#Filing
An application was filed in the New Brunswick proceedings under file 23369; the record carries January 3, 2020 as a commencement date alongside the December 12, 2017 filing.
Marathon Fluids and 680177 NB Inc.
ActiveFollow
- Proceeding
- Proposalsections 50.10(a)(i) and 50.10(a.1) of the Bankruptcy and Insolvency Act ("BIA")
- File
- 23369
OverviewSummary updated
Marathon Fluids and 680177 NB Inc. are before the Court of King's Bench of New Brunswick in a Division I proposal under sections 50.10(a)(i) and 50.10(a.1) of the BIA, court file 23369, with BDO Canada Inc. as Proposal Trustee. The proceeding, commenced January 3, 2020, is active. The Toronto-Dominion Bank, secured by a May 9, 2015 collateral mortgage and general security agreement and a guarantee from president Karim Bhibah, demanded $589,167.51 from Marathon Fluid Systems Limited on December 12, 2017, exclusive of interest, fees and costs, and later put the debt in excess of $616,511.70. A December 18, 2017 interim financing order gave 679515 N.B. Ltd. a DIP charge ahead of TD's first charge. The proposal treats Merchant Advanced Capital as secured, to be paid $200 monthly for 36 months in full and final satisfaction; unsecured claims include $112,009 to CRA and $89,549 to the Receiver General.
Proceedings AIOpen Proceedings AI
Case updates1 dated entry · 1 undated
Undated filings1 — no date appears on the document · show
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Report
Marathon Fluids - Material Adverse Change Report with Exhibits — Court officer report filed
Parties
Debtor
Marathon Fluids and 680177 NB Inc.
Proposal trustee
BDO
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Toronto-Dominion Bank (TD) · in 121 casesCollateral Mortgage and General Security Agreement, first charge — Stated as floor: 'presently owes in excess of $616,511.70 to the Applicant' as of the Notice of Application; amount is a floor per document wording 'in excess of'. — debtor: Marathon Fluid Systems Limited | $617K | Marathon Fluids - Material Adverse Change Report with Exhibits |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
114 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansRecoveriesAs stated in the filings
Preferred creditors: paid in full.Under the planMarathon Fluids - Material Adverse Change Report with Exhibits · 23 Aug 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | Class 1 (preferred) creditors | — | paid in full | Under the planper the trustee | Marathon Fluids - Material Adverse Change Report with Exhibits · 23 Aug 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.
Documents2 filings
| Date | Document | File |
|---|---|---|
Marathon Fluids - Notice of Hearing on the Proposal
| PDF · Subscribers | |
Marathon Fluids - Material Adverse Change Report with Exhibits
| 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., “Marathon Fluids and 680177 NB Inc.” (Proposal), Court of King's Bench of New Brunswick. Retrieved 4 November 2026, https://proceedings.ca/case/marathon-fluids-and-680177-nb-inc