Ontario · NOI
Fifth Report of the Proposal Trustee dated October 12, 2026
Court officer report · 12 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 filing10 verified
- secured creditorsnote: Court-ordered priming charge, not a pre-filing creditor; amount is the charge ceiling, not a balance owing. Increase from $80,000 to $200,000 is requested, not yet granted. A significant amount of professional fees remains unpaid (unquantified). · page: 9 · amount: 80000 · debtor: National Traffic Safety Management Inc. · creditor: Administration Charge (Proposal Trustee, its counsel and Company's counsel) · currency: CAD · security: Court-ordered charge securing fees and disbursements of the Professionals; existing $80,000 retains its current priority (ranks second, after Oxygen's factored receivables interest). Increase to $200,000 requested, with additional $120,000 ranking fourth, subordinate to Oxygen's other security.
- secured creditorsnote: Amount owing not stated in this document; the APA purchase price includes 'all amounts owing to Oxygen as of the Closing Date on account of the term loan'. Oxygen advanced funds to refinance existing indebtedness and fund working capital. J9 subordinated its security in favour of Oxygen. · page: 9 · debtor: National Traffic Safety Management Inc. · creditor: Oxygen Working Capital Corp. · currency: CAD · security: Interest in the Company's factored accounts receivable (Factoring Agreement dated April 2025); other security interests including security in respect of the term loan (loan agreement dated April 28, 2025). Proposed ranking: first on factored receivables; Administration Charge ($80,000) second; term loan security third; Additional Administration Charge ($120,000) fourth.
- secured creditorsnote: Amount not stated. J9 subordinated its security against the Company in favour of Oxygen. Proposal Trustee's own wording ('if any') signals the extent of J9's security is not confirmed. · page: 14 · debtor: National Traffic Safety Management Inc. · creditor: J9 Investments Ltd. · currency: CAD · security: Retained security against the property of the Company under the Initial Proposal (approved Feb 20, 2025); ranks fifth in the proposed priority ('the security held by J9, if any').
- unsecured creditorsnote: Deemed trust / Crown claim class; amount unstated. Separate APA item: post-filing HST obligations owing to CRA (not a pre-filing claim). · page: 17 · basis: Amounts owing for source deductions to be paid as part of APA purchase price; amount not stated · debtor: National Traffic Safety Management Inc. · creditor: Canada Revenue Agency (source deductions) · currency: CAD
- unsecured creditorsnote: Amount not stated; lessor claim, classification (secured vs unsecured) not stated in this document. · page: 17 · basis: Lessor of vehicles used by the Company; amount payable for buyout of leased vehicles under APA; agreement reached to pay an amount on closing · debtor: National Traffic Safety Management Inc. · creditor: Emkay Canada Leasing Corp. · currency: CAD
- unsecured creditorsnote: Approximate figure sworn by the director, not verified. Company has not remitted post-filing contributions when due, paying $10,000 weekly to LIUNA local 837. Pre-filing vacation pay arrears and 'Pre-Filing Employee Claims' (defined in the APA) are also owed but not quantified; payment arrangement with the Union is a material APA condition and not yet agreed. · page: 18 · as of: Filing Date (April 24, 2026) · basis: Affidavit of Antonio Bruno (sole director): pension contribution arrears 'approximately $167,000' as at the Filing Date under the Collective Agreement · amount: 167000 · debtor: National Traffic Safety Management Inc. · creditor: Employee/union pension contribution arrears (LIUNA locals 837, 183, 506) · currency: CAD
- operational summaryThe Company continues to operate with ongoing liquidity constraints and has not remained current with certain post-filing obligations; its position is generally unchanged since the Fourth Report. A sale process is under way, with binding offers invited by October 16, 2026.
- professional feesnote: No total fee figure stated. Report states a significant amount of professional fees remain unpaid and continue to accrue; Administration Charge securing Professionals' fees is sought to be increased from $80,000 to $200,000. · party: Proposal Trustee, its counsel and the Company's counsel (the Professionals) · currency: CAD
- report date12 October 2026
- report noFifth Report