National Traffic Safety: the director who would be the bidder

National Traffic Safety Management Inc. provides traffic management for construction and infrastructure job sites across Ontario, keeping the workers on them safe, from a head office that has moved from Toronto to Niagara Falls, per the Factum of NTSM, Sept. 11, 2026, paras. 3–4. It has been through the Bankruptcy and Insolvency Act once already. It filed its first notice of intention on April 5, 2024; its proposal, amended after the Canada Revenue Agency adjourned the first meeting, was accepted by creditors and approved by Justice Kimmel on February 20, 2025. Unsecured creditors were to receive $330,000 over three years — $225,000 in 14 monthly instalments across 2025 and 2026, and $105,000 in seven more in 2027 — which the trustee estimated at 17 cents on the dollar against nothing in a bankruptcy, per the Seventh Report of the Proposal Trustee, Feb. 10, 2025, paras. 29, 41(a) and the Endorsement of Kimmel J., Feb. 20, 2025, paras. 1–2, 5, 19.

On September 14, 2026, the company was back before the Commercial List in its second notice of intention, asking for a fifth extension of the time to file a proposal.

The default, and the new director

After the proposal was approved, Oxygen Working Capital Corp. refinanced the company under an April 28, 2025 loan agreement and a receivables factoring agreement. "The Company subsequently defaulted under the terms of the Amended Proposal due to non-payment of post-filing amounts owing to the Canada Revenue Agency within the stipulated grace period of three months. Further, an equipment lessor for the Company threatened to repossess its leased trucks which are required by the Company to operate its business," per the Factum of NTSM, Sept. 11, 2026, paras. 6–8.

Then came a change of control that did not quite happen. On April 12, 2026, certain shareholders signed a letter of intent to sell their shares to A2 Environmental Group, the company of Antonio Bruno. The next day Michael Spencley, the sole officer and director, resigned "in anticipation of the share sale," and Mr. Bruno replaced him. The financing A2 had arranged for the company depended on the share sale closing. It did not close: "certain of the counterparties disputed that they agreed to transfer all of their shares in the Company to the Purchaser. The share transaction has since fallen apart." Mr. Bruno stayed on as sole director, per the Affidavit of Antonio Bruno, sworn Sept. 10, 2026, paras. 1, 6–9.

The second notice of intention was filed on April 24, 2026, in the Hamilton bankruptcy district, with TDB Restructuring Limited again as trustee. Its list of creditors totals $3,406,652.60. Oxygen is listed at $1,236,662.40, Emkay Canada Leasing Corp. at $365,012.22 — and A2 Environmental Group at $250,000, per the Notice of Intention to Make a Proposal, Apr. 24, 2026, list of creditors. Mr. Bruno deposes that he has "personally invested $250,000 in the ongoing business rehabilitation efforts of the Company." On May 22 Justice Cavanagh noted that "This is the second NOI filed by the Company" and transferred the proceeding to Toronto, where the first had been administered, per the Endorsement of Cavanagh J., May 22, 2026, paras. 1–2.

Three extensions on improving numbers

By June the company said it no longer needed interim financing. Justice Black recorded approximately $555,000 in net cost savings under Mr. Bruno and improved labour and fleet management, increased the administration charge from $50,000 to $80,000, and extended the deadline to August 1 with the support of Oxygen and the trustee, per the Endorsement of Black J., June 15, 2026, paras. 9–12. The detail is in Mr. Bruno's affidavits: $398,202 a year in office salaries, $80,500 on fleet insurance, three offices consolidated into one, per the Affidavit of Antonio Bruno, sworn Sept. 10, 2026, para. 11. On July 31, with "no evident opposition," Justice Black extended the deadline again, to September 15, per the Endorsement of Black J., July 31, 2026, paras. 1–5. At that attendance the company told the court that A2 was seeking financing and, if it found it, would come back for a stalking horse sale process with A2 as the bidder.