Proceedings.

Asbestos Corporation Limited (TSXV:AB.H)

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Superior Court of Québec · Commercial Division
File
235-11-000008-259
Filings held93
Last activity9 Sep 2026
On the record503 days
Secured debt$28.1M
OverviewSummary updated

Asbestos Corporation Limited remains under CCAA protection in the Superior Court of Québec (Commercial Division), District of Frontenac, following the commencement of proceedings on May 6, 2025, with Raymond Chabot Inc. as Monitor and recognition obtained under Chapter 15 in the United States Bankruptcy Court for the Southern District of New York. The Court of Appeal of Québec denied the Asbestos Parties' motion for leave to appeal the July 30, 2025 judgment maintaining the Amended and Restated Initial Order and rejecting the challenge to the stay in favour of CLMI. A claims process was approved on December 12, 2025, and orders of January 6, 2026 fixed a bar date for existing asbestos claims of September 10, 2026 at 5:00 p.m. Judgments issued June 10, 11 and 19, 2026 granted the Asbestos Claims Adjudication Order application and conditioned document access on a Restricted Use Undertaking.

Claims processIf you are owed money

The claims bar date has passed — claims were due by

ContactRaymond Chabot Inc. · asbestoscorp@rcgt.com

Per the ACL - List of Known Claimants as of April 20 2026 (Existing Asbestos Claims) dated 20 April 2026.

Proceedings AIAsk this case — answers cite the filings
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Case updates89 dated entries · 6 undated
#Report

Monitor's sixth report addressed continued claims process implementation, contacts with Existing Asbestos Known Claimants and counsel over mailing addresses and Bar Date Documents, disputes with Bennett Jones over representation of certain U.S. law firms and the Publication Notice Program, and sales information access issues.

Source: 2026-07-24 Sixth Report of the Monitor

#Report

Foreign representative's eighth status report summarised the Canadian Court's June 10, 11 and 19, 2026 judgments allowing a competing expert report on historical settlement values, conditioning document access on a Restricted Use Undertaking, and granting the Asbestos Claims Adjudication Order application.

Source: 2026-06-25 Eighth Status Report

#Report

Companion report described claimant communications, implementation of the claims process through a web portal, call centre and Bar Date Certificate, disclosure of historical sales information under a Confidentiality and Restricted Use Undertaking, insurance review, and cash flow assistance.

Source: 2026-06-09 Seventh Status Report

#Report

Monitor's fourth report covered claims process development, communications with the Opposition Parties, insurance policy review and related CCAA and Chapter 15 activity.

Source: 2025-12-05 Fourth Monitor's Report

#Report

Companion report recorded retention of NERA's Dr. Plancich, development of an online claims submission platform, preparation of the Claims Bar Date Orders, review of historical sales and insurance, and participation in the Recognition Hearing and leave to appeal.

Source: 2026-01-12 Sixth Status Report

#Report

Foreign representative reported that the Court of Appeal of Québec denied leave to appeal the July 30, 2025 judgment maintaining the Amended and Restated Initial Order and the stay in favour of CLMI.

Source: 2025-10-06 Fifth Status Report

#Report

Monitor detailed its work: insurance policy review, analysis of internal sales and claim data, meetings with counsel, site visits, and development of a claims resolution term sheet and claims process materials.

Source: 2025-09-03 Third Monitor Report

#Order

Asbestos Corporation Limited (TSXV:AB.H) — CCAA filed, Québec.

Undated filings6 — no date appears on the document · show
—
Claims

ACL - Asbestos Proof of Claim Form (Fillable Version) — Claims process approved

PDF

—
Filing

Dkt. 4 - Motion for Recognition [File Stamped] — Application filed

PDF

—
Claims

Proof of Claim Form (Existing Asbestos Claims) — Claims process approved

PDF

—
Report

Schedule C Kotzerke proceedings — Court officer report filed

PDF

—
Report

Schedule D Actions against counsel — Court officer report filed

PDF

—
Claims

Schedule-A-Summary-of-Legal-Proceedings-Against-ACL — Claims process approved

PDF

AnalysisAll insights⁠

Case update

Asbestos Corporation: the U.S. law firms lose standing a day before the bar date

In the three weeks before the September 10, 2026 claims bar date, the Court of Appeal of Québec refused leave to appeal the asbestos claims adjudication order, a New York bankruptcy judge recognized the bar date orders while listing what claimants had not been told, and Justice Émond held that the U.S. firms acting for more than 115,000 potential claimants cannot be parties in their clients' place.

