Prosperity Foods Ltd.
- Proceeding
- NOIBIA s. 50.4
- File
- 31-2195743
Prosperity Foods Ltd. has been under a notice of intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act since December 2, 2016, in the Ontario Superior Court of Justice under court file 31-2195743. The proceeding remains active. As of December 8, 2016, TD Bank was owed $1,000,024, before accruing interest and bank costs of enforcement, secured by a security interest over Prosperity's property, assets and undertakings that an independent legal opinion from Dale & Lessmann LLP confirmed valid and enforceable; TD Bank has continued to provide an operating line pending the closing of an asset purchase agreement. Funds from the purchase price are expected to be available to unsecured creditors. The Company and the proposal trustee contacted ten key trade suppliers directly, representing approximately 50% of total unsecured debt.
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Undated filings1 — no date appears on the document · show
Debtor
Prosperity Foods Ltd.
Proposal trustee
A. Farber & Partners
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Mesbur | Ontario Superior Court of Justice | 1 order, Dec 2016 | 34 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorProsperity Foods Ltd. | Torkin Manes LLP | 13 Dec 2016 | Order · 13 Dec 2016 |
| CreditorToronto-Dominion Bank RYDER TRUCK RENTAL CANADA LTD | Harrison Pensa LLP | 7 Dec 2016 | Service list · 7 Dec 2016 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | CRA - Canada Revenue Agency - Tax - Ontario · in 15 casesCRA tax (deemed trust class); stated as $1.00 (nominal placeholder). BN 883447229RP0001 — debtor: Prosperity Foods Ltd. · as of 4 Jan 2017 | $1 | Notice of Bankruptcy and First Meeting of Creditors |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
115 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansApproval pending — Proposal Trustee recommends the Court approve the APA selling the Purchased Assets to the PurchaserFirst Report of the Proposal Trustee, dated December 9, 2016 · 9 Dec 2016
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamed third-party company in the same industry, referred to as 'the Purchaser'the Purchased Assets including all of the Company's rights in Intellectual Property Licenses and Registrations, equipment, inventory and accounts receivable · asset sale · agreement 1 Dec 2016 | Subscribers | Proposed | First Report of the Proposal Trustee, dated… |
Unsecured creditors: a distribution.EstimatedFirst Report of the Proposal Trustee · 9 Dec 2016
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | a distributionconditional | Estimatedper the proposal trustee | First Report of the Proposal Trustee · 9 Dec 2016 |
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 ·
The 2 totals 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 |
|---|---|---|
Notice of Bankruptcy and First Meeting of Creditors
| PDF · Subscribers | |
| Certificate of Appointment | PDF · Subscribers | |
Approval & Vesting Order, dated December 13, 2016
| PDF · Subscribers | |
| Endorsement, dated December 13, 2016 | PDF · Subscribers | |
Order (Admin Charge), dated December 13, 2016
| PDF · Subscribers | |
First Report of the Proposal Trustee, dated December 9, 2016
| PDF · Subscribers | |
E-Service List
| PDF · Subscribers | |
Motion Record, returnable December 13, 2016
| PDF · Subscribers | |
| NOI Creditors Package | PDF · Subscribers | |
| Certificate of Filing of a Notice of Intention to Make a Proposal | PDF · Subscribers | |
| E-Service List (Word) | 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., “Prosperity Foods Ltd.” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/prosperity-foods-ltd