Satin Finish Hardwood Flooring, Limited filed a notice of intention to make a proposal on January 17, 2019, with MNP Ltd. as proposal trustee, before the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) under court file 31-2459849. The NOI creditors list, covering claims greater than $250, totals approximately $38 million in secured and unsecured claims. CIBC holds a first secured charge over Satin's assets and a registration under section 427 of the Bank Act, with an estimated $14,700,000 owing at the filing date; smaller PPSA registrations stand in favour of National Leasing Group, RCAP Leasing Inc, Ford Credit Canada Leasing, Meridian Onecap Credit Corp and Taurus Craco Machinery Inc. Unsecured claims include $1,703,275 to 15 Fenmar Investments Limited and a $103,000 Teamsters Local 847 pension claim. The proceeding remains active.
The court granted an approval and vesting order for the sale to 2340125 Ontario Inc. Closing terms, as extracted: vesting effective upon delivery of the Proposal Trustee's Certificate confirming closing conditions satisfied and completion of the Transaction.
The officer filed report no. Fourth Report. Satin has scaled back production, reducing its workforce from 45 to 15 employees while continuing to sell remaining inventory, and is proceeding with a going-concern sale of substantially all its assets to a related-party purchaser who will assume the company's secured debt to CIBC.
Motion Record of Satin Finish (returnable on June 7, 2019) dated June 3, 2019 — Application / notice of application
The officer filed report no. Third Report. Satin resumed manufacturing after a new collective bargaining agreement was ratified in January 2019, has cut its sales team, and plans to shut its production line the week ended May 3, 2019 once existing orders are complete. It is selling surplus raw materials, work in progress and off-quality inventory while a sale process continues.
Motion Record of Satin Finish (hearing schedules May 1, 2019) dated April 30, 2019 — Application / notice of application
Sale Process Deadline Extension Order, (extension to May 2, 2019) - March 15 2019 was filed.
Source: Sale Process Deadline Extension Order, (extension to May 2, 2019) - March 15 2019
Extension for Filing of the Proposal Sale Process Deadline Extension Motion Record Mar 13 2019 — Application / notice of application
Second Report of the Proposal Trustee, Responding Motion Record of the Proposal Trustee - March 13 2019 — Response / objection pleading
Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019 was filed.
Source: Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019
Notice of motion dated January 17, 2019 brought the matter before the court under sections 50.4(7)(b)(ii) and 50.4(9) of the BIA, the same day the NOI was filed.
Source: Extension for Filing of the Proposal, Sales Process Approval, Motion Record - Jan 18 2019
Debtor
Satin Finish Hardwood Flooring, Limited
Proposal trustee
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice McEwen | Ontario Superior Court of Justice | 3 orders, May 2019 – Jun 2019 | 143 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeMNP | Goldman Sloan Nash & Haber LLP | 13 Mar 2019 | Application · 13 Mar 2019 |
| DebtorSatin Finish Hardwood Flooring, Limited | Minden Gross LLP | 13 Mar 2019 | Application · 13 Mar 2019 |
| CreditorUnion | Triano Law | 13 Mar 2019 | Application · 13 Mar 2019 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Canadian Imperial Bank of Commerce (CIBC) · in 72 casesas of NOI filing date — First secured charge against the assets of Satin; also beneficiary of a registration under section 427 of the federal Bank Act — Estimated amount owed at the filing date per PPSA registry search as of November 20, 2018 and Satin's records; also listed as $14,700,000.00 in Form 33 creditors list — debtor: Satin Finish Hardwood Flooring, Limited | $14.7M | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
33 more claims in 2 classes The stack holds Secured 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 plansSale approved — Sale of substantially all assets to related party approved, pending closingFourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 2019
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2340125 Ontario Inc.Satin Finish's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 28 May 2019 | Subscribers | Approved7 Jun 2019 | Approval and Vesting Order - June 7 2019 |
Unsecured creditors: no distribution.EstimatedFourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | estimated | no distribution | Estimatedper the proposal trustee | Fourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 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.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansAs at ·
Cumulative receipts
$4.19M
As at 1 May 2019Third Report of the Proposal Trustee - May 1 2019
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures, and the total the debtor stated at filing
Each one 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 |
|---|---|---|
Approval and Vesting Order - June 7 2019
| PDF · Subscribers | |
Endorsement of McEwen, J. - June 7 2019
| PDF · Subscribers | |
Fourth Report of the Proposal Trustee - June 5 2019
| PDF · Subscribers | |
| Motion Record of Satin Finish (returnable on June 7, 2019) dated June 3, 2019 | PDF · Subscribers | |
Endorsement of McEwen, J. -May 1 2019
| PDF · Subscribers | |
Extension Order of McEwen, J (extension to June 14, 2019) - May 1 2019
| PDF · Subscribers | |
Motion Record of Satin Finish (hearing schedules May 1, 2019) dated April 30, 2019
| PDF · Subscribers | |
Third Report of the Proposal Trustee - May 1 2019
| PDF · Subscribers | |
Endorsement of Pattillio, J. - March 15 2019
| PDF · Subscribers | |
Sale Process Deadline Extension Order, (extension to May 2, 2019) - March 15 2019
| PDF · Subscribers | |
Extension for Filing of the Proposal Sale Process Deadline Extension Motion Record Mar 13 2019
| PDF · Subscribers | |
| Second Report of the Proposal Trustee, Responding Motion Record of the Proposal Trustee - March 13 2019 | PDF · Subscribers | |
Endorsement of Dietrich, J. - January 23 2019
| PDF · Subscribers | |
Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019
| PDF · Subscribers | |
Extension for Filing of the Proposal, Sales Process Approval, Motion Record - Jan 18 2019
| PDF · Subscribers | |
First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019
| PDF · Subscribers | |
| Notice of Intention to Make a Proposal | 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., “Satin Finish Hardwood Flooring, Limited” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/satin-finish-hardwood-flooring-limited
Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/satin-finish-hardwood-flooring-limited
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.