Parties

Debtor

Asbestos Corporation Limited (TSXV:AB.H)

Monitor

Raymond Chabot

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Judge Jean-FrançoisSuperior Court of Québec8 orders, Jul 2025 – Sep 20266 cases on record

Counsel of record

PartyCounselFirst seenSource
DebtorAsbestos Corporation Limited (TSXV:AB.H)Dean Omar Branham Shirley, LLP7 Aug 2026Application · 7 Aug 2026
CreditorMe Guy P. MartelStikeman Elliott LLP4 May 2026Service list · 4 May 2026
CreditorMe Pascale Dionne-Bourassa Me Jesse Mighton Me Audrey Nardini BENNETT JONESBrayton Purcell LLP · Dean Omar Branham Shirley, LLP · Hartley French & Mudd, Llc Simmons Hanly Conroy LLP · Walsh Wilkins Creighton LLP13 Aug 2026Endorsement · 13 Aug 2026
CreditorUnited States Fire Insurance Company et alDentons Canada LLP4 Sep 2025Order · 4 Sep 2025
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredMazarin Inc.Immovable hypothec (mortgage) on real property in Québec, registered ceiling up to principal amount of $70,000,000 CAD (Trust Deed dated Jan. 15, 1986, registered Jan./Feb. 1986; renewed May 11, 2015, registered May 15, 2015) — Related party: ACL's majority parent company; secures notes issued by ACL. Audited Statement of Financial Position (as at 2024-12-31) reports 'Notes payable to related companies' at $28,087,000 CAD. Both the Application (Exhibit 1, ¶41, p.41) and the Pre-Filing Report (¶2.48, p.60) instead state the debt as 'approximately $26,729,000', which appears to duplicate the una · as of 31 Dec 2024$28.1MDkt. 2 - Chaaban Declaration (with exhibits) [File Stamped]
Sale processPer the transactions

Sale approved2025-09-04 Transactions Approval Order · 4 Sep 2025

PurchaserPriceStatusSource
settlement/property exchange among ACL, City of Thetford Mines, Raymond Chabot Inc. as trustee of 9075, and Mazarin Inc.; no purchaser identifiedthe exchange of properties described in Schedules 1 and 2 of the Settlement Agreement · real propertynot statedApproved4 Sep 20252025-09-04 Transactions Approval Order
RecoveriesAs stated in the filings

Unsecured creditors: not yet estimated.2025-06-13 Second Report of the Monitor (with Schedule G) · 13 Jun 2025

ClassCreditorClaimsRecoveryBasisSource
Unsecured——not yet estimatedper the trustee2025-06-13 Second Report of the Monitor (with Schedule G) · 13 Jun 2025

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Estate financialsReported figures — never derived
Total assets at filing$43M
Total liabilities at filing$61M

As at 31 Dec 2024 · per Audited annual financial statements as compiled by the Proposed Monitor from public filings on SEDAR+; the Monitor states this compilation 'does not constitute an audit or review... and consequently, we do not express any opinion on these financial statements' · Asbestos Corporation Limited (entity-level, not consolidated) — Elsewhere, the Application (Exhibit 1, ¶¶38-39, pp.51-52) reports unaudited interim financial statements as at September 30, 2024 showing total assets of $41,121,000 and total liabilities of $58,226,000. The Debtor's accumulated deficit as at Dec. 31, 2024 was $51,348,000 (shareholders' deficiency of $18,036,000), excluding potential liabilities from pending/future asbestos litigation (p.61).

