TCT creditor claims must be filed by mid Aug: Court

TORONTO — The Ontario Court of Justice recently ordered that any carrier with a claim against bankrupted TCT Logistics Inc. and its related companies must file a formal claim with KPMG Inc., the Interim Receiver, by August 15, 2007.

In 2002, a court appointed KPMG Inc. as interim receiver over the assets of TCT. The bankruptcy judge granted the interim receiver wide powers, subject to court supervision, to shut down and sell TCT’s businesses and to assign TCT into bankruptcy.

However, the issue of TCT’s legal receivership has been back and forth in the courts since 2002 and KPMG has been holding carrier trust funds since that time.

In an effort to bring the payout of carrier claims to a conclusion, the court imposed some parameters on the claims process, including who was eligible for a claim and how to file a dispute if the claim was disallowed by the Receiver, the Ontario Trucking Association reports. The pool of funds available to pay carriers is in the region of two million dollars.

The Court defined those qualified to make a claim as being “any person or entity who provided freight carriage services to TCT and its related companies on or before January 24, 2002, involving a load which began or terminated in Ontario, and for which payment was not received.”

According to OTA, proof of Trust Claims are to be filed with KPMG Inc., Interim Receiver of TCT, Attention: Brad Newton, 21 King Street West, Suite 510, Hamilton, Ontario L8N 3R1. Mr. Newton can be contacted for claims forms at 905-523-2202, Fax: 905-523-2200 or email bradnewton@kpmg.ca.