Update July, 15, 2019
Justice Grauer finally rendered his Judgment on March 28, 2019 regarding the joint Application by the Claims Administrator and the Trustee on December 14, 2018, to approve a Distribution to Trust and Lien Claimants and the acts of the Claims Administrator and the Trustee, and their fees and disbursements, including of their counsel. A copy of the Judgment and reasons is posted to this website. The Judgment approved the reports and actions of the Claims Administrator and the Trustee and all the costs, fees and disbursements except for $11,880 due to a change in the technical Court rules over the past five years affecting recovery of certain disbursements. The distribution to trust and lien creditors by the Claims Administrator was approved in the amount of $111,880.00.
The Judgment by Justice Grauer required approval of the form of Court Order which was finally obtained on May 24, 2019 after submissions by the Claims Administrator’s counsel. It was received by the Claims Administrator earlier in July 2019. A copy of the entered Order It is now posted to this website.
The Claims Administrator is preparing the distribution to the trust and lien creditors with approved claims and will make the distribution during the week of July 15, 2019. If any trust and lien claimant has changed its address or the ownership of its claim from the time it was submitted, likely as early as 2014, please contact Patricia Foster pfoster@g-forcgroup.ca or Susanna Fok sfok@g-forcegroup.ca to provide updated information to the Claims Administrator.
Update December 17, 2018
The joint Application by the Claims Administrator and the Trustee to approve a Distribution to Trust Claimants and the acts of the Claims Administrator and the Trustee and their fees and disbursements, including of their counsel, was heard by Justice Grauer on December 14, 2018. He has reserved his decision and will render it in 2019, likely in January or February. The Claims Administrator will post an update on this website on the results of that decision, including the timing of a distribution, if any. If the distribution is approved all trust claimants who have submitted an accepted claim will be contacted directly by the Claims Administrator.
Update November 16, 2018
All creditors were served on November 14 and 15, 2018 with a Notice of Motion dated November 14, 2018, and accompanying document, for the joint application by the Claims Administrator and the Trustee to the Court on December 14, 2018. Also sent to creditors was a copy of the Claims Administrator’s Fifth Report dated November 14, 2018, which included the Third Report of the Trustee as Appendix A.
Update October 1, 2018
The Application of the Claims Administrator dated September 17, 2018 for hearing on September 28, 2018 was adjourned and is reset for December 14, 2018 in conjunction with the joint application of the Claims Administrator and the Trustee for order passing their accounts and providing for their discharges.
September 20, 2018 – Notice to all Creditors
We have sent to all creditors of Odenza a Notice of Motion for an application by G. Powroznik Group Inc., Claims Administrator of the Trust Claim Settlement Program (“TCSP”), to the Supreme Court of British Columbia on the results of its administration and to approve a distribution of trust funds and holdbacks collected under the TCSP. The Second Report of G. Powroznik Group Inc. as Licensed Insolvency Trustee is included as Appendix A in the attached Claims Administrator’s report. Once the Court has approved the distribution, it will be made by the Claims Administrator in due course.
Update – January 5, 2016
Copies of the signed and entered Order dated July 16, 2015 and the written reasons for judgment of The Honourable Mr. Justice Grauer (both re: the Initial Cash Balance) are posted below.
The Trustee and Claims Administrator continue to attempt to collect from the final few home owners who had outstanding accounts with Odenza. Although progress has been made with some of the owners, there continues to be a handful of “difficult” accounts that has delayed the finalization of the process. Further updates will be posted when they are available.
Update – July 23, 2015
The Honourable Mr. Justice Grauer has issued his written reasons for decision, and made an Order, with respect to Initial Cash Balance (as defined in the Court materials) of Odenza of $527,000 that existed as at the date of Bankruptcy. It has been determined by the Court that the Initial Cash Balance shall be distributed on a pro rata basis to the trust and lien claimants, subject to charges granted pursuant to the TCSP Order of December 2013.
The Claims Administrator awaits receipt of a copy of the final, signed Order. When the Order is received, it will be posted here along with a copy of Justice Grauer’s reasons for decision.
Update – July 9, 2015:
The hearing referenced below is scheduled for Friday, July 10 at 10:00am.