Cumulative receipts

$6.8M

As at 4 May 20262026-05-04 Fifth Report of the Monitor

Cash on hand

$1.78M

As at 4 May 20262026-05-04 Fifth Report of the Monitor

Professional fees to date

$36.6M USD

As at 24 Jul 20262026-07-24 Sixth Report of the Monitor

Documents
93 filings
DateDocumentFile
2026-09-09 - Judgment on the Application to Strike Bennett Jones' Notices of Representation (Standing of the U.S. Law Firms)
  • Presiding officer Judge Jean-François
PDF
2026-09-09 Recognition Appeal OrderPDF
2026-09-08 - Bar Date Enforcement OrderPDF
2026-09-03 ECF 220 Ruling on bar date recognition motionPDF
2026-08-20 Tenth Status ReportPDF
2026-08-18 Judgement (in French)PDF
2026-08-13 Minutes of a court hearing (in French)
  • Counsel Dean Omar Branham Shirley LLP
PDF
2026-08-07 Objection of the Asbestos Parties to the Foreign Representative's Motion for Order recognizing the Asbestos Bar Date
  • Counsel Dean Omar Branham Shirley, LLP
PDF
2026-08-06 Ninth Status ReportPDF
2026-07-24 Sixth Report of the Monitor
  • Operational summary Since the Fifth Report, the Monitor continued implementation of the Claims Process, communicated with Existing Asbestos Known Claimants and their counsel regarding mailing addresses and the Bar Date Documents, addressed disputes with Bennett Jones over representation of certain U.S. law firms and the Publication Notice Program, and dealt with ACL Sales Information Access Issues under the Confidentiality and Restricted Use Undertaking.
  • Professional fees $36.6M USD
  • Report date 24 July 2026
  • Report no Sixth
PDF
2026-07-16 Application for declaratory relief and to strike notice of representationPDF
2026-07-16 Court order scheduling the hearing in respect of the enforcement of the bar date orders
  • Court United States Bankruptcy Court, Southern District of New York
  • Debtor names Asbestos Corporation Ltd.
  • Order date 16 July 2026
  • Statutory basis Chapter 15
PDF
2026-07-16 Motion to extend the bar datePDF
2026-07-10 Notice of Communication of an Expert Report 1PDF
2026-06-25 Eighth Status Report
  • Operational summary The Foreign Representative's eighth status report summarizes Canadian Court judgments issued June 10, 11, and 19, 2026 following the May 2026 Hearings, including a judgment authorizing filing of a competing expert report on ACL's historical settlement values, a judgment rejecting unconditional disclosure of ACL's internal documents (conditioning access on a Restricted Use Undertaking), and a judgment granting the Asbestos Claims Adjudication Order application while rejecting most Canadian Opposing Parties' objections.
  • Report date 25 June 2026
  • Report no $8
PDF
2026-06-19 Judgment on Asbestos Claim Review and Adjudication Order (in French)PDF
2026-06-15 Rectifed Judgement on motion for disclosure (in French)
  • Presiding officer Judge Jean-François
PDF
2026-06-11 Judgment on a motion for disclosure of internal documents of the debtor (in French)
  • Presiding officer Judge Jean-François
PDF
2026-06-10 Judgment (in French)PDF
2026-06-09 Seventh Status Report
  • Cash on hand Number: 1783000 · Currency: CAD
  • Commencement date 6 May 2025
  • Court Superior Court of Québec, Commercial Division, District of Frontenac
  • Court file no 235-11-000008-259
  • + 10 more extracted facts
PDF
235-11-000008-259_2026-05-12_Adjudication_JGPDF
235-11-000008-259_2026-05-12_Stay Order_JG
  • Presiding officer Judge Jean-François
  • Stay extended to 25 September 2026
PDF
2026-05-10 - Application to Dismiss Expert Report (Cyganowski Report)PDF
2026-05-10 - Demande des victimes de l'amiante pour rejet d'un rapport d'expertisePDF
2026-05-08 - Written Notice of Objection and Preliminary Submissions of the Asbestos ClaimantsPDF
