Maritime Fuels Limited

Bankruptcy and Receivership

^{Page last updated: November 24, 2024}

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 November 22, 2024

November 22, 2024, the Receiver filed its motion for orders:

1. The Sale and Approval Order, to approve the sale of the real property located at 475 Queen Street, Dalhousie, New Brunswick (the “475 Queen Street”), and the release of the 475 Queen Street from the Trustee to the Receiver;
2. The Sale and Approval Order, to approve the sale of certain assets located at 34 Clinton Street, Amherst, Nova Scotia (the “Amherst Equipment”), and the release of the Amherst Equipment from the Trustee to the Receiver;
3. The Confidentiality Order, to seal the Confidential Appendix to the Third Report of the Receiver; and
4. The Order for Approval of the Receiver’s Activities, to approve the activities of the Receiver to date.

On the same date, November 22, 2024, the Receiver filed its Third Report (the “Third Report”) with the Court, to provide the Court with the information on:

1. The activities of the Receiver since the Second Report;
2. The status of the Receivership and Bankruptcy;
3. The Receiver’s statement of receipts and disbursements to November 4, 2024;
4. The results of the Sale Process; and
5. The anticipated remaining activities in the Receivership and Bankruptcy.

The motion will be heard on November 29, 2024.

Status of File as of July 17, 2024

On July 17, 2024, the Court issued the followings orders:

1.     The Order for Approval of the Receiver’s Activities, among other things, approving the activities of the Receiver as set out in the Second Report;

2.     The Sale Approval and Vesting Order, among other things,

a.     Approving the sale of the property located at 25 Paint Street in Port Hawkesbury, NS (“25 Paint Street”) and all storage tanks and associated equipment located at 25 Paint Street (the “25 Paint Street Property”); and

b.     Approving release of the 25 Paint Street Property from the Trustee to the Receiver;

3.     The Sale Approval and Vesting Order, among other things,

a.     Approving the sale of the certain real property located at 1714 Lincoln Road, Fredericton, NB (“1714 Lincoln Road”) and all storage tanks and associated equipment located at 1714 Lincoln Road (the “1714 Lincoln Road Property”); and

b.     Approving release of the 1714 Lincoln Road Property from the Trustee to the Receiver

4.     The Return of Property Order, among other things, directing Coastal Truck and Marine Ltd. to return the 2014 Peterbilt fuel truck to the Receiver.

Status of File as of June 28, 2024

On June 28, 2024, the Receiver filed its motion for:

1. Orders (the “Sale Approval and Vesting Orders”), among other things
   a.    approving the sale of the real property located at 15270 Highway 3, Bridgewater, Nova Scotia and 206 Robinson Weir Road, Digby, Nova Scotia and all storage tanks and associated equipment located on the real property;
   b.    approving the sale of the real property located at 25 Paint Street in Port Hawkesbury and all storage tanks and associated equipment located on the real property;
   c.    approving the release of the real property for which the sale approval is being sought from the Trustee to the Receiver and approving the acceptance of the properties into the receivership
   d.    approve the activities of the Receiver since the First Report;
2. an Order (the “Sealing Order”), among other things sealing the confidential appendices “A” and “B” of the Second Report and;
3. an Order (the “Return of Property Order”), among other thing, directing Coastal Truck and Marine Ltd. to return a 2014 Peterbilt fuel truck to the Receiver.

On June 27, 2024, the Receiver filed its Second Report (the “Second Report”) with the Court, to provide the Court with information on:

1. The activities of the Receiver since First Report and the status of the Receivership and Bankruptcy;
2. The Receiver’s statement of receipts and disbursements as of June 7, 2024;
3. The results to date of the Sales Process; and,
4. The anticipated remaining activities in the Receivership and Bankruptcy.

The motion will be heard on July 17, 2024.

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.