TORONTO, Feb. 16, 2012 /CNW/ - Coventree Inc. ("Coventree" or the
"Company") announced that, on February 15, 2012 (the "Effective Date"),
the winding up of the Company formally commenced and was brought under
the supervision of the Ontario Superior Court of Justice - Commercial
List (the "Court").
As of the Effective Date, the Board of Directors of the Company was
deemed to have resigned, and Duff & Phelps Canada Restructuring Inc.
was appointed the liquidator of the Company (the "Liquidator") for the
purpose of winding up its affairs. In addition, Coventree's common
shares were delisted from NEX. On and after the Effective Date, all
transfers in Coventree's common shares are void unless made with the
explicit prior sanction of the Liquidator.
In addition, on the Effective Date the Court issued two orders on the
application of the Liquidator. Pursuant to the Winding Up Order, the
Court approved a Liquidation Plan substantially in the form previously
approved by Coventree's shareholders at the annual and special meeting
of shareholders held on June 30, 2010. The Winding Up Order
establishes that Coventree's winding up will be supervised by the Court
and provides for, among other things, a stay of proceedings against
Coventree except with the written consent of the Liquidator or leave of
the Court. Under the Claims Procedure Order, the Court approved a
process for the identification, resolution and barring of claims
against the Company and its directors and officers, both past and
present. The Claims Procedure Order provides that the date by which
all claims must be filed is April 13, 2012. Formal notices in respect
of the claims process will be provided in accordance with the Claims
Procedure Order. Copies of both the Winding Up Order and the Claims
Procedure Order will be available on the Liquidator's website at www.duffandphelps.com/restructuringcases. The Liquidator plans to post materials relevant to Coventree's
winding up on the Liquidator's website from time to time, and
shareholders and other interested parties are advised to check the
website for updates.
This press release is intended for distribution in Canada only.
SOURCE Coventree Inc.
For further information:
Craig Armitage, The Equicom Group Inc.
Tel: (416) 815-0700 x278