#Sale
The court granted an approval and vesting order for the sale to Triple M Metal LP. Closing terms, as extracted: Vesting occurs upon delivery of the Proposal Trustee's Certificate.
TKCMetal
ActiveFollow
- Proceeding
- Proposalsections 64.1 and 64.2 of the Bankruptcy and Insolvency Act
- File
- 32-3030651
Filings held13
Last activity1 Oct 2024
On the record832 days
OverviewSummary updated
TKC Metal Recycling Inc. is in Division I proposal proceedings begun on August 13, 2024 in the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) under court file 32-3109134, with BDO Canada Limited acting as Proposal Trustee. The company invokes sections 64.1 and 64.2 of the Bankruptcy and Insolvency Act. Its list of creditors with claims of $250 or more, stated as of the notice of intention filing date, is dominated by 1000909688 Ontario Inc at $2,206,342.00 and Pure Alloys at $1,059,846.03, followed by Mitsubishi HC Capital Canada Leasing Inc., listed twice at $400,977.94 and $53,744.00, SLM Recycling at $124,544.82, and Canada Revenue Agency's Sudbury Tax Services Office at $103,542.58 in the deemed trust class. Royal Bank of Canada, RCAP Leasing Inc. and The Toronto Dominion Bank also appear. The matter remains active.
Proceedings AIOpen Proceedings AI
Case updates13 dated entries
#Report
The officer filed report no. Second Report. TKC continues operating its scrap metal recycling business while completing a Court-approved sale process, having negotiated an Asset Purchase Agreement with Triple M Metal LP for substantially all of its assets, subject to court approval and closing.
Source: Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024
#Order
The court approved a sale and investment solicitation process. A bid deadline of 2024-09-05.
Source: Sale Process Order August 22, 2024 J. Parayeski signed
#Report
The officer filed report no. First Report. TKC continues to operate under NOI protection while undergoing a court-supervised Sale Process for its assets/business, having stabilized operations and cash flow, and is seeking a stay extension to complete the sale and file a proposal. Court file 32-3030651.
#Filing
August 13, 2024 filing opened the Division I proposal proceeding in the Ontario Superior Court of Justice under court file number 32-3109134.
Parties
Debtor
TKCMetal
Proposal trustee
BDO
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Parayeski | Ontario Superior Court of Justice | 2 orders, Aug 2024 | 6 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeBDO | Cozen O'Connor LLP | 26 Aug 2024 | Service list · 26 Aug 2024 |
| CreditorTKC Metal Recycling Inc | Miller Thomson LLP · Millerthomsonllp | 14 Aug 2024 | Service list · 26 Aug 2024 |
| CreditorTooling Management Group LLC | Spizzirri Law Professional Corporation | 26 Aug 2024 | Service list · 26 Aug 2024 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | 1000909688 Ontario Incas of NOI filing date — debtor: TKC Metal Recycling Inc. | $2.21M | TKC - NOI Notice to Creditors |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
82 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
Approval pending — Company negotiated and finalized an Asset Purchase Agreement with Triple M Metal LP, subject to Court approvalSecond Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Triple M Metal LPthe Company's right, title and interest in and to Purchased Assets as defined in the Sale Agreement · asset sale · agreement 23 Sep 2024 | Subscribers | Approved1 Oct 2024 | Approval and Vesting Order - Goodman J. |
AdvisorsBDO Canada Limited (sale agent)Sale Process Order August 22, 2024 J. Parayeski signed
Closing termsVesting occurs upon delivery of the Proposal Trustee's CertificateApproval and Vesting Order - Goodman J.
Fees and ratesAs stated in the filings
6 engagements · 3 firms — latest: (firm not named), to 20 Sep 2024, in feesSecond Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (firm not named)Counsel to the trusteefirm not named in the heading | to 20 Sep 2024 | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | ||||||||||||||||||||||||||||||||||||||
| BDO Canada LimitedProposal trusteeperiod 4 of 4 | to 20 Sep 2024 | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | ||||||||||||||||||||||||||||||||||||||
| BDO Canada LimitedProposal trusteeperiod 4 of 4 | 1 Sep – 20 Sep 2024 | 6 people | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | |||||||||||||||||||||||||||||||||||||
6 people — BDO Canada Limited, 1 Sep – 20 Sep 2024 · 18 blurred figures
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| BDO Canada LimitedProposal trusteeperiod 2 of 4 | 17 Aug – 31 Aug 2024 | 4 people | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | |||||||||||||||||||||||||||||||||||||
4 people — BDO Canada Limited, 17 Aug – 31 Aug 2024 · 12 blurred figures
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| BDO Canada LimitedProposal trusteeperiod 1 of 4 | 9 Jul – 16 Aug 2024 | 6 people | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | |||||||||||||||||||||||||||||||||||||
6 people — BDO Canada Limited, 9 Jul – 16 Aug 2024 · 18 blurred figures
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| Cozen O'Connor LLPCounsel | — | 4 people | Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024 · 24 Sep 2024 | |||||||||||||||||||||||||||||||||||||
80 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansEstate financialsReported figures — never derived
Professional fees
$78K
As at 20 Sep 2024Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024
Documents
13 filings
| Date | Document | File |
|---|---|---|
| Ancillary Order - Goodman J. | PDF · Subscribers | |
Approval and Vesting Order - Goodman J.
| PDF · Subscribers | |
Factum - Moving Party - TKC Recycling Inc.
| PDF · Subscribers | |
Second Report of Proposal Trustee - BDO Canada Ltd. - September 24,2024
| PDF · Subscribers | |
Motion Record - Moving Party TKC Metal Recycling
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Endorsement August 22, 2024 J. Parayeski | PDF · Subscribers | |
Order re Administration Charge August 22, 2024 J. Parayeski signed
| PDF · Subscribers | |
Sale Process Order August 22, 2024 J. Parayeski signed
| PDF · Subscribers | |
Factum Served Aug 14, 2024
| PDF · Subscribers | |
First Report of the Trustee dated August 14, 2024
| PDF · Subscribers | |
Motion Record Returnable August 22, 2024
| PDF · Subscribers | |
TKC - NOI Notice to Creditors
| 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., “TKCMetal” (Proposal), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/tkcmetal