2026-05-04 Application for the Issuance of a Claims Adjudication OrderPDF
2026-05-04 Fifth Report of the Monitor
  • Cash on hand $1.78M
  • Operational summary Since the issuance of its Fourth Report, the Monitor undertook actions including claimant communication efforts, implementation of the Claims Process (web portal, call centre, Bar Date Certificate), disclosure of ACL historical sales information, negotiation of a Confidentiality and Restricted Use Undertaking, review of insurance policies, and assistance to ACL management on cash flow and restructuring matters.
  • Professional fees $28.7M
  • Receipts cumulative $6.8M
  • + 2 more extracted facts
PDF
2026-05-04 Service List
  • Counsel Stikeman Elliott LLP
PDF
ACL - List of Known Claimants as of April 20 2026 (Existing Asbestos Claims)PDF
2026-03-17 Application of the Asbestos Claimants & ExhibitsPDF
ACL_List of Known Claimaints (Existing Asbestos Claims)PDF
ACL_List of Known Claimaints (Non-Asbestos Claims)PDF
Notice to claimantsPDF
2026-03-06 Monitor's Claims Bar Date Certificate
  • Claims bar date 2026-09-10T17:00:00
  • Claims contact Firm: McCarthy Tétrault S.E.N.C.R.L., s.r.l. · Email: Notification@mccarthy.ca · Phone: 514 397-4100 · Address: Bureau MZ400, 1000 rue De La Gauchetière Ouest, Montreal (Quebec) H3B 0A2 · Attention: Me Alain Tardif, Me Jocelyn Perreault, Me Frédérique Drainville et Me Amélie Lehouillier
  • Order date 6 March 2026
PDF
2026-01-16 Order denying motion to alter or amendPDF
2026-01-12 Sixth Status Report
  • Cash on hand $142
  • Operational summary Since its Third Report, the Monitor has taken the following actions (claim process development, communications with Opposition Parties, insurance policy review, and related CCAA/Chapter 15 proceeding activities).
  • Professional fees $15.8M USD
  • Receipts cumulative $2.38K
  • + 2 more extracted facts
PDF
2026-01-07 Rectified Order establishing a claim bar dat for Asbestos Claims
  • Presiding officer Judge Jean-François
PDF
2026-01-06 Order establishing a Bar Date for Asbestos Claims
  • Presiding officer Judge Jean-François
PDF
ACL - Confidentiality and Restricted Use of Information Undertaking (Claimant Form)
  • Order date 6 January 2026
PDF
ACL - Confidentiality and Restricted Use of Information Undertaking (Law Firm Form)
  • Order date 6 January 2026
PDF
Instruction letter to Claimants (Existing Asbestos Claims)
  • Claims bar date 10 September 2026
  • Claims contact Firm: Raymond Chabot Inc. · Email: asbestoscorp@rcgt.com · Address: National Bank Tower, 600 De La Gauchetière Street West, Suite 2000, Montréal, Québec H3B 4L8 · Attention: Asbestos Corporation Limited
  • Order date 6 January 2026
PDF
Restricted use Purpose_ACL_Historical Sales_US 1955-1985 and Canada 1960-1980
  • Claims contact Firm: Raymond Chabot Inc. · Email: asbestoscorp@rcgt.com
  • Order date 6 January 2026
PDF
2025-12-12 Order Extending Stay Period
  • Presiding officer Judge Jean-François
  • Stay extended to 30 April 2026
PDF
2025-12-12 Order establishing a Bar Date for Non-Asbestos ClaimsPDF
Instruction letter to Claimants (Non-Asbestos Claims)
  • Claims bar date 10 September 2026
  • Claims contact Firm: Raymond Chabot Inc. · Email: asbestoscorp@rcgt.com · Phone: 800-711-1070 · Address: National Bank Tower, 600 De La Gauchetière Street West, Suite 2000, Montréal, Québec H3B 4L8 · Attention: Asbestos Corporation Limited
  • Order date 12 December 2025
PDF
2025-12-11 Minutes of the hearing (in French)PDF
2025-12-05 Application to the CourtPDF
2025-12-05 Fourth Monitor's Report
  • Cash on hand $617K
