North End United Housing Co-operative:
CBC.CA
September 4, 2012
"Halifax co-op going into receivership"
http://www.tinyurl.com/9r88pko
METRONEWS.CA
August 28, 2012
By Ruth Davenport, Metro Halifax
"Halifax housing co-op heading into receivership"
http://www.tinyurl.com/8egvqm4
MONITOR'S Fifth Report to Court - July 24, 2012
Conclusion And Reommendations:
"NEU's Amended Plan has been rejected by the unsecured creditors and therefore the Amended Plan in its entirety has been rejected."
"Based on the considerations outlined in this Fifth Report, the Monitor respectfully recommends that:"
* "the Stay of Proceedings which expires on July 30, 2012 not be extended; and"
* "that the secured creditor proceed to enforce security."
Review all 144-pages of the Report in link below:
GRANTTHORNTON.CA
http://www.tinyurl.com/c8kh7zv
SUPREME COURT OF NOVA SCOTIA - Court File: Hfx No. 374606 - Date: 02-07-2012
In The Matter Of: The Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
In The Matter Of: A Plan of Compromise or Arrangement of North End United Housing Co-operative Ltd., a body corporate under the laws of the Province of Nova Scotia
Before The Hon. Justice McDougall In Chambers
ORDER
2. "The Monitor's First Report is hereby approved."
3. "The Company is hereby authorized and empowered to enter into an arrangement to obtain a credit facility (the "DIP Facility") from Nova Scotia Housing Development Corporation (the "DIP Lender") in the maximum total principal amount of $250,000.00, substantially on the terms and conditions set forth in the letter dated January 30, 2012 between the DIP Lender and the Company, as such agreement may from time to time hereafter be amended by the parties thereto, with the consent of the Monitor and approval of the Court (the "DIP Commitment Letter"), to fund the ongoing, ordinary course of activities of the Company and to permit the Company to pay such amounts as may be permitted by the terms of this Order, the Initial Order, and the DIP Commitment Letter."
Review all 5-pages or 20 paragraphs of the Court decision:
GRANTTHORNTON.CA
http://www.tinyurl.com/7xg9us2
SUPREME COURT OF NOVA SCOTIA - Court File: Hfx No. 374606 - Date: 01-25-2012
In The Matter Of: The Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
In The Matter Of: A Plan of Compromise or Arrangement of North End United Housing Co-operative Ltd., a body corporate under the laws of the Province of Nova Scotia
Before The Hon. Justice McDougall
INITIAL ORDER
"UPON READING the Ex Parte Application filed by the Applicant pursuant to the Act;
"AND UPON READING the Affidavit of Jonathan Hannam swarn on the 17th day of January, 2012;
"AND UPON NOTING the consent of Grant Thornton Limited to act as Monitor for the business and financial affairs of the Applicant;"...
"Service"
1. "THAT this application is properly brought ex parte and that no service thereof was required. This Application is properly returnable today. Notice of this Order shall be provided to creditors as required by paragraph 38 hereof."
"Application of this Order"
2. "THAT North End United Housing Co-operative Ltd. is a company to which the Act applies."
"Plan of Arrangement"
3. "THAT the Applicant shall have the authority to, and may, subject to further order of this Court, file with this Court a plan of compromise or arrangement (hereinafter referred to as the "Plan" between, inter alia, the Applicant and one or more classes of its secured and/or unsecured creditors as it deems appropriate."
Review all 12-pages or 45 paragraphs of the Court decision:
GRANTTHORNTON.CA
http://www.tinyurl.com/7kyw9ov
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Review Court Files and Case Information in regards to North End Housing Co-operative Limited.
GRANTTHORNTON.CA
http://www.tinyurl.com/7u88hj3
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Review Province of Nova Scotia, Department of Community Services ("DCS") and North End United Housing Co-operative Ltd. ("NEU") Oversight of Social Housing Assistance Repair Program, Government and Financial Sustainability Review August 10, 2011 that was prepared by Grant Thornton LLP.
The 54-page Oversight Review places blame for the NEU co-op debacle that is shared by the NEU Board of Directors, CHF Canada, and DCS.
GRANTTHORNTON.CA
http://tinyurl.com/7dhaog5
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CHF Canada NewsBriefs, Nova Scotia Edition, Fall 2010
"A FOND FAREWELL"
"Warren Olson is leaving his position as the go-to-guy on housing for the Department of Communitty Services (DCS) where he established a reputation as a great friend and champion at Nova Scotia co-ops."
..."CHF Canada will miss Warren's support and initiative," says CHF Canada, Sector Development, Karla Skoutajn."--- "He has played a central role in fostering our positive and productive relationship with DCS."
CHFCANADA.COOP
http://tinyurl.com/ll764ar
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Awards at CHF Canada's 2010 AGM
"North End United Housing Co-op in Halifax receives Award for Best Practices"---"In recognition of their innovative work to merge four co-operatives into new vibrant co-operative housing community,"..."the merger has been a resounding sucess. Strong governance has been re-established, sound management is in place, repairs are going ahead and the membership has a renewed sense of community and a new vision for the future."
CHFCANADA.COOP
http://www.tinyurl.com/668a8rr
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North End United Housing Co-operative Ltd. Website:
http://www.tinyurl.com/7q8w8gr
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