Engagement Status Updates
On May 29, 2026 (the “NOI Filing Date“), Igne Ferro Inc. (“Igne Ferro“) filed a Notice of Intention to Make a Proposal (“NOI“) under subsection 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) and Baigel Corp. (“Baigel“), a Licensed Insolvency Trustee, consented to act as trustee under the proposal proceedings (the “Proposal Trustee“). The Estate Number for Igne Ferro’s NOI proceeding is 31-3380260.
Pursuant to s. 69(1) of the BIA, the NOI filing provides for a stay of proceedings against Igne Ferro and its property, subject to certain limitations, while Igne Ferro formulates a restructuring plan and attempts to develop a viable proposal for its creditors. Creditors have no remedy against Igne Ferro’s property and must not commence or continue all collection actions against Igne Ferro in respect of any debts owed as of the NOI Filing Date, unless an exception has been provided for in law, or a court of competent jurisdiction orders otherwise.
Igne Ferro made a motion to the Ontario Superior Court of Justice (Commercial List) (the “Court“) for, among other things, an extension of the time within which Igne Ferro must file a proposal to July 28, 2026. The motion was heard June 25, 2026, and the NOI extension and other relief sought was approved. A copy of the Court order dated June 25, 2026 (the “First Extension Order“) and the endorsement of Justice Dunphy are available for download below.
Igne Ferro has until July 28, 2026 to file a proposal or seek an order from the Court to further extend the time within which Igne Ferro must file a proposal.
Creditor/Stakeholder Inquiries
Enquiries from creditors and/or stakeholders may be directed to the Proposal Trustee’s office by contacting:
Deborah Taras
Email: Taras@baigel.ca
Tel: +1 (416) 224-4350 ext. 221