Tuan Development Inc.
Vancouver, December 20, 2007 Tuan Development Inc. (the “Petitioner”) filed a Petition in the Vancouver Registry of the Supreme Court of British Columbia (the “Court”), Action Number S073456 (the “CCAA Proceedings”), seeking protection from its creditors under the Companies’ Creditors Arrangement Act on May 18, 2007. This protection was sought to enable the Petitioner to restructure its business and its indebtedness to creditors. An Initial Order was granted on May 18, 2007 by the Court which prevented any creditor from taking any proceedings against the Petitioner and permitted the Petitioner to remain in control of its assets and to continue to carry on business during the restructuring period.
As a term of the Initial Order, MacKay & Company Ltd. was appointed Monitor in the CCAA Proceedings to oversee the operations of the Petitioner during the restructuring.
As per the December 20, 2007 Court Order the stay of proceedings under the CCAA were terminated, and MacKay & Company Ltd. discharged as Monitor.
Inquiries in respect of the Monitors activities should be directed to Russell Law, (604) 697-5277.
Court Documents:
Monitor's Reports:
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