In Jan 2015 then-DP Schiemann announced that ABC District was bankrupt due to a “sufficient funds shortage” which was code speak for “your money is either gone or tied up in speculative real-estate ventures, it’s been losing money for years, and now District owes way more than it can pay back.”
After some attempts to restructure ABC District entered CCAA and their operations were taken over professionals in handling CCAA proceedings.
Today – seven years later – my electronic monitoring systems registered an update to the Deloitte web page for the District CCAA proceedings. Long story short, each of these entries certify that all the conditions for each respective plan has been completed and that notice of completion of each plan has been delivered to the Court.
Here are the new links that Deloitte has added to their web page:
318. Monitor’s Certificate – DIL Plan Completion, filed January 4, 2022
What does this mean for the long-suffering CEF / DIL depositors? Notice of plan completion is one of the last steps before the CCAA process concludes and this phase of the bankruptcy process is finished. As I understand things the Representative Action has been limited in what the RA lawyers can do until the CCAA process was completed – once CCAA has been legally concluded then the stay on the RA proceedings can be lifted and the RA lawyers can freely proceed with their legal cases.
Update 2022-01-10: Deloitte changed the filing dates from Nov 30, 2021 to Jan 4, 2022