From Crowemackayco.ca website under Recent Engagement. Speakeasy Cannabis Club Ltd. and 10161233 Canada Ltd.
Overview
On July 27, 2022, Speakeasy Cannabis Club Ltd. (“Speakeasy”) and 10161233 Canada Ltd. (“1233”) (collectively, the “Companies”) obtained a court order (the “Initial Order”) from the Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c-36 (“CCAA”). Crowe Mackay & Company Ltd. has been appointed as Monitor.
The Initial Order provides, inter-alia, a stay of proceedings until and including August 5, 2022 (the “Stay Period”) and may be extended by the Court. During the Stay Period, all parties are prohibited from commencing or continuing legal action against the Companies and all rights and remedies of any party against or in respect of the Companies or its assets are stayed and suspended pursuant to the terms set out in the Initial Order.
On August 5, 2022, the Court granted, among other things, an extension of the stay of proceedings until August 22, 2022. The next hearing is scheduled for August 22, 2022 at 9:00AM in Vancouver, in person.
On August 22, 2022, the Court granted, among other things, an extension of the stay of proceedings up to and including October 6, 2022 and the approval of a DIP facility and charge.
On October 4, 2022, the Companies made an application to Court to extend the time for filing of a proposal to October 20, 2022. The extension was granted by the Court.
On October 17, 2022, the Companies made an application to Court to, among other things, extend the stay of proceedings up to and including January 31, 2023, and approve a sales and investment solicitation process of the assets, undertakings and properties of the Companies. The hearing to consider the aforesaid will be held on October 20, 2022 at 9:30AM. A copy of the Notice of Application is below. The Monitor’s fourth report to Court will be uploaded in due course.
To date, no claims procedures have been approved by the Court. Accordingly, creditors are not required at this time to submit a proof of claim.
For further information, please contact either of the following:
Mr. Nelson Allan, CPA
Telephone: (604) 697-5209
Email: nelson.allan@crowemackay.ca
Mr. Derek Lai, CPA, CMA, CIRP, LIT, CFE
Telephone: (604) 697-5257
Email: derek.lai@crowemackay.ca