#Order
Endorsement of Justice Penny (Approval of Proposal) dated October 7, 2019 — Endorsement / reasons
FT EnE Canada Inc.
ActiveFollow
- Proceeding
- ProposalBIA Div. I
- File
- 32-2480036
- Industry
- Manufacturing
Filings held38
Last activity7 Oct 2019
On the record2,785 days
OverviewSummary updated
FT EnE Canada Inc. has been in Division I proposal proceedings under the Bankruptcy and Insolvency Act since March 22, 2019, with MNP Ltd. acting as Licensed Insolvency Trustee and the matter carried on the Ontario Superior Court of Justice (Commercial List) under court file no. 32-2480036. The Form 33 list of creditors with claims of $250 or more, as at the notice of intention filing date, is dominated by a related-party claim of $6,052,162.47 owed to FT EnE Inc, a South Korean parent or affiliate, and $1,863,455.07 owed to Royal Bank of Canada. Other listed unsecured claims are far smaller, including $29,393.59 to the County of Brant and a $3,500 regulatory claim by the Workplace Safety and Insurance Board. The proceeding remains active.
Proceedings AIOpen Proceedings AI
Case updates38 dated entries
#Order
Order Justice Penny (Approval of Proposal) dated October 7, 2019 — Plan sanction / final order
#Filing
Book of Authorities (Motion returnable September 16, 2019) dated September 25, 2019 — Application / notice of application
#Report
The officer filed report no. Supplementary Report to the Report of Trustee on Proposal (the Fifth Report to the Court). The Proposal Trustee reports the Company has fulfilled funding for outstanding administrative fees and expenses, provided additional requested information to FTEI, and FTEI has arranged a site inspection of the Real Property, all as required under the Amended Proposal.
Source: Supplementary to Fifth Report- dated September 13, 2019
#Filing
Responding Record and Cross-Motion of the Moving Party, Finetex, EnE Inc. (Returnable September 18 2019 ), dated September 11, 2019 — Response / objection pleading
#Filing
Motion Record (Returnable September 18 2019 ) dated September 10, 2019 — Application / notice of application
#Report
The officer filed a report. The Company continues to operate and employ its 15 employees while the proposal proceedings continue amid an ongoing management dispute with its parent, FTEI; its real property has already been sold and the proceeds used mainly to repay RBC.
Source: Report to Court re Court Approval (Returnable September 18, 2019) dated September 6, 2019
#Order
Endorsement of Justice Conway (Case Conference re: production of records) dated July 22, 2019 — Endorsement / reasons
#Order
Endorsement of Justice Penny (Motion of Moving Party, Finetex, EnE Inc.) dated June 27, 2019 — Endorsement / reasons
#Order
Endorsement of Justice Penny (extension to file to July 8, 2019) dated June 24, 2019 — Endorsement / reasons
#Report
Fourth Report of the Proposal Trustee (Returnable June 24, 2019) dated June 21, 2019 — Court officer report
#Filing
Motion Record (returnable June 24, 2019) dated June 18, 2019 — Application / notice of application
#Sale
The court granted an approval and vesting order for the sale to Edwards Protech Ltd. Closing terms, as extracted: Vesting effective upon delivery of Trustee's Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction.
Source: Approval and Vesting Order of Justice Penny, dated June 7, 2019
#Order
Endorsement of Justice Penny re AVO and Corollary Relief, dated June 7, 2019 — Endorsement / reasons
#Report
Third Report of the Proposal Trustee (Returnable June 7, 2019) dated June 6, 2019 — Court officer report
#Filing
Book of Authorities of Moving Party, Finetex, EnE, Inc., dated June 5, 2019 — Application / notice of application
#Filing
Motion Record of the Moving Party, Finetex, EnE Inc., dated June 4, 2019 — Application / notice of application
#Report
Second Report of the Proposal Trustee (Returnable May 3, 2019) dated May 2, 2019 — Court officer report
#Filing
Motion Record (returnable May 3, 2019) dated April 30, 2019 — Application / notice of application
#Order
The court approved a sale and investment solicitation process.
