Clearbeach Resources Inc. (Proposal)
Follow- Proceeding
- NOIsubsection 50.4 (1) of the Bankruptcy and Insolvency Act
- File
- CV-21-00662483-00CL
- Industry
- Energy · Oil & gas production
Clearbeach Resources Inc. filed a notice of intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on July 22, 2020, in Ontario, under estate file no. 35-2659751, with Richter Advisory Group Inc. / Richter Groupe Conseil Inc. acting as licensed insolvency trustee. The company's amended Form 33 preliminary list of creditors with claims of $250 or more, taken from its books and records and described as subject to change, totals $28,155,427.02. The largest entries are the Ministry of Revenue and Natural Resources at $10,836,700.00, PACE Savings and Credit Union Ltd. at $8,951,401.79 and Crich Holdings and Buildings Ltd. at $6,430,998.00, followed by a long tail of Southwestern Ontario municipalities, landowners and oilfield suppliers. The proceeding remains active.
The officer filed report no. First Report. Clearbeach has no employees; related parties Lagasco and Eastern operate its 404 wells. Lacking funds and PACE's support, it is transitioning into a no-asset bankruptcy, with Eastern to operate and remediate the wells under a court-approved Operating Agreement.
Source: First Report of Richter Advisory Group Inc., as its capacity as Trustee – dated December 11, 2020
Notice to Creditors of Intention to make a Proposal – dated July 29, 2020 — Notice to creditors
Commenced proposal proceedings in Ontario under s. 50.4(1) of the BIA, naming Richter Advisory Group Inc. licensed insolvency trustee under estate file no. 35-2659751.
Source: Certificate of filing of a Notice of Intention to make a Proposal – dated july 22, 2020
Debtor
Clearbeach Resources Inc. (Proposal)
Proposal trustee
Richter
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Gilmore | Ontario Superior Court of Justice | 8 orders, Sep 2020 – May 2021 | 68 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Oct 2020 – Nov 2020 | 310 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Aug 2020 | 94 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantClearbeach Resources Inc. (Proposal) | Bennett Jones LLP | 20 Aug 2020 | Order · 20 May 2021 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Ministry of Revenu and Natural Resourcesas of NOI filing date — Regulatory/government claim as listed (Ministry; same address as Oil, Gas & Salt Trust, London ON); nature of the claim not described in the document. — debtor: Clearbeach Resources Inc. | $10.8M | Notice to Creditors of Intention to make a Proposal – dated July 29, 2020 |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
91 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution. PACE short.EstimatedFirst Report of Richter Advisory Group Inc., as its capacity as Trustee · 11 Dec 2020
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | PACE | — | shortfall | Estimatedper the proposal trustee | First Report of Richter Advisory Group Inc., as its capacity as Trustee · 11 Dec 2020 |
| Unsecured | — | — | no distribution | Estimatedper the proposal trustee | First Report of Richter Advisory Group Inc., as its capacity as Trustee · 11 Dec 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.
As at ·
Cash on hand
$33K
As at 30 Jun 2020First Report of Richter Advisory Group Inc., as its capacity as Trustee – dated December 11, 2020
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
CCAA – Initial Order – dated May 20, 2021
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated April 29, 2021
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated March 15, 2021
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated February 11, 2021
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated January 14, 2021
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated December 17, 2020
| PDF · Subscribers | |
First Report of Richter Advisory Group Inc., as its capacity as Trustee – dated December 11, 2020
| PDF · Subscribers | |
Notice of Motion (Returnable December 17, 2020)
| PDF · Subscribers | |
Endorsement of Justice Conway – dated November 19, 2020
| PDF · Subscribers | |
Endorsement of Justice Cavanagh – dated October 29, 2020
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated October 15, 2020
| PDF · Subscribers | |
Endorsement of Justice Conway – dated October 1, 2020
| PDF · Subscribers | |
Endorsement of Justice Gilmore – dated September 23, 2020
| PDF · Subscribers | |
Endorsement of Justice Dietrich – dated August, 20 2020
| PDF · Subscribers | |
Order – dated August 20, 2020
| PDF · Subscribers | |
Notice to Creditors of Intention to make a Proposal – dated July 29, 2020
| PDF · Subscribers | |
Certificate of filing of a Notice of Intention to make a Proposal – dated july 22, 2020
| 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., “Clearbeach Resources Inc. (Proposal)” (NOI), Ontario Superior Court of Justice. Retrieved 2 November 2026, https://proceedings.ca/case/clearbeach-resources-inc-noi