#Sale
The court granted an approval and vesting order for the sale to 1574764 B.C. Ltd. Closing terms, as extracted: Extension of closing date by consent; Trustee's Certificate to be delivered and filed upon completion.
Canwest Tanks & Ecological Systems Ltd.
ActiveFollow
- Proceeding
- NOIsubsection 50.4(1) of the Bankruptcy and Insolvency Act
OverviewSummary updated
Canwest Tanks & Ecological Systems Ltd. filed a notice of intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act on January 16, 2026, commencing what the company refers to as the NOI Proceedings. The matter is before the Supreme Court of British Columbia. The proceeding remains active. The record before us contains no steps after commencement: no trustee's reports, no court applications, and no further milestones have been entered.
Proceedings AIOpen Proceedings AI
Case updates19 dated entries
#Report
The officer filed report no. Fourth Report. The Company continued to operate in the ordinary course during the SISP, paying suppliers and employees, while working toward closing a going-concern sale of substantially all its assets to the Successful Bidder.
#Report
The officer filed report no. Third Report. The Company continues to operate and occupy its manufacturing facility, is current on rent, and is proceeding through a sale and investment solicitation process (SISP) with several qualified bidders while seeking a further stay extension to complete a viable proposal.
#Order
The court approved a sale and investment solicitation process. A bid deadline of 2026-04-17.
Source: Order re Sales and Investment Solicitation Process Approval
#Report
The officer filed report no. Second Report. The Company continues to operate in the ordinary course during the SISP marketing process, with the NOI proceeding extended and a DIP facility in place, while a sale and investment solicitation process is being pursued to sell the business as a going concern.
#Filing
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Parties
Debtor
Canwest Tanks & Ecological Systems Ltd.
Proposal trustee
MNP
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Toronto-Dominion Bank (TD) - Term Loan · in 122 casesas of NOI Filing Date — General security agreement over all assets of the Company — Prose approximates this as '$5.4 million' (para 34), combined with TD Line of Credit for an approximate total of $6.6 million. Guaranteed personally by Jon Eaton (CEO) and by 2J Canyon Ranches Corp (related-party entity) under a Pre-Filing Credit Agreement dated October 3, 2025 (see DIP Agreement recitals, original p.27). — debtor: Canwest Tanks & Ecological Systems Ltd. | $5.43M | First Report of the Proposal Trustee |
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 more claims in 3 classes The stack holds Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Approval pending — The Proposal Trustee's recommendations to the Court for approval of the Proposed Sale Transaction pursuant to the APAFourth Report of the Proposal Trustee · 12 May 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1574764 B.C. Ltd.the assets described in the Purchase Agreement (the "Purchased Assets") · asset sale · agreement 16 Apr 2026 | Subscribers | Approved13 May 2026outside 22 May 2026 | Order re Approval and Vesting Order |
AdvisorsMNP Ltd. (sale agent)Canwest Teaser
Closing termsExtension of closing date by consent; Trustee's Certificate to be delivered and filed upon completionOrder re Approval and Vesting Order
RecoveriesAs stated in the filings
Unsecured creditors: no distribution.Notice of Application re Sale Approval · 12 May 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | the Company's unsecured creditors | — | no distribution | per the proposal trustee | Notice of Application re Sale Approval · 12 May 2026 |
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
As at ·
Cash on hand
$90.9K
As at 3 May 2026Fourth Report of the Proposal Trustee
Professional fees
As at
1 more reported figure, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
19 filings
| Date | Document | File |
|---|---|---|
Order re Approval and Vesting Order
| PDF · Subscribers | |
Order re Stay Extension to May 31, 2026
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee
| PDF · Subscribers | |
Notice of Application re Sale Approval
| PDF · Subscribers | |
Order re Stay Extension to May 14, 2026
| PDF · Subscribers | |
Third Report of the Proposal Trustee
| PDF · Subscribers | |
| Affidavit #2 of Jon Eaton | PDF · Subscribers | |
| Service List as at March 24 2026 | PDF · Subscribers | |
| Affidavit #1 of Cindy Curran | PDF · Subscribers | |
Canwest Teaser
| PDF · Subscribers | |
| Order re Sales and Investment Solicitation Process | PDF · Subscribers | |
Order re Sales and Investment Solicitation Process Approval
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
| Certificate of Filing of a Notice of Intention to Make a Proposal | PDF · Subscribers | |
Order re Stay Extension to March 30, 2026
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
Affidavit #1 of Jon Eaton
| PDF · Subscribers | |
| Creditors Package | PDF · Subscribers | |
| Notice of Intention to Make a Proposal (NOI) | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Canwest Tanks & Ecological Systems Ltd.” (NOI), Supreme Court of British Columbia. Retrieved 5 November 2026, https://proceedings.ca/case/canwest-tanks-and-ecological-systems-ltd