EQ3
- Proceeding
- ProposalSection 243(1) of the Bankruptcy and Insolvency Act R.S.C. 1985 c.B-5 as amended
- File
- 21-1400743
- Industry
- Retail · Home, furniture & electronics retail
EQ3 is the subject of a Division I proposal under the Bankruptcy and Insolvency Act, commenced on August 31, 2010. The proceeding was brought by Palliser Furniture (Canada) Corporation and Palliser Furniture Holdings Ltd., with Ernst & Young Inc. as proposal trustee. It proceeds in the Court of Queen's Bench under court file number 21-1400743 and remains active.
A claims procedure has been established — see the order for deadlines.
Marked the commencement of the Division I proposal proceeding on August 31, 2010, with Ernst & Young Inc. as proposal trustee.
Source: Certificate of Filing
The court appointed Ernst & Young Inc. as Receiver, on the application of PALLISER FURNITURE (CANADA) CORPORATION and PALLISER FURNITURE HOLDINGS LTD.. Court file CI 10-01-.
Source: Court Order
Debtor
EQ3
Proposal trustee
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Monnin | Court of King's Bench of Manitoba | 2 orders, Feb 2010 – Oct 2010 | 1 case on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorPeter Tielmann | Fillmore Riley LLP | 19 Oct 2010 | Order · 19 Oct 2010 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Palliser Furniture Upholstery Ltd. / Palliser Furniture Holdings Ltd. (Palliser)as of First Report of the Receiver — Secured claim arising from initial vendor note from roll-out of EQ3's assets from Palliser ($12.1 million, as adjusted), advances under lines of credit ($1.6 million), direct cash advances ($1.8 million), goods and services provided ($2.5 million), interest ($0.2 million), less repayments and other Palliser entity offsets ($1.1 million) — Related party (parent/affiliated supplier group). After closing of sale transactions, Palliser expected to have a shortfall of approximately $10.5 million, representing approximately 78% of known Claims of EQ3 World. Palli | $17M | First Report of the Trustee |
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
15 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans7 transactions · 5 closed · 2 approved — The Miami Transaction is approved by this order.Court Order Approving Sale of Miami Assets · 23 Feb 2010
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamedthe Sales Assets | not stated | Closed10 Feb 2010 | Receiver Certificate |
| Miami Purchaserthe Purchased Assets | not stated | Closed18 Feb 2010 | Receiver Certificate # 1 |
| 5987858 Manitoba Ltd. (now named EQ3 Ltd.)the Debtor's right, title and interest in and to the assets described in the Miami Purchase Agreement, including real property at 408 York Avenue, Winnipeg, Manitoba · asset sale · agreement 16 Feb 2010 | Subscribers | Approved23 Feb 2010 | Court Order Approving Sale of Miami Assets |
| Palliser Furniture Holdings Ltd.the Debtor's right, title and interest in and to the assets described in the Dallas/LV Purchase Agreement (the "Purchased Assets") · asset sale · agreement 16 Feb 2010 | not stated | Closed18 Feb 2010 | Receiver Certificate # 2 |
| EQ3 Ltd.sale of substantially all of the EQ3 Group's assets · asset sale | not stated | Closed9 Feb 2010 | First Report of the Trustee |
| Palliser Furniture Upholstery Ltdsubscription for new shares of EQ3 World, and purchase of EQ3 Amalco shares · share subscription · agreement 12 Jul 2010 | Subscribers | Approved | First Report of the Trustee |
| unnamedthe inventory and moveable leasehold improvements of EQ3 World located at leased premises in Dallas, Texas and Las Vegas, Nevada and the sale of the inventory and all leasehold improvements of EQ3 World located at leased premises in Miami, Florida | not stated | Closed17 Feb 2010 | First Report of the Trustee |
Unsecured creditors: a distribution. Palliser short.Under the plan · sanctionedFirst Report of the Trustee · 1 Sep 2010
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Palliser | — | short by of the claim | Estimatedper the proposal trustee | First Report of the Trustee · 1 Sep 2010 |
| Preferred | — | — | paid in full | Under the plansanctionedper the proposal trustee | First Report of the Trustee · 1 Sep 2010 |
| Unsecured | Affected Creditors | — | conditional | Under the plansanctionedper the proposal trustee | First Report of the Trustee · 1 Sep 2010 |
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.
4 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Order Approving Proposal
| PDF · Subscribers | |
Certificate of Filing
| PDF · Subscribers | |
| Instruction Letter | PDF · Subscribers | |
Notice of Proposal
| PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
Proxy
| PDF · Subscribers | |
| Sample Proof of Claim | PDF · Subscribers | |
Sample voting letter
| PDF · Subscribers | |
Voting Letter
| PDF · Subscribers | |
First Report of the Trustee
| PDF · Subscribers | |
| Proposal | PDF · Subscribers | |
Court Order Approving Sale of Dallas/ Las Vegas Assets
| PDF · Subscribers | |
Court Order Approving Sale of Miami Assets
| PDF · Subscribers | |
| Form 75 - Demand for Repossession of Goods | PDF · Subscribers | |
Receiver Certificate # 1
| PDF · Subscribers | |
Receiver Certificate # 2
| PDF · Subscribers | |
Receiver Certificate
| PDF · Subscribers | |
Court Order
| 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., “EQ3” (Proposal). Retrieved 4 November 2026, https://proceedings.ca/case/eq3