Update- June 5, 2015:
The Claims Administrator seeks direction from the Court with respect to the treatment of the initial cash balance of Odenza ($527,000) that existed as at the date of Bankruptcy. The Claims Administrator has submitted additional analysis to the Court in its Third Report dated June 2, 2015 (“Third Report”). The Third Report is posted below. We expect the next Court hearing to occur sometime in June 2015. The hearing was originally scheduled for June 9, 2015 but may be deferred based on the availability of Mr. Justice Grauer.
Update – July 3, 2014:
We have posted a summary update report dated June 30, 2014, below in the “Other Bankruptcy Documents/Reports” section. This report provides the initial result of the Claims Administrator’s June 20, 2014 Court application.
Update – June 17th, 2014:
We will post a summary update report to the website, after the June 20 Court application, on June 23rd or June 24th. The summary report will be a simplified version of what was filed in Court relating to the June 20 application and will provide any additional updates since that report was filed in Court. Please continue to monitor this page for more information.
Update – June 10th, 2014:
Today we have sent copies to creditors and stakeholders of our Notice of Application and the Second Report of the Claims Administrator (both of which are posted below), which have been filed with the Supreme Court of British Columbia for an application to be heard at 10:00 am on Friday, June 20, 2014 in the Vancouver Courthouse. The purpose of our Report and the Application to the Court is to:
->Provide an update on the status of the administration of the Trust Claims Settlement Program (“TCSP”) by the Claims Administrator to date;
->Provide a summary of the composition of the cash on hand at the date of bankruptcy (the “Initial Cash Balance”) and outline for the Court the significant legal issues (collectively, the “Legal Issues”) that must be determined which are:
- Who are the potential claimants to the Initial Cash Balance and who are the potential claimants to the funds to be paid by Owners on account of home construction or renovation contracts with Odenza (“Odenza’s Construction Contracts”) after the Bankruptcy (“Potential Trust Funds”) and holdbacks under the Builder Lien Act (“BIA”) (the “Holdbacks”)?
- What are the potential methods of distributions of the Initial Cash Balance and how should this tie into the distribution of funds received by the Claims Administrator after the date of Bankruptcy?
->Seek the direction of, and a declaration from, the Court on the Legal Issues.
The Second Report should be read in conjunction with the Claims Administrator’s First Report dated February 16, 2014, or earlier reports by the Trustee in Bankruptcy, (all of which are available on our website) as there is a significant amount of background information presented in those documents on Odenza, the BLA issues and the intended outcomes of the TCSP generally for the benefit of the trust and lien claimants.
The matters we are asking the Court to determine in this application will help provide clarity to all creditors of the entitlement and allocation to the Initial Cash Balance and the recoveries by the Claims Administrator of Potential Trust Funds and Holdbacks from Odenza’s Construction Contracts and related costs. We will also post on our website a brief overview of the Second Report and administration to date by the Claims Administrator and Trustee in Bankruptcy by June 16, 2014. We encourage you to watch for that briefer report on our website.
Please let us know if you have any questions by contacting Patricia Foster (778-370-0008) or Nancy Powroznik (778-370-0010) of G-Force or any of the inspectors in the Bankruptcy Estate: Antonio Perez (604-790-3986), Jeff Doctor (604-669-0822) or Jas Gill (604-506-8044).
Update – February 19th, 2014:
The Claims Administrator applied to Court in Vancouver on Tuesday, February 18, 2014 requesting a few small amendments to the Order for the Trust Claim Settlement Program originally obtained on December 19, 2013. These amendments are primarily administrative in nature to ensure that the claims process runs as intended. The Court granted an Order authorizing the amendments on that same date (the “February 18 Order”). Along with a copy of the February 18 Order, we have posted below copies of our Notice of Application and the First Report of the Claims Administrator which were filed for the application on February 18, 2014.
February 17, 2014:
The Claims Administrator will be applying to Court in Vancouver on Tuesday, February 18, 2014 at 9 AM requesting a few small amendments to the Order for the Trust Claim Settlement Program originally obtained on December 19, 2013. These amendments are primarily administrative in nature to ensure that the claims process runs as intended. We have posted below the un-filed copies of our Notice of Application and the First Report of the Claims Administrator which are being filed for the application on February 18, 2014.
