A Notice of Intention to make a Proposal (commonly referred to as "NOI") is a procedure under the Bankruptcy and Insolvency Act (“BIA”) that allows financially troubled corporations the opportunity to restructure their affairs. It is often the first stage of a restructuring process under the BIA. The company is initially granted 30 days of protection from its creditors to enable the company to prepare its Proposal. This protection against the creditors...

Most of the time, the company is still operating and is working on restructuring its operations in order to continue serving its clients and maintaining its relationship with its suppliers and creditors. Sometimes it has wound down its operations but still needs time to make a Proposal to its creditors that is more favorable than a bankruptcy. If you have a specific entity that you need to inquire about, please click here to access our public...

The Court may extend the protection beyond the initial 30-day period if the company is acting in good faith and can prove that it is likely to present a bona fide Proposal and it is not prejudicial to the creditors as a whole. If you have a specific entity that you need to inquire about, please click here to access our public files.

The Receiver will have in most cases a Court Order that will indicate direction on the assets. If you have a specific entity that you need to inquire about, please click here to access our public files.

The Receiver is appointed by the Court for a secured creditor to sell or restructure or secure the assets that are part of the collateral it lent money for, which may entail selling the business as a going-concern. If you have a specific entity that you need to inquire about, please click here to access our public files.

The Receiver will pay any invoices necessary for the operations that have been approved after its appointment. Any invoices unpaid prior to that date will typically remain unpaid. If you have a specific entity that you need to inquire about, please click here to access our public files.

MNP Ltd. was appointed Receiver of The Complete Masonry Ltd., 1875329 Alberta Ltd. and Beatty Rentals Ltd. (collectively referred to as the “Companies”) by way of a Court of Queen’s Bench of Alberta Order dated April 10, 2019. The Companies provided masonry and equipment rental services in the Grande Prairie, Alberta area, however, operations had ceased prior to the appointment of the Receiver.