Furniture retailer Bad Boy Furniture Warehouse Ltd. is officially bankrupt.
In November, the company filed a notice of intention under the Bankruptcy and Insolvency Act, saying it aimed to restructure its business.
Later the same month, an Ontario court permitted Bad Boy to begin liquidation sales.
It also gave the retailer until Jan. 23 to file its restructuring proposal.
But according to a new document on the website of bankruptcy trustee KSV Advisory, Bad Boy failed to file a cash−flow statement or proposal in time, and is now deemed to have made an assignment.
Scott Terrio, manager of consumer insolvency at licensed insolvency trustee firm Hoyes, Michalos & Associates Inc., says that means the company is now bankrupt.
When it filed a Notice of Intent in November, customers were owed more than $4 million. mainly in deposits. They were advised to seek refunds from their credit card companies.
banner image: The Canadian Press
