On May 24th 2012, Conceptwear Inc. (“Conceptwear”) filed a notice of intention to file a proposal pursuant to Section 50(4) of the Bankruptcy and Insolvency Act. KPMG INC. is the Trustee acting in re: the proposal of Conceptwear Inc.
On July 27th 2012, KPMG INC. was appointed Receiver of Conceptwear Inc. by the Court with the objective to conclude a sale transaction of the assets held in guarantee by secured creditors such as the Royal Bank of Canada and Business Development Canada.
On August 2nd 2012, KPMG INC., in its capacity of Receiver, concluded a sale transaction of Conceptwear’s assets with Fame Jeans inc. (“Fame”) on the terms set out in the offer presented by Fame on July 23rd 2012. Consequently, the Estate of the bankrupt does not own any assets.
On August 7th 2012, Conceptwear Inc. became bankrupt due to its failure to file a proposal. KPMG INC. was appointed Trustee of the Estate of Conceptwear.
Note: English version follows the French version
