Nature of Engagement

On April 24, 2014 secured creditors of GlenParr Trade Litho Limited (“GlenParr”) appointed msi Spergel Inc. as Receiver over all of the assets and undertakings of GlenParr. On May 15, 2014 GlenParr filed an assignment in bankruptcy and msi Spergel Inc. was appointed as the Trustee in Bankruptcy. GlenParr operated as a printing company located in Scarborough, Ontario.

Summary of Strategy Employed & Outcome

The Receiver arranged a sale of the assets that resulted in a full payout of all debts owing to the secured creditors. In order to distribute the residual receivership estate funds, the Receiver arranged for a bankruptcy filing of GlenParr and paid the claims of the unsecured creditors in full, including prescribed interest on their claims, and then distributed the remaining funds to the shareholders of GlenParr.