On September 24, 2026, Spectrum Heating & Sheet Metal Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and Crowe MacKay & Company consented to act as Licensed Insolvency Trustee (the "Proposal Trustee") under the Proposal.
Pursuant to subsection 50.4(8) of the BIA, the initial stay period under the NOI proceeding is from September 24, 2026 to October 24, 2026 (the "Initial Stay Period") unless the period is extended by the Court upon application by the Company. During this period, the Proposal Trustee will monitor the business of the Company and assist the Company in preparing its Proposal.
The Proposal Trustee has been informed by the Company that it does not intend to file an application to extend Initial Stay Period and continue the NOI proceedings or to make a proposal to its creditors.
On October 20, 2026, the Proposal Trustee filed a material of adverse change report (the “MAC Report”) with the Official Receiver. On or around the same day, the Proposal Trustee mailed a letter to the Company's creditors to advise of the filing of the MAC Report. A copy of the MAC Report is below.
The Company did not file a proposal to its creditors or make an application to extend the deadline to file a proposal to its creditors by the end of the deadline of October 24, 2026.
On October 25, 2026, the Company was deemed to have made an assignment into bankruptcy. The first meeting of creditors will be held by videoconference on November 13, 2026 at 10:00AM Vancouver Time (PCT). For further information, or to obtain an invitation to the meeting, please contact Ms. Miji Park at [email protected].