30
Service Pro Truck Lines
- Thread starter Nawk
- Start date
20
Thinking this is going to be a weekly occurrence for the next little while.. :\
Agreed I have been wondering why lately I have drivers coming and asking if we are hiring as they are getting no hours. Before you could advertise and no one would apply now people are just showing up at the front door.
15
I looked in the BIA and found nothing regarding bankruptcy for Service Pro Truck Lines.
I also looked for Trillium Roadways (2067485 ONTARIO INC) which resulted in nothing.
If anyone has court documents please post. I'm wondering if it is bankruptcy or just closing down. There is a big difference.
I also looked for Trillium Roadways (2067485 ONTARIO INC) which resulted in nothing.
If anyone has court documents please post. I'm wondering if it is bankruptcy or just closing down. There is a big difference.
Shakey
Site Supporter
30
Tried to get our source to confirm but nothing. I’m thinking shutdown as well for them Jim
20
Rumour has it that some unpaid owner-operators took off with Service Pro's trailers with undelivered freight in them. I have a client looking for $50k worth of furniture. PM me if you have any knowledge of this freight.
Only one pin-locked sealed trailer remaining in a closed dock door on Bath Rd (SP97007).
Landlord says all freight that could be identified in warehouse has been picked up.
Eviction Notice on door August 15/23
Only one pin-locked sealed trailer remaining in a closed dock door on Bath Rd (SP97007).
Landlord says all freight that could be identified in warehouse has been picked up.
Eviction Notice on door August 15/23
30
Rumour from an ex Service Pro employee is that they did not declare bankruptcy and only shut down.
I can't find a bankruptcy notice online and Service Pro does not owe us money so I'm not on the creditor list
Not many smaller businesses file a NOI (Notice of Intent). Usually, it is a bank or a financial institution who is owed money that petitions the courts to force the entity into bankruptcy to preserve the value of their collateral. If the creditor has a PSA on the receivables, inventory or something similar they would want to act fast so that the debtor doesn't suck it dry. Maybe they haven't proclaimed bankruptcy because they owe very little to a creditor who will take action. If you are owed money ask your lawyer what it would take to request a bankruptcy. I am afraid that if you have no security there is nothing you can do in that manner. You will just have to take your chances in small claims court.
20
As a general rule, most unsecured creditors would not place a debtor like Service Pro into bankruptcy as the unsecured creditor would to pay the Trustee and associated lawyer. That total together would be in the $40K range.
On the issue of the NOI (Notice of Intent to File a Proposal), the NOI would allow the insolvent company to make a proposal TO THE UNSECURED CREDITORS (within a very short period of time) - let's say $025 on the dollar. Only the unsecured creditors are allowed to vote on the proposal. If the majority of unsecured creditors representing at least 2/3 of the unsecured debt vote to accept, the insolvent company can continue operating. If these 2 thresholds are not met, the company becomes officially bankrupt.
Any legal proceedings are stayed, so small claims is not an option as against the insolvent company. Unless the court states otherwise, you are not barred from suing the shippers and consignees if deemed advisable.
On the issue of the NOI (Notice of Intent to File a Proposal), the NOI would allow the insolvent company to make a proposal TO THE UNSECURED CREDITORS (within a very short period of time) - let's say $025 on the dollar. Only the unsecured creditors are allowed to vote on the proposal. If the majority of unsecured creditors representing at least 2/3 of the unsecured debt vote to accept, the insolvent company can continue operating. If these 2 thresholds are not met, the company becomes officially bankrupt.
Any legal proceedings are stayed, so small claims is not an option as against the insolvent company. Unless the court states otherwise, you are not barred from suing the shippers and consignees if deemed advisable.