  • Operational summary Since the Third Report, the Monitor has continued supervising the Debtor's business, operations and financial situation on a weekly basis, undertaken claims-process related actions (including retaining NERA's Dr. Plancich, developing an online claims submission platform, and preparing the Claims Bar Date Orders), communicated with the Opposition Parties regarding the claims process and Interim Financing, reviewed the Debtor's historical sales and insurance policies, assisted management with updated cash flow projections and tax analyses, and participated in CCAA and Chapter 15 proceedings including the Recognition Hearing and Leave to Appeal.
  • Professional fees $15.8M USD
  • Receipts cumulative $3.11M
  • + 2 more extracted facts
PDF
2025-10-30 ACL - Recognition Opinion (corrected)
  • Commencement date 5 May 2025
  • Court United States Bankruptcy Court, Southern District of New York
  • Debtor names Asbestos Corporation Ltd.
  • Head office Québec, Canada
  • + 3 more extracted facts
PDF
2025-10-06 Fifth Status Report
  • Operational summary The Foreign Representative reports that the Court of Appeal of Québec denied the Asbestos Parties' Motion for Leave to Appeal the Canadian Court's July 30, 2025 Judgment maintaining the Amended and Restated Initial Order and rejecting the challenge to the stay of proceedings in favor of CLMI.
  • Report date 6 October 2025
  • Report no Fifth
PDF
2025-10-03 - Judgment on request for permission to appeal (in French)PDF
2025-09-09 ACL - Fourth Status Report
  • Cash on hand $515K
  • Operational summary Since the Second Report, the Monitor continued to supervise the business, operations and financial situation of the Debtor on a weekly basis and obtained all the necessary collaboration from the Debtor's management.
  • Professional fees $128K
  • Receipts cumulative $1.45M
  • + 2 more extracted facts
PDF
2025-09-05 Notice of AdjournmentPDF
2025-09-04 Second Amended and Restated Initial Order
  • Order date 4 September 2025
  • Stay expiry 15 December 2025
PDF
2025-09-04 Transactions Approval Order
  • Counsel Dentons Canada LLP
  • Court Superior Court (Commercial Division), District of Frontenac, Quebec
  • Debtor names Asbestos Corporation Limited
  • Monitor Raymond Chabot Inc.
  • + 5 more extracted facts
PDF
2025-09-03 Third Monitor Report
  • Cash on hand Number: 515 · Currency: CAD (000s)
  • Operational summary Since the Second Report, the Monitor continued to supervise the business, operations and financial situation of the Debtor on a weekly basis and obtained all the necessary collaboration from the Debtor’s management.
  • Professional fees Number: 128 · Currency: CAD (000s)
  • Receipts cumulative Number: 1454 · Currency: CAD (000s)
  • + 2 more extracted facts
PDF
2025-08-29 ACL - Third Status Report
  • Report date 29 August 2025
  • Report no Third Status Report
PDF
2025-08-28 - Application for the Issuance of a Second ARIO and Other ReliefPDF
2025-08-11 ACL - Second Status Report (with attachments)
  • Operational summary The Monitor's activities included review of insurance policies, analysis of internal records including sales and claim data, meetings with counsel, site visits, development of a claims resolution term sheet, and development of claims process support materials.
  • Report date 11 August 2025
  • Report no 2
PDF
2025-07-30 - Order (in French)
  • Presiding officer Judge Jean-François
PDF
2025-07-23-ACL-Avis-aux-reclamants-en-anglaisPDF
2025-06-18 ACL - Order for the Appointment of a CROPDF
2025-06-16 - ACL - Supplemental Monitor Report
  • Report date 16 June 2025
PDF
2025-06-13 ACL - Application for the Appointment of a CROPDF
2025-06-13 Second Report of the Monitor (with Schedule G)
  • Operational summary Since the First Report, the Monitor continued to supervise the business, operations and financial situation of the Debtor and obtained all the necessary collaboration from the Debtor’s management.
