unsecured | Windsor Factory Supply Ltddebtor: ABS Friction Inc. · as of 27 Nov 2024 | $188 | Creditor Package – Proposal – Dated December 5, 2024 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
RecoveriesAs stated in the filings
Unsecured creditors: 100 % of proven claims.EstimatedCreditor Package – Proposal · 5 Dec 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | 100 %of proven claimsconditional | Estimatedper the trustee | Creditor Package – Proposal · 5 Dec 2024 |
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.
Estate financialsReported figures — never derived
Total assets at filing$1.88M
Total liabilities at filing$6M
As at 26 Nov 2024 · per Condensed 'Statement of Estimated Realizations' (ERV Schedule) provided by the Company - Book Value vs. Estimated Realizable Value per Statement of Affairs (unaudited) · Entity-level - ABS Friction Inc. only — Total_liabilities reflects only the single liability line shown on the ERV Schedule (Secured Indebtedness owing to Nutaratori Capital Inc., $6,000,000); the Schedule excludes unsecured/employee claims (~$1,050,155.51 per p.6) and liquidation costs, per Trustee's own caveat that 'the Company's Statement of Affairs does not include an estimate for projected costs of realizations.' The Trustee separately reports (p.5) that the Statement of Affairs itself indicates an approximate deficiency/shortfall of $4,487,405, which differs from the $4,118,215 deficiency computed on the ERV Schedule (p.6); th
Documents8 filings
| Date | Document | File |
|---|---|---|
Court Order – Proposal Approval – Dated January 31, 2025
| ||
| Endorsement of Justice Leitch – Dated January 31, 2025 | ||
Motion Record – Dated January 15, 2025 – Returnable January 31, 2025
| ||
| Notice to Creditors of Court Hearing – Dated January 15, 2025 | ||
Creditor Package – Proposal – Dated December 5, 2024
| ||
| Certificate of Filing of a Proposal – Dated November 27, 2024 | ||
| Proof of Claim | ||
Voting Letter
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “ABS Friction Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/abs-friction-inc