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Vancouver's La Bicicletta Bike Shop Files "NOI" - $6.3m Owed to Creditors
Well Vancouver, we have some turbulence with a long time local retailer. Some brief info to view.
On June 27, 2023, La Bicicletta Bycicles, Inc. filed a Notice of Intention to Make a Proposal ("NOI") persuant to section 50.4(1) of the Bankruptcy and Insolvency Act. FTI Consulting Canada Inc. ("FTI") was appointed as the Trustee in this matter. - FTI Consulting, Inc. / La Bicicletta Bicycles, Inc.
What is a Notice of Intention to Make a Proposal and /or Proposal?
A Notice of Intention to Make a Proposal (commonly referred to as "NOI") is a procedure under the Bankruptcy and Insolvency Act (“BIA”) that allows financially troubled corporations the opportunity to restructure their affairs. It is often the first stage of a restructuring process under the BIA, which allows a company to restructure its financial affairs, through a formal Proposal. The NOI/Proposal provides an opportunity for a company (also known as a “Debtor”) to avoid Bankruptcy and allows the creditors to receive some form of compensation for amounts owing to them by the company.
The process begins with a company filing a NOI with the Official Receiver (a representative of the Office of the Superintendent of Bankruptcy) and the Courts. Once accepted, the company is granted an initial 30 days of protection (often referred to as the "Stay") from its creditors to enable the company to prepare its Proposal. The Stay against the creditors can be extended upon further application (by the company) to the Court. - PWC
PWC NOI Explainer
What Does This Mean?
Read here - General information
https://www.crowe.com/ca/crowesoberman/insights/benefits-of-filing-a-notice-of-intention-to-make-a-proposal
Creditors List - $6.3m CAD Total
A shortened list of greater than $10k amounts. Refer to FTI Consulting link for full list.
FTI Consulting - Creditors List - $6.3 million
So Bici is now have a "TOP SECRET SALE". However, I'm not seeing anythign spectacular discount wise.
Website Link:https://overthebars.cc/password
Password = BICI
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On June 27, 2023, La Bicicletta Bycicles, Inc. filed a Notice of Intention to Make a Proposal ("NOI") persuant to section 50.4(1) of the Bankruptcy and Insolvency Act. FTI Consulting Canada Inc. ("FTI") was appointed as the Trustee in this matter. - FTI Consulting, Inc. / La Bicicletta Bicycles, Inc.
What is a Notice of Intention to Make a Proposal and /or Proposal?
A Notice of Intention to Make a Proposal (commonly referred to as "NOI") is a procedure under the Bankruptcy and Insolvency Act (“BIA”) that allows financially troubled corporations the opportunity to restructure their affairs. It is often the first stage of a restructuring process under the BIA, which allows a company to restructure its financial affairs, through a formal Proposal. The NOI/Proposal provides an opportunity for a company (also known as a “Debtor”) to avoid Bankruptcy and allows the creditors to receive some form of compensation for amounts owing to them by the company.
The process begins with a company filing a NOI with the Official Receiver (a representative of the Office of the Superintendent of Bankruptcy) and the Courts. Once accepted, the company is granted an initial 30 days of protection (often referred to as the "Stay") from its creditors to enable the company to prepare its Proposal. The Stay against the creditors can be extended upon further application (by the company) to the Court. - PWC
PWC NOI Explainer
What Does This Mean?
Read here - General information
https://www.crowe.com/ca/crowesoberman/insights/benefits-of-filing-a-notice-of-intention-to-make-a-proposal
Creditors List - $6.3m CAD Total
A shortened list of greater than $10k amounts. Refer to FTI Consulting link for full list.
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So Bici is now have a "TOP SECRET SALE". However, I'm not seeing anythign spectacular discount wise.
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Password = BICI
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Member since Jul 1, 2012
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