Toronto, April 5, 2024 – On April 5, 2024 (the “First Filing Date”), National Traffic Safety Management Inc. ("NTSM" or the “Company”) filed a Notice of Intention to Make a Proposal (the “First NOI”) pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act (the “BIA”). A Certificate of Filing of a Notice of Intention to Make a Proposal (the “First Certificate”) was issued by the Office of the Superintendent of Bankruptcy Canada and TDB Restructuring Limited was appointed as trustee in the proposal proceedings (the “Proposal Trustee”).
Under the provisions of the BIA, the Company is granted an automatic stay of proceedings for 30 days from the Filing Date (the “First Stay Period”) and no creditor has any remedy against the Company or the Company’s property, or shall commence or continue any action, execution or other proceedings for the recovery of a claim against the Company. The Company is required to file a proposal within 30 days of the First Filing Date unless the Stay Period is extended by the Court.
The Company subsequently filed a proposal which was approved by its creditors and the Court. The Company subsequently defaulted under the terms of the proposal as a result of the non-payment of certain post-filing obligations.
On April 24, 2026 (the "Second Filing Date"), the Company filed a second Notice of Intention to Make a Proposal (the "Second NOI") pursuant to section 50.4(1) of the BIA. A Certificate of Filing of a Notice of Intention to Make a Proposal (the "Second Certificate") was issued by the Office of the Superintendent of Bankruptcy Canada.
Pursuant to the provisions of the BIA, the Company is granted an automatic stay of proceedings for 30 days from the Second Filing Date (the "Second Stay Period") and is required to file a proposal within 30 days of the Second Filing Date unless the Second Stay Period is extended by the Court.
Once a second proposal has been filed with the Official Receiver, the Proposal Trustee will call a meeting of creditors and additional information will be provided to creditors at that time.
Copies of the Certificates are available at the link below. Other pertinent information will be posted below as it becomes available.
