Direct Source Special Products Inc.
- Proceeding
- NOIS. 50.4(9) of the Bankruptcy and Insolvency Act
- File
- 500-11-034874-087
Direct Source Special Products Inc. filed a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act on November 21, 2008, with RSM Richter Inc. as trustee, in the Superior Court of Québec (court file 500-11-034874-087). The company reported total liabilities of CAD 27,374,447.39. Its secured creditors are Banque BNP Paribas at CAD 12,364,848.50 and the Caisse de dépôt et placement du Québec at CAD 4,187,500. The largest unsecured claim is Disque Americ Inc. at CAD 6,856,058.95, followed by PVB Industries at CAD 749,098.28. The proceeding is active.
A claims procedure has been established — see the order for deadlines.
Certificate of filing of a Proposal – dated May 1, 2009 was filed. Court file 500-11-034874-087.
Source: Certificate of filing of a Proposal – dated May 1, 2009
Order re Motion for a third extension of delay to file a proposal (in French only) – dated March 19, 2009 — Application / notice of application
Motion for a third extension of delay to file a proposal – dated March 17, 2009 was filed. Court file 500-11-034874-087.
Source: Motion for a third extension of delay to file a proposal – dated March 17, 2009
Order re Extension of Delay to March 19, 2009 (in French only) – dated February 2, 2009 — Application / notice of application
The officer filed a report. The Company, a distributor of music CDs/DVDs and related products, has suffered a long-term sales decline due to downloading and competitive pressures, temporarily suspended operations with layoffs of about 15 employees after filing its Notice of Intention, and is working to reduce expenses, collect receivables, dispose of inventory, and negotiate financing with its secured creditors while pursuing a viable proposal.
Source: Trustee’s Report on State of Insolvent Person – dated January 29, 2009
Trustee’s Report on State of Insolvent Person – dated December 17, 2008 — Court officer report
Notice to Creditors of Intention to Make a Proposal – dated November 27, 2008 — Notice to creditors
Direct Source Special Products Inc. filed its Notice of Intention to make a proposal on November 21, 2008.
Source: Certificate of filing of Notice of Intention to Make a Proposal – dated November 21, 2008
Debtor
Direct Source Special Products Inc.
Proposal trustee
Richter
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | BANQUE BNP PARIBAS A/S RÉAL PARÉ, VICE-PRESIDENTas of NOI filing date — debtor: Direct Source Special Products Inc. | $12.4M | Notice to Creditors of Intention to Make a Proposal – dated November 27, 2008 |
| 4 | Secured | |||
| 6 | Landlord preferred | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
194 more claims in 4 classes The stack holds Secured, Landlord preferred, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: paid in full. CDPQ a distribution.Under the plan · vote pendingNotice of Proposal to Creditors · 11 May 2009
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | — | — | paid in fullconditional | Under the planvote pendingper the debtor | Proposal · 21 Nov 2008 |
| Secured | CDPQ | — | Under the planvote pendingper the trustee | Notice of Proposal to Creditors · 11 May 2009 | |
| Preferred | — | — | paid in full | Under the planvote pendingper the trustee | Notice of Proposal to Creditors · 11 May 2009 |
| Unsecured | Claims equal or less than $500 | — | paid in full | Under the planvote pendingper the trustee | Notice of Proposal to Creditors · 11 May 2009 |
| class not placed | Crown's Claims | — | paid in full | Under the planper the trustee | Notice of Proposal to Creditors · 11 May 2009 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$842K
As at 29 Jan 2009Trustee’s Report on State of Insolvent Person – dated January 29, 2009
Cumulative disbursements
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 plans| Date | Document | File |
|---|---|---|
| Order Ratifying the Proposal – dated June 11, 2009 | PDF · Subscribers | |
Notice of Proposal to Creditors – dated May 11, 2009
| PDF · Subscribers | |
| Proof of claim – dated May 11, 2009 | PDF · Subscribers | |
| Voting letter – dated May 11, 2009 | PDF · Subscribers | |
Certificate of filing of a Proposal – dated May 1, 2009
| PDF · Subscribers | |
Proposal – dated April 30, 2009
| PDF · Subscribers | |
| Order re Motion for a third extension of delay to file a proposal (in French only) – dated March 19, 2009 | PDF · Subscribers | |
Motion for a third extension of delay to file a proposal – dated March 17, 2009
| PDF · Subscribers | |
Trustee’s Report on State of Insolvent Person – dated March 17, 2009
| PDF · Subscribers | |
| Order re Extension of Delay to March 19, 2009 (in French only) – dated February 2, 2009 | PDF · Subscribers | |
Trustee’s Report on State of Insolvent Person – dated January 29, 2009
| PDF · Subscribers | |
| Order re extension of delay to February 3, 2009 – dated December 18, 2008 | PDF · Subscribers | |
Trustee’s Report on State of Insolvent Person – dated December 17, 2008
| PDF · Subscribers | |
Notice to Creditors of Intention to Make a Proposal – dated November 27, 2008
| PDF · Subscribers | |
Certificate of filing of Notice of Intention to Make a Proposal – dated November 21, 2008
| 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., “Direct Source Special Products Inc.” (NOI), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/direct-source-special-products-inc