The Company is continuing its efforts to recover, from former Chief Executive Officer Gerald McGoey and his management services company Jolian Investments Ltd, together referred to as the “Jolian Parties”, cost and disgorgement orders and post-judgment interest currently totaling approximately $1.7 million.
On November 24, 2017, the Company received notice that the Jolian Parties had made a proposal (the “Jolian Proposal”) under the Bankruptcy and Insolvency Act, and the Company filed a Proof of Claim in response. Qualified creditors refused to approve the Jolian Proposal and the Jolian Parties were each deemed to have thereupon made an assignment in bankruptcy. Kure is now pursuing its collection efforts through the bankruptcy process.
On November 5, 2018, a motion was heard in the Ontario Superior Court of Justice seeking a declaration that Mr. McGoey’s interest in two properties held in joint tenancy with his wife are assets of the estate subject to realization for the benefit of creditors and not held in trust for their children.
On January 4, 2019, The Honourable Justice Penny released his decision, which can be viewed at the following link: