Document Description
On May 18, 2017, PMFLP and 111 B.C. Ltd. made an assignment in bankruptcy pursuant to Section 49 of the Bankruptcy and Insolvency Act (the “BIA”) for the benefit of their creditors. Ernst & Young Inc. was appointed as the licensed insolvency trustee (the “Trustee”) of the estates, subject to affirmation by the unsecured creditors.
On May 23, 2017, the Supreme Court of British Columbia (the “Court”) made an Order consolidating the estates of PMFLP and 111 B.C. Ltd. on a substantive and administrative basis (as consolidated, the “Estate”). The estates were consolidated to reduce administrative duties and costs, improve creditor recoveries and result in a more efficient proceeding for the benefit of affected stakeholders.
