Barrymore Furniture Co. Ltd.
Follow- Proceeding
- NOIBIA s. 50.4
- File
- 31-2590450
Barrymore Furniture Co. Ltd. filed a notice of intention to make a proposal under s. 50.4 of the BIA on November 29, 2019, under court file 31-2590450 in the Ontario Superior Court of Justice (in Bankruptcy & Insolvency) [Commercial List]. The NOI creditor list as at that date puts secured claims at $4,279,290.00 in aggregate. HSBC Bank Canada, the senior secured and operating lender, is owed approximately $3.744 million as at December 4, 2019, with the Business Development Bank of Canada owed $548,451.36 for principal and interest plus costs on security it postponed and subordinated to HSBC under an October 24, 2018 priority agreement. Unsecured exposure includes approximately $961,000 to trade creditors, $1,679,000 to the Sandra and Tom Callahan Family Trust, $300,000 in customer deposits for undelivered goods and $300,000 in Class A shareholder debentures.
Notice of intention under BIA s. 50.4 filed with the Ontario Superior Court of Justice, opening file 31-2590450 and starting the proposal proceedings.
Debtor
Barrymore Furniture Co. Ltd.
Proposal trustee
GlassRatner
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hainey | Ontario Superior Court of Justice | 1 order, Jan 2020 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeGlassRatner | Chaitons LLP | 21 Jan 2020 | Application · 21 Jan 2020 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | HSBC Bank Canada · in 54 casesas of date of this Report (December 4, 2019) — General security agreement dated October 24, 2018; demand operating revolving loan facility with maximum principal amount of $3,250,000 (HSBC Credit Facilities, several credit facilities) — Senior secured and operating lender; approximate amount stated as $3.744 million; NOI creditor list (as at Nov 29, 2019) states secured claims totalling $4,279,290.00 in aggregate across all secured creditors, not attributable solely to HSBC — debtor: Barrymore Furniture Co. Ltd. | $3.74M | First Report of the Proposal Trustee |
| 4 | Secured | Business Development Bank of Canada (BDC) · in 241 casesas of date of this Report (December 4, 2019) — General security agreement dated November 1, 2017, over all of Barrymore's personal property (PPSA registration); BDC Credit Facilities with total principal amount of $541,060 — Amount stated is for principal and interest, plus costs; BDC postponed and subordinated its security interest to HSBC pursuant to Priority Agreement dated October 24, 2018 — debtor: Barrymore Furniture Co. Ltd. | $548K | First Report of the Proposal Trustee |
| 4 | Secured | CBSC Capital Inc. (Canon) · in 22 casesPPSA registration in respect of a copier/cannon printer (lease agreement) — Proposal Trustee understands Barrymore is current with its obligations under the lease agreement — debtor: Barrymore Furniture Co. Ltd. | — | First Report of the Proposal Trustee |
| 4 | Secured | Export Development Canada (EDC) · in 99 casesGuarantee of three HSBC credit facilities up to maximum principal amounts set out in Callahan Affidavit — Guarantor of certain HSBC facilities; specific amounts not stated in this document — debtor: Barrymore Furniture Co. Ltd. | — | First Report of the Proposal Trustee |
| 4 | Secured | Ryder Truck Rental Canada Ltd. · in 15 casesPPSA registration in respect of a truck (lease agreement) — Proposal Trustee understands Barrymore is current with its obligations under the lease agreement — debtor: Barrymore Furniture Co. Ltd. | — | First Report of the Proposal Trustee |
| 4 | Secured | Dell Financial Services Canada Limited · in 13 casesPPSA registration in respect of certain computer equipment (lease agreement) — Proposal Trustee understands Barrymore is current with its obligations under the lease agreement — debtor: Barrymore Furniture Co. Ltd. | — | First Report of the Proposal Trustee |
| 8 | Unsecured | Sandra and Tom Callahan Family Trustas of date of this Report (December 4, 2019) — Related party - shareholder/family trust of Barrymore's controlling family (Callahan family) — debtor: Barrymore Furniture Co. Ltd. | $1.68M | First Report of the Proposal Trustee |
| 8 | Unsecured | Trade Creditors (unsecured, aggregate) · in 11 casesas of date of this Report (December 4, 2019) — Document does not name individual trade creditors in this summary; full itemized list of creditors with claims of $250+ is in NOI (Appendix A) — debtor: Barrymore Furniture Co. Ltd. | $961K | First Report of the Proposal Trustee |
| 8 | Unsecured | Class A Shareholders of Barrymore (debentures)as of date of this Report (December 4, 2019) — Related party - Class A shareholder debentures — debtor: Barrymore Furniture Co. Ltd. | $300K | First Report of the Proposal Trustee |
| 8 | Unsecured | Customers (deposits for undelivered goods) · in 2 casesas of date of this Report (December 4, 2019) — List of specific customers with funds on deposit not yet received by Trustee as of Report date — debtor: Barrymore Furniture Co. Ltd. | $300K | First Report of the Proposal Trustee |
| 8 | Unsecured | Canada Revenue Agency (CRA) - HST · in 926 casesDeemed trust class (collected but unremitted HST); Barrymore otherwise current with government remittances — debtor: Barrymore Furniture Co. Ltd. · as of 2 Dec 2019 | $150K | First Report of the Proposal Trustee |
| 8 | Unsecured | Landlord · in 12 casesas of date of this Report (December 4, 2019) — debtor: Barrymore Furniture Co. Ltd. | $150K | First Report of the Proposal Trustee |
| 8 | Unsecured | Canada Revenue Agency (CRA) - corporate income tax · in 926 casesDeemed trust class; Barrymore otherwise current with government remittances — debtor: Barrymore Furniture Co. Ltd. · as of 2 Dec 2019 | $40K | First Report of the Proposal Trustee |
| 8 | Unsecured | Employees (benefit payment arrears) · in 185 casesas of date of this Report (December 4, 2019) — Company is current on payroll obligations as of date of Report; this figure is benefit arrears only — debtor: Barrymore Furniture Co. Ltd. | $12K | First Report of the Proposal Trustee |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: no distribution. HSBC Bank Canada short.EstimatedMotion Record · 21 Jan 2020
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | HSBC Bank Canada | — | shortfall | Estimatedper the trustee | Motion Record · 21 Jan 2020 |
| Preferred | Revenue Canada and Revenue Ontario | — | paid in full | per the trustee | Book of Authorities · 15 Mar 1995 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Motion Record · 21 Jan 2020 |
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.
| Date | Document | File |
|---|---|---|
Book of Authorities (returnable January 21, 2020)
| ||
| Creditors Package – Notice of Bankruptcy | ||
| Factum (returnable January 21, 2020) | ||
Motion Record (returnable January 21, 2020)
| ||
Order of Justice Hainey
| ||
| Certificate of Appointment | ||
| Notice of Material Adverse Change | ||
Motion Record (returnable December 9, 2019)
| ||
Order of Justice McEwen (Extension Order)
| ||
First Report of the Proposal Trustee
| ||
| Creditors Package – Notice of Intention to Make a Proposal | ||
Teaser
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Barrymore Furniture Co. Ltd.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/barrymore-furniture-co-ltd