Classic Asphalt Ltd. & 512597 NB Ltd.
- Proceeding
- NOIsubsection 50.4(1) of the Bankruptcy and Insolvency Act
- File
- 25953
Classic Asphalt Ltd. and 512597 NB Ltd., related New Brunswick companies, are in active insolvency proceedings. Listings of creditors with claims of $250 or more, prepared as at the filing date, put the largest unsecured exposure against Classic Asphalt with BMO at $2,361,059.69, followed by Business Development Bank of Canada at $1,217,716.00, CRA at $794,413.61 and $86,954.91 on two accounts noted as deemed trust claims, Brian Sterling at $711,820.00 and Western Surety at $346,216.13, alongside equipment financiers including Caterpillar Financial Services at $212,230.00, CNH at $210,591.00 and TD Equipment Finance Canada at $174,138.00. The same Business Development Bank of Canada claim of $1,217,716.00 is listed against 512597 NB Ltd., whose other listed creditors are BMO at $252,000.00 and the Minister of Finance at $48,834.53.
The officer filed report no. Fourth Report. Classic continues to operate in the ordinary course, supporting 512597's holding costs, while both companies pursue a liquidating proposal involving Ritchie Bros. auctioning certain equipment and real property, with remaining equipment leased back through a NewCo.
Source: 4th Report of Trustee with Appendices dated March 6, 2023.pdf
The officer filed report no. Third Report. The Companies failed to collect a key accounts receivable as forecasted, causing a significant negative cash flow variance and casting doubt on their ability to make a viable proposal, prompting the Trustee to withdraw support for a further stay extension.
The officer filed report no. Second Report. Classic continues to operate in the normal course under Trustee oversight, has reduced staff significantly, is pursuing sale of real property, equipment (via Ritchie Bros. auction), and the asphalt plant, while collecting receivables and seeking new contract work; 512597 remains largely inactive with holding costs paid by Classic.
The officer filed report no. First Report. The Companies continue to operate in the normal course under the Trustee's oversight, completing existing contracts and pursuing new work, while laying off seasonal employees and assessing which equipment and real estate assets to sell as part of a planned downsizing and restructuring.
Source: First Report of Trustee.pdf
Undated filings2 — no date appears on the document · show
Debtor
Classic Asphalt Ltd. & 512597 NB Ltd.
Proposal trustee
Doane Grant Thornton
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | CRA - Tax - Atlantic (Account 12086 5456 RP0001) · in 46 casesas of NOI filing date — Deemed trust / CRA claim — debtor: Classic Asphalt Ltd. | $794K | Notice to Creditors of NOIs.pdf |
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
23 more claims in 1 class The stack holds Deemed trusts (CRA and other) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansCumulative receipts
$763K
As at 24 Jan 2023Second Report of Trustee with Appendicies.pdf
Cumulative disbursements
As at
Cash on hand
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Creditor's Package - 512597 NB Ltd signed.pdf
| PDF · Subscribers | |
Creditor's Package - Classic Asphalt Ltd signed..pdf
| PDF · Subscribers | |
512597 NB Ltd - Form 35 - 51-2886475.pdf
| PDF · Subscribers | |
Classic - Form 35 - 51-2886485.pdf
| PDF · Subscribers | |
| Affidavit of Dean Langley dated March 14, 2023.pdf | PDF · Subscribers | |
| Affidavit of Brian Sterling dated March 10, 2023.pdf | PDF · Subscribers | |
| Classic order March TD.pdf | PDF · Subscribers | |
4th Report of Trustee with Appendices dated March 6, 2023.pdf
| PDF · Subscribers | |
| Affidavit of Brian Sterling dated March 6, 2023.pdf | PDF · Subscribers | |
Third Report of Trustee with Appendicies.pdf
| PDF · Subscribers | |
Second Report of Trustee with Appendicies.pdf
| PDF · Subscribers | |
| Notice of Motion dated December 14, 2022.pdf | PDF · Subscribers | |
First Report of Trustee.pdf
| PDF · Subscribers | |
Notice to Creditors of NOIs.pdf
| PDF · Subscribers | |
| Notice of Motion and draft Order.pdf | PDF · Subscribers | |
| Notice of Motion.pdf | 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., “Classic Asphalt Ltd. & 512597 NB Ltd.” (NOI), Court of King's Bench of New Brunswick. Retrieved 4 November 2026, https://proceedings.ca/case/classic-asphalt-ltd-512597-nb-ltd