Source: Order of Justice Penny (extension to file to May 10, 2019), dated March 28, 2019
#Order
Revised proposed Order (re: Motion returnable March 28, 2019) – Blacklined Version — Sale process approval order
#Report
First Report of the Proposal Trustee (Returnable March 28, 2019) dated March 26, 2019 — Court officer report
#Filing
Opened the Division I proposal proceeding on the Commercial List of the Ontario Superior Court of Justice, carrying court file number 32-2480036.
Parties
Debtor
FT EnE Canada Inc.
Proposal trustee
MNP
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Penny | Ontario Superior Court of Justice | 9 orders, Mar 2019 – Oct 2019 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorFT EnE Canada Inc. | Blaney McMurtry LLP | 28 Mar 2019 | Application · 22 Mar 2019 |
| CreditorFinetex, EnE, Inc | BAKER & McKENZIE LLP | 5 Jun 2019 | Factum · 5 Jun 2019 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | FT EnE Incas of NOI filing date — Related party (parent/affiliate, South Korea) — debtor: FT ENE Canada Inc. | $6.05M | Notice to Creditors of NOI dated March 5, 2019 |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
18 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
2 transactions · 1 approved · 1 not completed — Approval and Vesting Order issued authorizing sale of the Real Property to the purchaser identified through the SISPReport to Court re Court Approval (Returnable September 18, 2019) dated… · 6 Sep 2019
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Edwards Protech Ltd.the Company's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · nominee/assignee: 1411334 ontario inc. · agreement 15 May 2019 | not stated | Approved7 Jun 2019 | Approval and Vesting Order of Justice Penny,… |
| 1411334 Ontario Inc.the Purchased Assets · asset sale · nominee/assignee: 1411334 Ontario Inc. · agreement 15 May 2019 | not stated | Not completeddate not stated | Fourth Report of the Proposal Trustee… |
AdvisorsColliers (listing broker)Second Report of the Proposal Trustee (Returnable May 3, 2019) dated…
Closing termsVesting effective upon delivery of Trustee's Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the TransactionApproval and Vesting Order of Justice Penny, dated June 7, 2019
RecoveriesAs stated in the filings
Unsecured creditors: paid in full. National Bank of Canada short.Under the plan · sanctionedBook of Authorities (Motion returnable September 16, 2019) · 25 Sep 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | National Bank of Canada | — | shortfall | — | Book of Authorities of Moving Party, Finetex, EnE, Inc. · 5 Jun 2019 |
| Landlord | Landlord Guarantee Creditors | — | paid in full | Under the plansanctioned | Book of Authorities (Motion returnable September 16, 2019) · 25 Sep 2019 |
| Preferred | — | — | no distribution | Under the plansanctionedper the proposal trustee | Supplementary to Fifth Report · 13 Sep 2019 |
| Unsecured | Affected Creditors with Proven Claims that are less than or equal to $25,000 (the 'Convenience Class Creditors') | — | paid in fullvs. in a bankruptcy | Under the plansanctioned | Book of Authorities (Motion returnable September 16, 2019) · 25 Sep 2019 |
| Unsecured | Related Party Creditors who have subordinated their claim | — | no distribution | Under the plansanctionedper the trustee | Notice to Creditors (Creditors Package) · 13 Aug 2019 |
| Equity | — | — | no distribution | Under the plansanctioned | Book of Authorities (Motion returnable September 16, 2019) · 25 Sep 2019 |
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 plansFees and ratesAs stated in the filings
2 engagements · 2 firms — latest: MNP Ltd., 19 Feb – 31 Mar 2019Second Report of the Proposal Trustee (Returnable May 3, 2019) · 2 May 2019
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| MNP Ltd.Trustee | 19 Feb – 31 Mar 2019Sought | — | — | Second Report of the Proposal Trustee (Returnable May 3, 2019) · 2 May 2019 | |
| Pallett Valo LLPCounsel | the PeriodSought | — | Supplementary to Fifth Report · 13 Sep 2019 |
