An anonymous director reports
ANDOVER FAILS TO RECEIVE APPROVAL FOR CREDITOR PROPOSAL AND IS DEEMED BANKRUPT
Andover Mining Corp., which last year filed a notice of intention to make a proposal for its reorganization under the Bankruptcy and Insolvency Act (Canada), was deemed bankrupt on Feb. 12, 2014. Further details on the bankruptcy are set forth below.
Bankruptcy
The company filed the NOI with the Office of the Superintendent of Bankruptcy (Canada) in accordance with the BIA on Aug. 22, 2013. After a number of extensions granted by the Supreme Court of British Columbia, the company filed a proposal with its creditors on Jan. 22, 2014. Abakhan & Associates Inc. (AAI) was named as trustee in the proposal.
On Feb. 12, 2014, the proposal failed because it did not receive requisite creditor approval. As a result, the company was deemed bankrupt, and the company's assets will be liquidated in accordance with the BIA. Grant Thornton Ltd. was concurrently substituted for AAI as trustee in the bankruptcy. All inquiries regarding the bankruptcy should be directed to the trustee, Grant Thornton, via e-mail com or telephone at 604-687-2711.
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