On May 9, 2012, the Unity Builders Group of Companies (collectively "UBG") obtained an Initial Order from the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The Initial Order provides for a stay of proceeding until June 8, 2012 (the "Stay"), pursuant to which creditors are restrained from enforcing or exercising any rights or remedies against UBG. The Stay has now been extended to February 28, 2018.
Ernst & Young Inc. was appointed by the Court as the Monitor on the CCAA process and the engagement was subsequently transferred to Deloitte Restructuring Inc. effective August 10, 2016.
Several of the Monitor's Notices of Revision or Disallowance sent to the addresses provided by claimants to the Monitor were returned unopened to the Monitor either because the claimant is no longer at the address provided, or the claimant is no longer in existence ("Unlocated Claimants") for certain corporate claimants. Pursuant to the October 18, 2017 Order, Unlocated Claimants must contact the Monitor by December 1, 2017 to exercise its right to dispute the Monitor's Notice of Revision or Disallowance. For more information, please see the Notice to Creditors – Unlocated Claimants posted below.
On December 12, 2017, Deloitte Restructuring Inc. ("Deloitte"), was appointed by the Court of Queen's Bench of Alberta as the receiver and manager (the "Receiver"), without security, of all of the current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situated, including all proceeds thereof, of the UBG Group of Companies (the "Companies").
The Thirty First Montitor's Report outlines that the intent of the receivership appointment is to conclude the CCAA matters as the Companies do not have the ability to advance a Plan of Arrangement and Compromise to its unsecured creditors. For more information, please see the Notices of the Receiver posted below.
If you have questions or require further information, please contact Tyler Adametz at 403-648-3203 or tadametz@deloitte.ca.
Last updated Jul 8, 2021
