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Canadian Reclamation: What 4 Conditions Must Be Met?
The Facts of the Case: U.S. Appliances Co. ("Appliances") supplied goods to Maple Leaf Furniture Inc. ("Furniture"), which operated as a furniture and appliances retailer in Toronto, Ontario. On January 10, 1998, Furniture filed a Notice of Intention to Make a Proposal (Notice of Intention) under the Canadian Bankruptcy and Insolvency Act (BIA). On January 5, 1998, only five days earlier, Appliances had delivered to Furniture various appliances having a retail value of $250,000. . . . (to read the remainder of this article, please log in below.)
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