Ontario judge bars sale of Hyndman assets
TORONTO, Ont. – An Ontario judge has barred U.S.-based Celadon Group from selling the assets of its Canadian subsidiary as he considers a motion for placing Hyndman Transport under receivership.
“The Canadian assets shall not be sold without the approval of this court,” Ontario Superior Court Justice Glenn A. Hainey said in an interim ruling issued Wednesday.
The ruling came after Toronto lawyer Andrew J. Hatnay filed a motion, seeking to place the Hyndman in receivership to protect the rights of its former employees.
Earlier in the week, the now-defunct Celadon was given the go-ahead by a U.S. court to sell the Hyndman headquarters in Ayr, Ont., for $12 million.
Hundreds of Hyndman employees have been exploring their options since early December, when the company shut down without warning after Celadon filed for bankruptcy protection in the U.S.
The former employees are owed millions of dollars in back wages and other benefits.
Hatnay, a partner with Koskie Minsky, said Hainey will hear the case again Monday. The judge hinted Wednesday that he is prepared to issue a receivership on Hatnay’s application.
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Legislation desperately needs to be changed – any outstanding wages, benefits, pensions etc for workers need to be covered before any creditor, bank, investor, and even government gets their cut. People come first – period.
You would think that a Canadian based transportation carrier would consider investing in Hyndman. The rolling inventory, and possibly property holdings at pennies on the dollar. Current contracts are worth something, and what about the staff. Keep the best to continue with.
Hyndman, at one time was a reputable company. No reason not to re-establish
I hope them drivers get everything they deserve. Its always those on the bottom that get $h$t on. It’s one thing to go bankrupt legitimately but this case……
The buildings and facilities are worth something.
The trucks and trailers are worth something.
All the Equipment for doing the work is worth something.
But the CONTRACTS are just paper that are not worth anything.
There were probably 50 companies that started hauling for Hydmens Customers the next day. .
Freight Hauling by Truck is only phone call away. for any customer of the carrier.