Maritime Fuels Limited

Bankruptcy and Receivership

^{Page last updated: December 20, 2023}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of File as of December 20, 2023

On December 19, 2023, the Court granted the Sales Process Approval Order, among other things, approving the Sales Process in respect of the Company.  Further information is available on the "Sales Process" subpage.

Status of File as of December 13, 2023

On December 13, 2023, the Receiver filed its motion for an order (the “Sales Process Approval Order”) to, among other things:

1. Approve the sales process (the “Sales Process”) to be conducted by the Receiver to realize upon certain assets of Maritime;
2. Authorize the Receiver to carry out the Sales Process and to take steps necessary to implement the Sales Process; and
3. Approve the First Report of the Receiver (defined below) and the conduct and activities of the Receiver described here in.

On the same date, December 13, 2023, the Receiver filed its First Report (the “First Report”) to provide the Court with information concerning:

1. The background information of the Company;
2. The activities of the Receiver to date and the status of the bankruptcy of the Company;
3. The Company’s current financial position, including the position of its secured creditors; and
4. The Receiver’s view on the Sales Process.

The motion will be heard on December 19, 2023.

Status of File as of November 28, 2023

On November 24, 2023, on an application made by the Bank of Nova Scotia and pursuant to section 243(1) of the Bankruptcy and Insolvency Act, the Supreme Court of Nova Scotia in Bankruptcy & Insolvency (the "Court") granted an order (the “Receivership Order”), appointing PricewaterhouseCoopers Inc., LIT as Receiver (the “Receiver”), without security, of certain assets and undertakings of Maritime Fuels Limited (“Maritime” or the “Company”). 

Status of File as of November 20, 2023

On November 16, 2023, Maritime Fuels Limited (the “Company”) made an assignment into bankruptcy for the general benefit of creditors pursuant to the provisions of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as Licensed Insolvency Trustee, of the bankruptcy estates of the Company (“Trustee”).  

On November 20, 2023, a notice of the bankruptcy and the first meeting of creditors (the "Notice"), a proof of claim form and materials relating to the bankruptcy proceedings was sent to all known creditors of the Company pursuant to the provisions of the BIA. The Notice is available on the "Bankruptcy Notices" subpage.