They left a Kitchener meeting in good spirits after about 200 creditors voted unanimously to pursue a restructuring effort outlined by bankruptcy trustees from BDO Dunwoody.
“I’ve never seen so many people in one room agree on something so quickly,” said Ingrid Phaneuf, of Etobicoke, who is trying to adopt a child from Ethiopia. “It was fantastic.”
About six people with the necessary expertise may take over the non-profit agency. The plan would require approval from the provincial government, which licenses international adoption organizations.
Bankruptcy trustee Susan Taves said the plan will be explored and developed over the next two to four weeks to see if it can work.
“I think it’s really probable – a high percentage of success here,” she said after the three-hour meeting.
Companies, church groups, individuals and affected families have contacted trustees with offers to help salvage the agency.
“This is a really unique file,” Taves said. “In 20 years of doing this work, I’ve never had people call and say they’ll give money to keep an organization going.”
The effort also has an ally in Kitchener lawyer Ted Giesbrecht, who went to Ethiopia earlier this month to ensure children at an agency transition home were properly cared for.
Giesbrecht, who is working for free, said staff at the home – where children matched with Canadian families are housed – hadn’t been paid in six weeks.
While also helping to complete adoptions that had reached the matching stage, he cut staff and reduced expenses at the home from more than $50,000 to $17,000 a month.
If the agency is restructured, Giesbrecht said, that will help stretch the money Imagine still had in the bank when it went bankrupt.
-courtesy of The Record
Tomorrow holds a call with the Government (MOWA) in Ethiopia. Please pray for cooperation, respect, and acceptance of this new plan of organization!