Hancon Construction Co. Ltd.
Follow- Proceeding
- ProposalSections 58 and 59 of the Bankruptcy and Insolvency Act
- File
- 31-2989298
Hancon Construction Co. Ltd. filed a Division I proposal under sections 58 and 59 of the Bankruptcy and Insolvency Act on September 21, 2023, with Grant Thornton Limited acting as proposal trustee in the Ontario Superior Court of Justice (In Bankruptcy and Insolvency), court file no. 31-2989298. Its sworn Statement of Affairs reported total assets of $444,724 against total liabilities of $1,478,441.16, which the Proposal Trustee viewed as reasonable and reflective of the company's financial circumstances. The Canada Revenue Agency later asserted a deemed trust claim of $2,515,371 for unpaid source deductions; the Amended Proposal, filed November 5, 2024, provides for payment of $1,750,000 toward that claim over 24 months. Two proofs of claim with voting letters, totaling $1,667,056, were reported at the November 25, 2024 creditors' meeting.
A claims procedure has been established — see the order for deadlines.
Order of Justice Gordon Approving Amended Proposal dated March 11, 2025.pdf — Plan sanction / final order
Hancon Construction Co. Ltd. filed its Division I proposal under sections 58 and 59 of the Bankruptcy and Insolvency Act on September 21, 2023.
Undated filings1 — no date appears on the document · show
Debtor
Hancon Construction Co. Ltd.
Proposal trustee
Doane Grant Thornton
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeDoane Grant Thornton | Reconstruct LLP | 19 Feb 2025 | Order · 11 Mar 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Vendor take-back mortgagee on Real Property (5825 King Street, South Porcupine, ON)as of date of report (January 30, 2025 Trustee's Report) — 100% vendor-take-back mortgage; original advance $350,000 — Company remains current on mortgage payments; remaining balance stated as of report date — debtor: Hancon Construction Co. Ltd. | $168K | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 5 | PMSI / lessors | Vehicle lessors (four vehicle leases)as of September 21, 2023 — PPSA equipment financiers (PMSI class) - vehicle leases — Aggregated per rule 5; Company remained current on payments as at Sept 21, 2023; Statement of Affairs lists secured claims at $4 aggregate (nominal); Proposal does not compromise secured creditors — debtor: Hancon Construction Co. Ltd. | — | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 5 | PMSI / lessors | Equipment lessor (one equipment lease)as of September 21, 2023 — PPSA equipment financiers (PMSI class) - equipment lease — Company remained current on payments as at Sept 21, 2023 — debtor: Hancon Construction Co. Ltd. | — | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 7 | Preferred (BIA s. 136) | Unsecured creditors (aggregate as reported in sworn Statement of Affairs) · in 532 casesas of September 21, 2023 — Document names no individual unsecured creditors; total liabilities per SOA were $1,478,441.16 (secured $4 + preferred $1 + unsecured $1,478,436.16); later 2 proofs of claim with voting letters totaled approximately $1,667,056 — debtor: Hancon Construction Co. Ltd. | $1.48M | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 7 | Preferred (BIA s. 136) | CRA (Canada Revenue Agency) - source deductions · in 43 casesas of September 21, 2023 — Preferred claim class; Statement of Affairs lists 'Preferred' at nominal $1; Company advised Trustee of potential CRA claim for unremitted source deductions, believed payments exceeding $382,000 have been allocated to source deduction account; CRA later asserted deemed trust claim of $2,515,371 (see separate deemed trust entry per Trustee's Report to Court) — debtor: Hancon Construction Co. Ltd. | $1 | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 8 | Unsecured | CRA (Canada Revenue Agency) - deemed trust claim (unpaid employee source deductions) · in 43 casesas of November 5, 2024 (Amended Proposal filing / Date of Initial Filing basis) — Deemed trust claim, ranks in priority to Company's creditors generally; classified separately as its own class under Amended Proposal (Article 3.2); Amended Proposal provides for payment of $1,750,000 towards this claim over 24 months (~69% of claim) — debtor: Hancon Construction Co. Ltd. | $2.52M | Trustee's Report on Proposal dated January 30, 2025.pdf |
| 8 | Unsecured | Voting Creditors (2 proofs of claim with voting letters, unsecured)as of November 25, 2024 (meeting of creditors on Amended Proposal) — Distinct from the Statement of Affairs aggregate unsecured figure of $1,478,436.16 as at September 21, 2023; this is the amount of proofs filed and voted, approximately stated — debtor: Hancon Construction Co. Ltd. | $1.67M | Trustee's Report on Proposal dated January 30, 2025.pdf |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: 8 %. CRA 69 %.Under the plan · sanctionedTrustee's Report on Proposal dated January 30, 2025.pdf · 30 Jan 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | CRA | — | 69 % | Under the plansanctionedper the proposal trustee | Trustee's Report on Proposal dated January 30, 2025.pdf · 30 Jan 2025 |
| Unsecured | — | — | 8 % | Under the plansanctionedper the proposal trustee | Trustee's Report on Proposal dated January 30, 2025.pdf · 30 Jan 2025 |
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 21 Sep 2023 · per Statement of Affairs (sworn), fair realizable value estimated by Proposal Trustee exclusive of realization costs · Hancon Construction Co. Ltd. (entity only, not consolidated with related party Hancon Mining Division Inc.) — Asset table: Accounts Receivable $1, Machinery and equipment $324,001, Real property $50,000, Vehicles $36,522, Miscellaneous assets $34,200, Total $444,724; Liabilities per SOA: Secured $4, Preferred $1, Unsecured $1,478,436.16, Total $1,478,441.16; Proposal Trustee views combined assets/liabilities and fair value as reasonable and reflective of Company's financial circumstances
| Date | Document | File |
|---|---|---|
Motion Record returnable March 11, 2025.pdf
| ||
Order of Justice Gordon Approving Amended Proposal dated March 11, 2025.pdf
| ||
Factum dated February 19, 2025.pdf
| ||
Trustee's Report on Proposal dated January 30, 2025.pdf
| ||
| Amended Proposal.pdf | ||
Instructions on How to Complete Proof of Claim.pdf
| ||
| Proof of Claim.pdf | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Hancon Construction Co. Ltd.” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/hancon-construction-co-ltd