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.
On November 9, 2026, the Company, filed an Assignment in Bankruptcy and TDB Restructuring Limited was appointed as trustee of the estate of the bankrupt, subject to affirmation by the creditors at the first meeting of creditors.
A Notice of Bankruptcy and First Meeting of Creditors with a Proof of Claim form will be mailed to known creditors of the Bankrupt. Copies of these documents and other information in these proceedings will be posted on this site as they become available.