3 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansEstate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
Professional fees
$132K
As at 31 Aug 2019Supplementary to Fifth Report- dated September 13, 2019
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
38 filings
| Date | Document | File |
|---|---|---|
Endorsement of Justice Penny (Approval of Proposal) dated October 7, 2019
| PDF · Subscribers | |
Order Justice Penny (Approval of Proposal) dated October 7, 2019
| PDF · Subscribers | |
Book of Authorities (Motion returnable September 16, 2019) dated September 25, 2019
| PDF · Subscribers | |
| Factum and Book of Authorities of the Proposal Trustee (Returnable September 18 2019) dated September 17, 2019 | PDF · Subscribers | |
Supplementary to Fifth Report- dated September 13, 2019
| PDF · Subscribers | |
| Responding Record and Cross-Motion of the Moving Party, Finetex, EnE Inc. (Returnable September 18 2019 ), dated September 11, 2019 | PDF · Subscribers | |
| Motion Record (Returnable September 18 2019 ) dated September 10, 2019 | PDF · Subscribers | |
Report to Court re Court Approval (Returnable September 18, 2019) dated September 6, 2019
| PDF · Subscribers | |
Amended Proposal - Blacklined dated August 29, 2019
| PDF · Subscribers | |
| Amended Proposal dated August 29, 2019 | PDF · Subscribers | |
Notice to Creditors (Creditors Package) dated August 13, 2019
| PDF · Subscribers | |
Report of Trustee to the Creditors dated August 13, 2019
| PDF · Subscribers | |
Proposal dated August 2, 2019
| PDF · Subscribers | |
Endorsement of Justice Conway (Case Conference re: production of records) dated July 22, 2019
| PDF · Subscribers | |
Endorsement of Justice Penny (Motion of Moving Party, Finetex, EnE Inc.) dated June 27, 2019
| PDF · Subscribers | |
Endorsement of Justice Penny (extension to file to July 8, 2019) dated June 24, 2019
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee (Returnable June 24, 2019) dated June 21, 2019
| PDF · Subscribers | |
Motion Record (returnable June 24, 2019) dated June 18, 2019
| PDF · Subscribers | |
Approval and Vesting Order of Justice Penny, dated June 7, 2019
| PDF · Subscribers | |
Corollary Order of Justice Penny , dated June 7, 2019
| PDF · Subscribers | |
| Endorsement of Justice Penny re AVO and Corollary Relief, dated June 7, 2019 | PDF · Subscribers | |
Third Report of the Proposal Trustee (Returnable June 7, 2019) dated June 6, 2019
| PDF · Subscribers | |
Book of Authorities of Moving Party, Finetex, EnE, Inc., dated June 5, 2019
| PDF · Subscribers | |
Factum of Moving Party, Finetex, EnE, Inc., dated June 5, 2019
| PDF · Subscribers | |
| Motion Record dated June 4, 2019 | PDF · Subscribers | |
| Motion Record of the Moving Party, Finetex, EnE Inc., dated June 4, 2019 | PDF · Subscribers | |
Endorsement of Justice Penny, dated May 21, 2019
| PDF · Subscribers | |
Endorsement of Justice Penny, dated May 3, 2019
| PDF · Subscribers | |
| Order of Justice Penny (extension to file to June 24, 2019), dated May 3, 2019 | PDF · Subscribers | |
Second Report of the Proposal Trustee (Returnable May 3, 2019) dated May 2, 2019
| PDF · Subscribers | |
Motion Record (returnable May 3, 2019) dated April 30, 2019
| PDF · Subscribers | |
| Endorsement of Justice Penny, dated March 28, 2019 | PDF · Subscribers | |
Order of Justice Penny (extension to file to May 10, 2019), dated March 28, 2019
| PDF · Subscribers | |
| Revised proposed Order (re: Motion returnable March 28, 2019) – Blacklined Version | PDF · Subscribers | |
First Report of the Proposal Trustee (Returnable March 28, 2019) dated March 26, 2019
| PDF · Subscribers | |
Sales Process, Extension to file a Proposal, Motion Record (returnable March 28, 2019) dated March 22, 2019
| PDF · Subscribers | |
Notice to Creditors of NOI dated March 5, 2019
| PDF · Subscribers | |
| Certificate of Filing of 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., “FT EnE Canada Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/ft-ene-canada-inc