December 20, 2013:
On December 19, 2013, the Supreme Court of B.C. made an Order (the “Order”) authorizing and approving a Trust Claim Settlement Program (“TCSP”) which will among other things allow G. Powroznik Group Inc. of G-Force Group as “Claims Administrator” to process the claims and trust and lien claimants, pursuant to the Builders Lien Act, who performed work or provided materials relating to an Odenza Contract. A Copy of the Order is posted below.
Today, on December 20, the Trustee is sending out information packages to the creditors and potential creditors of Odenza. There is important information in the package about the bankruptcy claims process for unsecured creditors as well as the process for those creditors who will file trust and lien claims pursuant to the Order. It is important that creditors review the package in its entirety to understand the process. The creditor packages are posted below.
PLEASE NOTE: All former employees will receive the creditor package by mail. Approximately half of non-employee creditors will receive the package via e-mail. For the other creditors, the package has been sent by mail. This is due to the fact Odenza’s records did not contain an e-mail address for certain creditors.
Further updates will be posted to this website as they become available. Please check back regularly.
December 16, 2013
Please be advised that 0409725 B.C. Ltd. formerly doing business as Odenza Homes (“Odenza”) made an assignment in bankruptcy on December 16, 2013. G. Powroznik Group Inc. of G-Force Group has been appointed as Trustee in bankruptcy (the “Trustee”).
The bankruptcy is part of Odenza’s restructuring plan to allow it to:
- Complete its current projects;
- Maximize the payments to its creditors; and
- Minimize costs.
As Trustee in bankruptcy for the estate of Odenza, G-Force’s role will be primarily as an Officer of the Court to represent the creditors. We also have expertise in restructuring contracting companies and maximizing recoveries for the creditors. Our plan for construction companies normally provides a mechanism that results in faster processing and payment of claims from creditors, lien claimants and trust claimants and lower costs if all parties participate co-operatively in the plan.
The first meeting of creditors in the bankruptcy will be held on Wednesday, January 8, 2014 at 10:00am at the office of the Trustee.
In the meantime if you have questions please contact Patricia Foster at pfoster@g-forcegroup.ca or 778-370-0003, or Nancy Powroznik at gpowroznik@g-forcegroup.ca or 778-370-0008.
Court Orders/Applications
Reasons for Judgment by Justice Grauer, March 28, 2019
Notice of Motion for December 14, 2018 Application
Order dated September 28, 2018
Notice of Application for September 28, 2018
Order dated July 16, 2015 re: Initial Cash Balance
Written Reasons for Judgment of The Honourable Mr. Justice Grauer (July 2015)
Notice of Application for June 20, 2014 court hearing
February 18 Order authorizing amendments to Trust Claim Settlement Program
Unfiled Notice of Application’ to the Court for February 18, 2014 application
Order authorizing and approving Trust Claim Settlement Program – Dec. 19, 2013
Creditor Materials including Claims Forms
Email to Creditors of November 14, 2018
Proof of Trust and Lien Claim Form
Form 31 – Proof of Claim form (Bankruptcy and Insolvency Act)
Creditor package for unsecured creditors OR trust and lien claimants – Dec. 20, 2013
Creditor package FOR FORMER EMPLOYEES – Dec. 20, 2013
Other Documents/Reports for Trust Claim Settlement Program and Bankruptcy
Fifth Report of the Claim’s Administrator – November 14, 2018
Trustee’s Third Report – November 14, 2018
Fourth Report of the Claims Administrator – September 17, 2018
Trustee’s Second Report – September 16, 2018
Third Report of the Claims Administrator – June 2, 2015
Summary Update Report – June 30, 2014
Second Report of Claims Administrator of the Trust Claim Settlement Program – June 6, 2014
First Report of Claims Administrator of the Trust Claim Settlement Program -Feb 16, 2014
Minutes of First Meeting of Creditors held Jan. 8, 2014
Trustee’s Report to Creditors on Preliminary Administration – Jan. 7, 2014
Trustee’s First Report – Dec. 18, 2013
