Toronto, April 5, 2024 – On April 5, 2024 (the “Filing Date”), National Traffic Safety Management Inc. ("NTSM" or the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act. A Certificate of Filing of a Notice of Intention to Make a Proposal (the “Certificate”) was issued by the Office of the Superintendent of Bankruptcy Canada and TDB Restructuring Limited was appointed as trustee in the proposal (the “Proposal Trustee”).
Under the provisions of the Bankruptcy and Insolvency Act, the Company is granted an automatic stay of proceedings for 30 days from the Filing Date (the “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 Filing Date unless the Stay Period is extended by the Court.
Once a 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.
A copy of the Certificate is available at the link below. Other pertinent information will be posted below as it becomes available.
