On November 2, 2012, Impact 2000 Inc. (“Impact”) filed a Notice of Intention to Make a Proposal (“NOI”) with the Office of the Superintendent of Bankruptcy Canada (“OSB”) pursuant to the Bankruptcy and Insolvency Act (“BIA”). Alvarez & Marsal Canada Inc. was also appointed trustee under the NOI of Impact (the “Proposal Trustee”). 

Impact has more than 25 years of experience in providing a full suite of front-end seismic consulting services to the oil and gas exploration sector throughout Western Canada and the Northwest Territories.​

On May 2, 2013, Impact failed to file a proposal to its creditors and the Official Receiver, through the Proposal Trustee, within the statutory time allotted under s.62(9) of the BIA.  As a result, Impact was deemed to have filed an assignment in bankruptcy on May 3, 2013 and Impact is now considered a bankrupt company. A&M is the trustee in bankruptcy (the “Bankruptcy Trustee”), subject to affirmation by the creditors of the Bankruptcy Trustee’s appointment or substitution by the creditors.

​On June 20, 2013, the Court of Queen’s Bench of Alberta (the “Court”) granted an Order (the “Receivership Order”) whereby Alvarez & Marsal Canada Inc. (“A&M”) was appointed receiver and manager (the “Receiver”) of Impact.   Pursuant to the Receivership Order, the Receiver is appointed, without security, of all of Impact’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situated, including all proceeds thereof.