On November 12, 2019, MCG Restaurants Ltd. (the "Company" or "MCG") filed a Notice of Intention to Make a Proposal (the "NOI") under section 50.4(1) of the Bankruptcy and Insolvency Act (the "BIA"). Deloitte Restructuring Inc. consented to act as Trustee under the NOI (the "Trustee"). MCG was granted an initial 30-day stay of proceedings pursuant to Section 69(1) of the BIA. An extension was granted by the Court on December 11, 2019, providing the Company an extension of time to make a proposal to January 24, 2020. An additional extension was granted by the Court on January 22, 2020 to March 9, 2020. An additional extension was granted by the Court on March 9, 2020 to April 23, 2020.The Company failed to file a proposal with the Official Receiver prior to the Third Extension Deadline and the Company was deemed bankrupt on April 24, 2020 (the "Date of Bankruptcy") and Deloitte Restructuring Inc. (the "Trustee") was appointed Licensed Insolvency Trustee.
For further information, please contact: Christopher KnoxDirect: 780-401-3913Fax: 780-421-3782
Feb 15, 2021