Acier Orford Inc

Acier Orford Inc., a Quebec steel reinforcement business, filed a Division I proposal under the Bankruptcy and Insolvency Act on August 6, 2019, and the proceeding remains active. Its sworn statement of affairs puts assets at $2,259,334.17 against liabilities of $35,369,329.78, a deficit of $33,109,995.61; internal unaudited statements at June 30, 2019 showed assets of $12,112,505 and liabilities of $33,982,228 and were flagged as subject to restatement for accounting irregularities. Toronto-Dominion Bank holds a movable hypothec on the universality of movables for $9,750,000, with security valued at $1,887,713; BDC ($1,816,541.29) served an article 244 demand and hypothecary notice in May 2019, and Investissement Québec's $1,184,474.68 is secured on assets valued at nil. Groupe Dallaire Inc. is the third-party financier of the proposal's global sum and reorganization, and owns 9377-6383 Québec Inc., the largest unsecured claimant at $10,242,767. Related-party creditor Logistique LM Inc. has waived distribution on its $3,617,935.23 unsecured claim, and Pomerleau Inc.'s $3,452,937.80 contingent claim is contested by the debtor.