  • Professional fees $0
  • Recovery outcome Entries: per unstated · Table missing:
  • Report date 13 June 2025
  • + 1 more extracted fact
PDF
2025-05-15 ACL - Amended and Restated Initial Order
  • Order date 15 May 2025
  • Stay expiry 5 September 2025
PDF
2025-05-15 ACL - Minutes of the hearing (French only)PDF
2025-05-14 ACL - First Monitor Report
  • Operational summary The Monitor visited the place of business and discussed operations with management.
  • Professional fees $17.9M
  • Report date 14 May 2025
  • Report no First Report
PDF
2025-05-13 ACL - Written contestation - Asbestos Claimants (Davies) (4)PDF
ACL-Liste-des-creanciers-2025-05-13PDF
2025-05-07 ACL - Rectified Initial Order
  • Applicant Certain Underwriters at Lloyd's, London, Tenecom Limited, The Ocean Marine Insurance Company Limited, NRG Victory Reinsurance Limited and The Scottish Lion Insurance Company Ltd. (CLMI)
  • Appointee Raymond Chabot Inc.
  • Appointee role Proposed Monitor
  • Commencement date 7 May 2025
  • + 4 more extracted facts
PDF
2025-05-07 ACL - Scheduling Order (Entered)
  • Court United States Bankruptcy Court, Southern District of New York
  • Debtor names Asbestos Corporation Limited
  • Head office 840 Boul. Ouellet, Thetford Mines, QC G6G 7A5, Canada
  • Monitor Raymond Chabot Inc.
  • + 3 more extracted facts
PDF
ACL-Avis-aux-creanciersPDF
2025-05-06 ACL - Amended Initial ApplicationPDF
2025-05-06 ACL - Initial Order
  • Applicant Certain Underwriters at Lloyd's, London, Tenecom Limited, The Ocean Marine Insurance Company Limited, NRG Victory Reinsurance Limited and The Scottish Lion Insurance Company Limited ("CLMI")
  • Appointee RAYMOND CHABOT INC.
  • Appointee role Proposed Monitor
  • Commencement date 6 May 2025
  • + 4 more extracted facts
PDF
2025-05-06 ACL - Minutes of the hearing (in French)PDF
Dkt. 1 - Form of Voluntary Petition (Form 401) [File Stamped]PDF
Dkt. 3 - Tardif Declaration [File Stamped]PDF
Dkt. 5 - TRO Motion [File Stamped]PDF
Dkt. 6 - Scheduling Motion (with exhibits) [File Stamped]PDF
Proof of Claim Form (Non-Asbestos Claims)PDF
2025-05-05 ACL - Initial Application
  • Financial position Assets $41.1M · Liabilities $58.2M · as at 30 Sep 2024 · per unaudited interim financial statements (book value) · entity - ACL (the Debtor) only — Total current assets $8,755,000 + total non-current assets $32,366,000 = total assets $41,121,000; total current liabilities $4,925,000 + total non-current liabilities $53,301,000 = total liabilities $58,226,000, both as stated in the Application, sourced from Exhibit R-4.
  • Secured creditors $26.7M · Note: Related party: Mazarin is ACL's parent company and majority shareholder. On November 22, 2024, Mazarin was appointed successor attorney (fondé de pouvoir) for all present and future bondholders under the Trust Deed, replacing the original Trustee. The $70,000,000 figure is a registration ceiling, not a balance; the $26,729,000 amount is the balance owed per unaudited interim financial statements. · Page: 12 · As of: 2024-09-30 · Debtor: Asbestos Corporation Limited (ACL) · Creditor: Mazarin Inc. · Security: Immovable Hypothec under Trust Deed dated January 15, 1986 between ACL (Issuer) and Fiducie du Québec (Trustee), registered up to principal amount of $70,000,000, registered in Thetford (no. 110884) and Beauce (no. 368108) land registers; renewed May 11, 2015 and registered under nos. 21517957, 21524569, 21533174; amount reported as 'notes payable to related companies' on balance sheet
PDF
2025-05-05 ACL - Report of the Proposed Monitor
