Ontario · NOI
Seventh Report of the Proposal Trustee dated October 23, 2026
Court officer report · 23 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing7 verified
- secured creditorsnote: Document says 'if any'; no creditors named or amounts stated. Other pages in the filing refer to equipment lessors/lenders such as Emkay, but this document states no amounts. · page: 14 · debtor: National Traffic Safety Management Inc. · creditor: Subordinate secured creditors, if any (unnamed) · currency: CAD · security: Ranked sixth, after the Further Amended Administration Charge, in accordance with their respective priorities.
- secured creditorsnote: Court-ordered priority charge, not a pre-filing creditor. $300,000 is the proposed charge ceiling, not a balance owing. Currently approved total is $200,000 (increased from $80,000 per Justice Dunphy's order); the increase to $300,000 is sought and not yet granted. Document states a significant amount of professional fees remain unpaid (amount not stated). · page: 14 · as of: proposed (relief sought in Seventh Report dated October 23, 2026) · amount: 300000 · debtor: National Traffic Safety Management Inc. · creditor: Administration Charge (Proposal Trustee, its counsel and Company's counsel) – court-ordered charge · currency: CAD · security: Charge over the Company's assets securing professional fees. Components: original $80,000 (retains priority, ranks second); additional $120,000 previously approved (ranks fourth); further increase of $100,000 sought (ranks fifth).
- secured creditorsnote: No outstanding balance stated in the document. Factored receivables are excluded from the Purchased Assets under the LOI. The Proposal Trustee states that secured creditors' claims, which rank ahead of the Bankruptcy Trustee's fees, are expected to exceed total assets available for distribution in the estate (amount not stated). · page: 14 · debtor: National Traffic Safety Management Inc. · creditor: Oxygen (factoring counterparty under Master Factoring Agreement dated April 28, 2025; also holds security for a term loan) · currency: CAD · security: Interest in the Company's factored accounts receivable; other security interests including security in respect of the term loan. Ranking in the proposed Further Amended Administration Charge waterfall: first, Oxygen's interest in factored receivables; third, Oxygen's other security including term loan security.
- operational summaryThe company is operating under a Second NOI proceeding and has run a sale process; the Proposal Trustee seeks approval of a going-concern sale of substantially all assets to Ramudden, which would preserve about 60 jobs. The company opposes the sale, and a deemed assignment in bankruptcy is due on October 26, 2026.
- professional feesnote: Fees and disbursements of $137,867.52 plus HST of $17,921.75. Proposal Trustee's counsel (Paliare) separately billed $38,301.50 plus HST of $4,979.20, total $43,280.70, for Sept 29 to Oct 22, 2026. Remaining fees through the end of the stay extension estimated not to exceed $50,000 plus taxes and disbursements. · party: Proposal Trustee (TDB Restructuring Limited) · amount: 155789.27 · period: April 15, 2026 to October 15, 2026 · currency: CAD
- report date23 October 2026
- report noSeventh Report