Birchmount Purchasers (CCAA Proceedings of Forme Development Group Inc.)
On November 30, 2018, Forme Development Group Inc. and certain of its affiliates (collectively, the “Applicants”), including 2358825 Ontario Ltd. (the “Birchmount Developer”) applied for and were granted protection from their creditors under the Companies’ Creditors Arrangement Act (“CCAA”), by the Ontario Superior Court of Justice (Commercial List) (the “Court”). The proceedings under the CCAA are referred to herein as the “CCAA Proceedings”.
While the Applicants are insolvent and unable to meet their ongoing payment obligations, they have not entered bankruptcy proceedings. Rather, they have sought and obtained statutory protection under the CCAA which is available to insolvent companies to give them “breathing room” to restructure in order to avoid bankruptcy. These CCAA Proceedings, however, are what is called a “liquidating CCAA”, in which the breathing room provided by the CCAA is expected to provide a more efficient liquidation and distribution to creditors of the Applicants’ assets than a bankruptcy.
The CCAA proceedings involve not only the Forme Development Group Inc., but also many of its affiliates, all of which are owned by a sole shareholder, Yuan (Mike) Hua Wang (“Wang”). KSV Kofman Inc. is the court-appointed monitor in the CCAA proceedings (the “Monitor”)
Koskie Minsky LLP has been appointed by the Court as representative counsel (“Representative Counsel”) to represent your interests as one of the individuals who purchased a residence from the Birchmount Developer (each a “Birchmount Purchaser” and collectively “Birchmount Purchasers”) in respect of all claims to be made by the Birchmount Purchasers in the claims process.
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Latest Developments
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June 28, 2019
Koskie Minsky will be hosting a Town Hall Meeting on July 8th, 2019 at 7:00 p.m, at McGregor Community Centre located at 2231 Lawrence Ave E, Scarborough, ON M1P 2P5.
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June 12, 2019
On June 11 Representative Counsel attended the Condominium Turnover meeting. At the meeting, Representative Counsel distributed a Questionnaire to each of the Birchmount Purchasers and requested that the document be completed and sent to BirchmountPurchasers@kmlaw.ca, faxed to 416-204-2897 or mailed back to James Harnum at 20 Queen Street West, Suite 900, Toronto, ON, M5H 3R3.
Koskie Minsky will be hosting a Town Hall Meeting on July 8th, 2019 at 7:00 p.m. (at a location to be determined). Please call our hotline (1-833-630-1778) or check our website in advance of the meeting to confirm location.
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May 31, 2019
Pursuant to the Order of the Ontario Superior Court, the Monitor mailed a letter from Representative Counsel to each Birchmount Purchaser. The letter explains Koskie Minsky LLP’s role and mandate and provides a method for any Birchmount Purchaser who does not wish to be represented by Koskie Minsky LLP to opt out of our representation.
We expect that the letter will arrive the week of June 3rd. If you have not received a letter by the end of that week, please contact us.
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May 24, 2019
Koskie Minsky LLP has been appointed by the Ontario Superior Court of Justice (Commercial List) as representative counsel to those individuals (the “Birchmount Purchasers”) who purchased a residence from the Birchmount Developer in respect of all claims to be made by the Birchmount Purchasers in the claims process.
To view a copy of the Order appointing Koskie Minsky LLP, please click here.
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June 28, 2019
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Documents
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Contacts
Tollfree: 1 833 630 1778