The assets of Omega Lift have been sold to Hilco Industrial Acquisitions Canada for an undisclosed sum and auctioned off. The auction included dozens of forklifts of various makes, tools and equipment and Omega Lift’s parts inventory.
Toronto insolvency firm KSV Advisory has released its final report on the liquidation of the Canadian forklift manufacturer which ceased operations in July, owing more than CAD$10.8 million to secured creditors.
The purchase price for the assets, not including Omega Lift’s intellectual property and designs, has been redacted from the report.
It is believed KSV Advisory intends selling the intellectual property separately.
The receiver expects to vacate the Bolton site by the end of October.
The bad news for customers who have paid for goods not received and for suppliers awaiting payments is that “the receiver does not contemplate any recoveries for unsecured creditors”.
It’s not clear how much of Omega Lift’s debt has been recovered for secure creditors, but the 298-page report does reveal KSV Advisory’s CAD133,670 fee and a further CAD45,288 billed by law firm Aird & Berlis.
