Page last updated: October 12, 2022
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On June 26, 2020 (the “Filing Date”), GFA World, (“GFA Canada”, or the “Applicant”) applied for and received an order (the “Initial Order”) for protection pursuant to the Companies’ Creditors Arrangement Act R.S.C.1985, c.C-36, as amended (the “CCAA Proceedings”) from the Ontario Superior Court of Justice Commercial List (the “Court”). On July 2, 2020 the Initial Order was amended (the “Amended and Restated Initial Order”) retroactively to June 26, 2020. The Amended and Restated Initial Order includes among other things, a stay of proceedings against GFA Canada, and the appointment of PricewaterhouseCoopers Inc., LIT as monitor of the Applicant (“PwC” or the “Monitor”).
The Initial Order, among other things:
In accordance with section 23 (1)(ii)(b) of the CCAA and the Initial Order, a notice was sent to all of the Applicants’ creditors who are owed $1,000 or more.
Pursuant to the Order granted on July 19, 2022 (the "Termination Order"), the Monitor has received confirmation of the completion of all conditions precedent to the filing of the Discharge Certificate and has provided notice to the Service List of the Monitor's intention to file the Discharge Certificate on October 11, 2022. Upon filing the Discharge Certificate, the termination of the CCAA Proceedings and the discharge of the Monitor will be effective immediately. Any objections should be done so by email to the Monitor and its counsel.
On March 11, 2021, the Court issued the Stay Extension, Funding and Fees Approval Order which, among other things:
On March 4, 2021, GFA Canada filed its motion with the Court for an order (the “Stay Extension, Funding and Fees Approval Order”) to among other things:
On the same date, the Monitor filed its Fourth Report (the “Fourth Report”) with the Court to provide the Court with the information concerning:
The motion will be heard on March 11, 2021.
On October 28, 2020, the Court issued
a. Approved a litigation and mediation process, contemplated by the Litigation and Mediation Agreement, dated October 3, 2020, to resolve the key disputes between the Applicant and the parties to the CDN Class Action;
b. Approved the Litigation and Mediation Agreement; and
c. Dismissed a motion of G. Zentner to terminate the CCAA Proceedings.
The motion that was scheduled on October 20, 2020 will be heard on October 28, 2020.
On October 16, 2020, the Applicant filed its motion with the Court for
a. Approve a litigation and mediation process, contemplated by the Litigation and Mediation Agreement, dated October 3, 2020, to resolve the key disputes between the Applicant and the parties to the class action lawsuit filed on February 25, 2020 against GFA Canada (the “CDN Class Action”);
b. Approve the Litigation and Mediation Agreement; and
c. Dismiss a motion of G. Zentner to terminate the CCAA Proceedings.
On the same date, the Monitor filed its Third Report (the “Third Report”) with the Court to provide the Court with the information concerning:
The motion will be heard on October 20, 2020.
On September 18, 2020, the Court issued the Stay Extension Order which, among other things, extended the Stay Period up to and including October 30, 2020.
On September 17, 2020, the Applicant filed a motion for a Stay Extension Order (the “Stay Extension Order”) to, among other things, up to and including October 30, 2020.
On the same date, the Monitor filed its Second Report (the “Second Report”), dated September 15, 2020, to provide the Court with the information concerning:
The motion will be heard on September 18, 2020.
The motion scheduled for September 1, 2020 has been adjourned to the date to be fixed.
The motion scheduled for July 14, 2020 was adjourned to September 1, 2020.
On July 10, 2020, the Monitor filed its first report (the “First Report”) with the Court to provide the Court with the information concerning:
The motion will be heard on July 14, 2020.
On July 8, 2020, the Applicant filed a motion with the Court for
1. An order (the “The Post-Filing Donations Order”) to, among other things:
a. Authorize the transfer of all donations collected and received as of the Filing Date into a new trust account at a Canadian bank (the “Post-Filing Donations Trust Account”) to be held by GFA Canada as trustee;
b. Approve that the amount equal to 20% of the Post-Filing Donations (the “Administration Funds”) shall be retained by GFA Canada in its general operation accounts for general operations; and
c. Direct GFA Canada to provide the Monitor with a bi-weekly written report, to report on: (i) the amount of Post-Filing Donations received since the last bi-weekly report and since the Filing Date; (ii) confirmation of the amounts transferred to the Post-Filing Donations Trust Account and the amounts retained as the Administration Funds; and (iii) the amounts transferred from the Post-Filing Account by GFA Canada as trustee for the purposes of funding or carrying out charitable works; and
2. An order (the “Standstill and Timetable Order”) to, among other things, approve the timetable for the Third Party Defendant Stay (as defined in the Emerick Affidavit) as follows:
a. July 14, 2020: Class Counsel materials due;
b. July 21, 2020: GFA Canada responding/reply materials due (if any);
c. July 31, 2020: Cross-examinations completed;
d. August 7, 2020:
i. Class Counsel factum on Termination Motion; and
ii. GFA Canada factum on Third Party Defendant Stay Motion;
e. August 19, 2020: Responding Facta due;
f. August 23, 2020: Reply Facta, if any; and
g. August 27 and 28: Hearing of motions.
The motion will be heard on July 14, 2020.