  • Financial position Assets $43M · Liabilities $61M · as at 31 Dec 2024 · per Compilation of financial statements available publicly through SEDAR+; labelled 'audited' in table header, but Monitor states this work does not constitute an audit or review and expresses no opinion · Entity-level: Asbestos Corporation Limited (ACL) — Figures in thousands of $ per table header, converted to full dollars; shareholders' deficiency of $(18,036) thousand; excludes potential liabilities related to pending and future asbestos-related litigation not currently provisioned
  • Secured creditors $26.7M · Note: Related party: Mazarin is ACL's parent company and majority shareholder; described in report as ACL's one main secured creditor as at Dec 31, 2024 · Page: 11 · As of: 2024-12-31 · Debtor: Asbestos Corporation Limited · Creditor: Mazarin Inc. · Security: Immovable hypothec registered up to principal amount of $70,000,000 (Trust Deed) registered Jan 28, 1986 (Thetford, no. 110884) and Feb 17, 1986 (Beauce, no. 368108); renewed May 11, 2015, registered May 15, 2015 under nos. 21517957, 21524569 and 21533174
PDF
Dkt. 2 - Chaaban Declaration (with exhibits) [File Stamped]
  • Financial position Assets $43M · Liabilities $61M · as at 31 Dec 2024 · per Audited annual financial statements as compiled by the Proposed Monitor from public filings on SEDAR+; the Monitor states this compilation 'does not constitute an audit or review... and consequently, we do not express any opinion on these financial statements' · Asbestos Corporation Limited (entity-level, not consolidated) — Elsewhere, the Application (Exhibit 1, ¶¶38-39, pp.51-52) reports unaudited interim financial statements as at September 30, 2024 showing total assets of $41,121,000 and total liabilities of $58,226,000. The Debtor's accumulated deficit as at Dec. 31, 2024 was $51,348,000 (shareholders' deficiency of $18,036,000), excluding potential liabilities from pending/future asbestos litigation (p.61).
  • Secured creditors $28.1M · Note: Related party: ACL's majority parent company; secures notes issued by ACL. Audited Statement of Financial Position (as at 2024-12-31) reports 'Notes payable to related companies' at $28,087,000 CAD. Both the Application (Exhibit 1, ¶41, p.41) and the Pre-Filing Report (¶2.48, p.60) instead state the debt as 'approximately $26,729,000', which appears to duplicate the unaudited interim (Sept. 30, 2024) balance rather than the year-end audited figure. · Page: 58 · As of: 2024-12-31 · Debtor: Asbestos Corporation Limited (ACL) · Creditor: Mazarin Inc. · Security: Immovable hypothec (mortgage) on real property in Québec, registered ceiling up to principal amount of $70,000,000 CAD (Trust Deed dated Jan. 15, 1986, registered Jan./Feb. 1986; renewed May 11, 2015, registered May 15, 2015)
PDF
Schedule B Beerman judgmentPDF
Schedule A US Procedures ACLPDF
ACL - Asbestos Proof of Claim Form (Fillable Version)PDF
DKt. 8 - TRO Order [file stamped]
  • Court United States Bankruptcy Court, Southern District of New York
  • Debtor names Asbestos Corporation Limited
  • Head office 840 Boul. Ouellet, Thetford Mines, QC G6G 7A5, Canada
  • Monitor Raymond Chabot Inc.
  • + 2 more extracted facts
PDF
Dkt. 4 - Motion for Recognition [File Stamped]PDF
Proof of Claim Form (Existing Asbestos Claims)PDF
Schedule C Kotzerke proceedingsPDF
Schedule D Actions against counselPDF
Schedule-A-Summary-of-Legal-Proceedings-Against-ACLPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Asbestos Corporation Limited (TSXV:AB.H)” (CCAA), Superior Court of Québec · Commercial Division. Retrieved 20 September 2026, https://proceedings.ca/case/asbestos-corporation-limited-tsxv-ab-h

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Sources last checked · summary updated 6 August 2026 · Report a correction · Printed from proceedings.ca/case/asbestos-corporation-limited-tsxv-ab-h

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.