On October 10, 2025, Artic Machinery 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 R.S.C., 1985, c. B-3 (“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 October 10, 2025 to November 9, 2025, 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.
On October 30, 2025, the Company made an application to Court to approve, among other things, the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal, from November 9, 2025 to December 24, 2025, an administration charge, and the approval of interim financing from a related party as well as the related interim financing charge, as well as approval to transfer these proceedings from the Prince Rupert registry to the Vancouver Registry. The Court hearing took place on November 4, 2025, upon which the Court granted the relief sought. Copies of the relevant pleadings are available below.
On December 12, 2025, the Company made an application to Court to approve, among other things, extend the deadline to file a proposal from December 24, 2025 to February 7, 2025, and to approve an increase in the maximum amount of intercompany advance and the intercompany advance on the Company's property from $400,000 to $825,000. The Court hearing took place on December 16, 2025, and the Court granted the relief sought. Copies of pleadings can be found below.