On March 3, 2008, Ascalade Communications Inc. and Ascalade Technologies Inc. (collectively, the “Petitioners”) filed a Petition in the Vancouver Registry of the Supreme Court of British Columbia (the “Court”), Action Number S081520 (the “CCAA Proceedings”) seeking protection from their creditors under the Companies’ Creditors Arrangement Act (CCAA) to enable the Petitioners to restructure their business and their indebtedness to creditors. An Initial Order was granted by the Court on the same day which prevents any creditor of the Petitioners from taking any proceedings against the Petitioners and permits the Petitioners to remain in control of their assets and to continue to carry on business during the restructuring period. At 9 a.m. on April 2, 2008, the Petition filed in the CCAA Proceeding will be heard in the Supreme Court of British Columbia at the Vancouver Courthouse at 800 Smithe Street, Vancouver, British Columbia at which time the Petitioners will seek a further order extending the stay of proceedings granted in the Initial Order and seeking other relief.
As a term of the Initial Order, Deloitte & Touche Inc. was appointed Monitor in the CCAA Proceedings to oversee the operations of the Petitioners during the restructuring.
Posted to this Web site are the following documents:
March 17, 2008 - The Company has received an offer to purchase their Richmond property. A court hearing will occur on March 28, 2008 to obtain approval. Posted to this Web site are a copy of the following documents: Notice of Motion, Notice of Hearing, Outline and Affidavit #2 of Greg Allen, which were filed with the BC Supreme Court on March 17, 2008.
March 28, 2008 - The Court approved the Company's sale of their Richmond property. Posted to this Web site is a copy of the following document: Order Approving Sale dated March 28, 2008.
March 31, 2008 - Pursuant to the Initial Order, the Company's Petition will be heard on April 2, 2008. Posted to this Web site is a copy of the following document: Affidavit #3 of Greg Allen, which was filed with the BC Supreme Court on March 28, 2008.
April 3, 2008 - The Company's Petition was heard on April 2, 2008 and the following Order was granted, which extended the Company's Stay of Proceeding to June 4, 2008:
April 29, 2008 - The Monitor of Ascalade Communications Inc. and Ascalade Technologies Inc. filed Chapter 15 petitions in the United States Bankruptcy Court for the Northern District of Illinois Eastern Division. The files were assigned case numbers: 08-10612 and 08-10616 respectively.
May 20, 2008 - On May 14, 2008, the Petitioners filed their Plan of Arrangement or Compromise (“Plan”) with the Court. On May 20, 2008, an Administrative Order was granted by the Court which approved the submission of the Plan to the Petitioners' creditors. The Meeting of Creditors will take place at 3:00 pm PST on June 17, 2008 at the offices of Deloitte & Touche Inc., 2800-1055 Dunsmuir Street, Vancouver, BC. The Claims Bar Date for submitting Proof of Claim forms is 5:00 pm PST on June 16, 2008 to the office of the Monitor, Deloitte & Touche Inc. All documents related to this matter and the filing of claims are provided below:
June 12, 2008 - U.S. Chapter 15 proceedings - In April 2008, the Monitor of Ascalade Communications Inc. and Ascalade Technologies Inc. filed Chapter 15 petitions in the United States Bankruptcy Court for the Northern District of Illinois Eastern Division ("U.S. Court"). On June 10, 2008, the US Court granted the attached Order of Recognition and Order for Joint Administration.
June 17, 2008 - At the creditors meeting which was held on June 17, 2008, the creditors voted unanimously to accept the Plan of Arrangement which had been filed by Ascalade. A Court Hearing has been scheduled for June 24, 2008 to seek the Court's Sanctioning of the Plan and the following documents have been filed with respect to this hearing.
November 26, 2008 – The Monitor has issued its second report to creditors, which provides the creditors with an update on the restructuring process since the first meeting of creditors and notifies the creditors that an interim dividend has been made to the proven Class 2 creditors in an amount equal to 80% for each proven dollar. The timing of any further distributions will be dependent upon the conclusion of the asset realization process by Ascalade.
December 17, 2008 - An application was made to the Court by Ascalade Communications Inc. and Ascalade Technologies Inc. to allow for the resignation of all directors effective December 31, 2008 and for the CCAA proceeding to continue under the Monitor's continued supervision. Related documentation can be found below.
August 13, 2009 – The Monitor has paid the remaining 20% to the proven Class 2 creditors’ claims. This final distribution represents a 100% payment of all proven creditors’ claims, and therefore there will be no further distribution to creditors. Posted to this web site is the following document:
December 8, 2009 – On Tuesday, December 8, 2009 the Monitor made application to Court to obtain approval for a distribution to the Petitioners’ shareholders of the remaining funds it holds by way of return of capital and to obtain its discharge and pass its accounts and those of its counsel. The Court directed the method of service of the materials, which included serving all parties who had filed an appearance, posting the materials on the Monitor’s website, filing a press release on SEDAR and having it disseminated via Canadian Newswire, and delivering a copy of the materials to the Petitioner’s transfer agent Computershare Investor Services Inc. The hearing of the application will be at 9am on Tuesday, December 22, 2009.
December 22, 2009 - On Tuesday December 22, 2009 the Court approved the distribution to the Petitioners’ shareholders of the remaining funds the Monitor holds by way of return of capital. The Monitor also obtained from the Court its discharge and passing its accounts and those of its counsel.
For further information, please contact Deloitte at 604-669-4466.
Nov 27, 2020