On March 26, 2018, Wiston International Trade Co. Ltd. (“Wiston”) filed a Notice of Intention to make a Proposal to its creditors under the Bankruptcy and Insolvency Act.
On September 14, 2018 Wiston filed a Proposal to its creditors under the Bankruptcy and Insolvency Act.
There was an adjournment of the First Meeting of Creditors on October 5, 2018 to consider and vote on the Proposal to October 19, 2019 and then subsequent adjournments to November 2, 2018, November 16, 2018, December 7, 2018, January 7, 2019, January 21, 2019, January 23, 2019 and most recently to January 29, 2019. The adjournments were requested by a creditor and Wiston in each case to allow the Trustee to make a further appraisal of the affairs and the property of the debtor. On January 29, 2019, the creditors at the Meeting of Creditors to consider Wiston’s proposal, refused to accept the proposal and Wiston was thereupon deemed to have made an assignment in bankruptcy and G. Powroznik Group Inc. of G-Force Group was appointed the Trustee. Please see below for further details.
NOTICE OF INTENTION DOCUMENTS
Notice of Intention: March 26, 2018
Notice of Intention to Make a Proposal
April 24, 2018 Court Application
Notice of Application: April 24, 2018
Proposal Trustee’s First Report
Affidavit #1 of Leah Jonak, April 24, 2018
June 6, 2018 Court Application
Notice of Application: June 6, 2018
Affidavit of Jeffrey Ayre, June 6, 2018
July 20, 2018 Court Application
Notice of Application: July 20, 2018
Proposal Trustee’s Second Report
Affidavit #2 of Leah Jonak, July 20, 2018
July 27, 2018 Court Application
Notice of Application: July 27, 2018
August 2, 2018 Court Application
Proposal Trustee’s Third Report
September 14, 2018 Court Application
Proposal Trustee files Material Adverse Change in Financial Circumstances
Court Orders
1st Extension Order, April 24, 2018
2nd Extension Order, June 6, 2018
3rd Extension Order, July 20, 2018
4th Extension Order, July 27, 2018
5th Extension Order, August 2, 2018
PROPOSAL DOCUMENTS
September 14, 2018 Proposal to Creditors
September 24, 2018, Mailing to Creditors Package
October 5, 2018, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Friday October 19, 2018 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor.
October 19, 2018, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Friday November 2, 2018 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor.
November 2, 2018, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Friday November 16, 2018 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor.
November 16, 2018, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Friday December 7, 2018 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor. A mailing will be sent to creditors on November 23, 2018 with the Trustee’s Addendum, to its Trustee’s Report of September 24, 2018 that was tabled at each of the adjourned meetings of October 19, November 2, and November 16, 2018.
December 7, 2018, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Monday January 7, 2019 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor. The Trustee prepared a Fourth Addendum to the Trustee’s Report dated September 24, 2018 for the meeting on December 7, 2018 which is available for a creditor who has proven its claim upon request.
January 7, 2019, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 10:00 am, Monday January 21, 2019 at the Trustees’ office, at the request of one of the creditors and Wiston to enable a further appraisal and investigation of the affairs and the property of the debtor. The Trustee prepared a Fifth Addendum to the Trustee’s Report dated September 24, 2018 for the meeting on January 7, 2018 which is available for a creditor who has proven its claim upon request.
January 21, 2019, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 4:00pm, Wednesday January 23, 2019 at the Trustees’ office, at the request of one of the creditors and Wiston due to a number of new events and information that affected Wiston and its refinancing efforts. The Trustee needs more time to determine the significance of this information and these events and will conduct a further appraisal and investigation of the affairs and the property of the debtor. The Trustee will prepare a Sixth Addendum to the Trustee’s Report dated September 24, 2018 which will be available prior to any vote of the creditors on the Proposal. Any of the Trustee’s Addenda of its original Trustee’s Report is available upon request to a creditor who has proven its claim.
January 23, 2019, Meeting of Creditors to Consider the Proposal to Creditors
The Meeting of Creditors to consider the Proposal to Creditors by Wiston was adjourned until 9:00, Tuesday January 29, 2019 at the Trustees’ office, at the request of one of the creditors and Wiston since further time was needed to determine the affect of the recent new events and information on Wiston’s refinancing efforts. The Trustee is continuing its further appraisal and investigation of the affairs and the property of the debtor and is preparing a Sixth Addendum to the Trustee’s Report dated September 24, 2018 which will be available for the Meeting of Creditors on January 29, 2019. Any of the Trustee’s Addenda (supplemental reports) of its original Trustee’s Report is available upon request to a creditor who has proven its claim.
January 29, 2019, Meeting of Creditors to Consider the Proposal to Creditors
On January 29, 2019, the creditors at the Meeting of Creditors to consider Wiston’s proposal, refused to accept the proposal and Wiston was thereupon deemed to have made an assignment in bankruptcy and G. Powroznik Group Inc. of G-Force Group was appointed the Trustee (the “Trustee” or “G-Force”). Effectively immediately upon its appointment, title to the assets of Wiston vests in the Trustee subject to the rights of statutory secured creditors and registered secured charges. The Trustee began taking immediate steps to take possession of Wiston’s assets and to contact its creditors. The Trustee will be mailing out a package including a proof of claim form to every known creditor of Wiston. The Trustee also advises that the owner is still pursuing options to refinance and restructure Wiston and the Trustee will continue to work with him to pursue any suitable option. In the meantime, we will periodically post the progress of the administration and important information on this website and creditors or other stakeholders having questions should contact the Trustee’s office using the contact information below.
For further inquiries on this proceeding, please contact Patricia Foster at pfoster@g-forcegroup.ca or 778-370-0003 or Chris Falck of G-Force Group at cfalck@g-forcegroup.ca or 778-370-0009. All media inquiries should be directed to Gary Powroznik of G-Force Group at 778-371-0008 or gpowroznik@g-forcegroup.ca
