On November 9, 2020, the Ontario Superior Court of Justice (Commercial List) (the “Court“) issued an interim order (the “Interim Appointment Order“) providing for, among other things, the appointment of Baigel Corp. (“Baigel“) as as receiver (the “Receiver“) of the assets, properties, and undertakings (the “Property“) of Natural Energy Systems Inc. (“NES“) on an interim basis until and including December 3, 2020, pursuant to section 243(1) of the Bankruptcy and Insolvency Act (the “BIA“) and section 101 of the Courts of Justice Act.
All documents posted below, including the Interim Appointment Order, the Notice and Statement of Receiver pursuant to subsections 245(1) and 246(1) of the BIA, and any other documents, are provided in accordance with the provisions of the E-Service Protocol of the Court. Please be advised that all documents posted below are for information purposes to stakeholders and do not constitute advice.
On December 3, 2020, the Court heard the responding motion of Douglas Hallett (“Hallett“) for, among other things, a stay of the receivership proceedings. The Court reserved its judgment.
On December 17, 2020, the Court issued an Order (the “Receivership Order“) that provided for, among other things, the continuance of Baigel’s appointment as Receiver of the property of NES. Copies of the Receivership Order and the endorsement of the Honourable Madame Justice Dietrich are available for download in the documents posted below.
On February 10, 2021, the Court issued an Order (the “SISP Approval Order“) that provided for, among other things, the approval of a sale and investment solicitation process (the “SISP“) for the Property and/or business of NES. The SISP, and bidding procedures thereof, is more fully described in the Receiver’s Second Report to Court, dated February 2, 2021; and is included in the SISP Approval Order as Schedule “A”.
Please click on the links below for access to the relevant documents.
The purpose of the SISP is to solicit interest from potential bidders in, and opportunities for, (a) a sale of all or part of the Property, and/or (b) an investment in NES or a restructured version thereof. The Property of NES includes, but is not limited to, intellectual property comprising forty (40) global patents relating to a process for creating renewable clean energy called Gas Phase Reduction.
The deadline for submission of non-binding expressions of interest through letters of intent is 5:00 p.m. (Toronto time) on March 25, 2021.
Inquiries of Potential Bidders may be directed to:
Tel: +1 (416) 224-4350