12729121 Canada Inc., formerly known as MaxSold Incorporated, is subject to a proposal proceeding under Division I of the BIA. National Bank of Canada, holding a general security agreement over all present and future personal property registered under the Ontario PPSA pursuant to a Loan and Security Agreement dated March 16, 2022, as amended October 31, 2023, with an aggregate maximum principal amount of $5,000,000, reported a balance of $3,134,891.92 as of January 31, 2024, and issued a Notice of Intention to Enforce Security under s.244(1) BIA on February 9, 2024 following default. As of the date of the Notice of Intention to Make a Proposal, the Proposal Trustee reported unpaid vacation pay owing to 43 employees of $213,000, including approximately $63,000 in super-priority claims under s.60(1.3)(a) BIA, and aggregate unsecured claims of $950,000.
The officer filed a report. MaxSold sold substantially all of its business assets to a third-party purchaser (which re-hired most employees) and, lacking sufficient sale proceeds to fund a proposal, was deemed bankrupt; the Trustee is now administering the estate's remaining cash and claims.
Source: Preliminary Report
The court granted an approval and vesting order for the sale to 1000822913 Ontario Inc. Closing terms, as extracted: Vesting effective upon delivery of Proposal Trustee's Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction.
Source: Court Order – Assignment, Approval and Vesting Order
Court Order – Approval of Sale Process, Administrative Charge and Stay Extension was filed.
Source: Court Order – Approval of Sale Process, Administrative Charge and Stay Extension
Motion Record – Applicant was filed. Court file BK-24-03044331-0033.
Source: Motion Record – Applicant
Debtor
12729121 Canada Inc. (f/k/a MaxSold Incorporated)
Proposal trustee
Dodick Landau
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kershman | Ontario Superior Court of Justice | 2 orders, Mar 2024 – Apr 2024 | 19 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Debtor12729121 Canada Inc. (f/k/a MaxSold Incorporated) | Reconstruct LLP | 14 Mar 2024 | Order · 14 Mar 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada · in 101 casesGeneral security agreement over all present and future personal property, registered under Ontario PPSA; Loan and Security Agreement dated March 16, 2022, as amended October 31, 2023, aggregate maximum principal amount $5,000,000 — Following default, NBC demanded payment and issued Notice of Intention to Enforce Security under s.244(1) BIA on February 9, 2024. $5,000,000 figure is facility limit, not balance. — debtor: MaxSold Incorporated · as of 31 Jan 2024 | $3.13M | First Report of the Proposal Trustee |
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured |
2 more claims in 2 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans2 transactions · 1 proposed · 1 closed — the Company completed a sale of its assets to a third-party purchaserPreliminary Report · 27 May 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 100822913 Ontario Inc.Stalking horsethe business, assets and/or equity of the Company (the "Opportunity") · auction | not stated | Proposedoutside 30 Apr 2024 | Court Order – Approval of Sale Process,… |
| 1000822913 Ontario Inc.Stalking horseall of the Vendor's right, title and interest in and to the assets described in the APA (the "Purchased Assets") · asset sale · agreement 11 Mar 2024 | Subscribers | Closed6 May 2024 | Preliminary Report |
Cash on hand
$625K
As at 27 May 2024Preliminary Report
Professional fees
As at
1 more reported figure
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Preliminary Report
| PDF · Subscribers | |
| Certificate of Assignment | PDF · Subscribers | |
Ancillary Court Order
| PDF · Subscribers | |
Court Order – Assignment, Approval and Vesting Order
| PDF · Subscribers | |
Supplemental Motion Record – Applicant
| PDF · Subscribers | |
Factum of the Applicant
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Court Order – Approval of Sale Process, Administrative Charge and Stay Extension
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
Motion Record – Applicant
| PDF · Subscribers | |
Creditor Package
| PDF · Subscribers | |
| Certificate of Filing NOI | PDF · Subscribers | |
MaxSold – Sales Process Confidentiality Agreement
| PDF · Subscribers | |
Sale Process – Teaser
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “12729121 Canada Inc. (f/k/a MaxSold Incorporated)” (Proposal), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/12729121-canada-inc-f-k-a-maxsold-incorporated
Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/12729121-canada-inc-f-k-a-maxsold-incorporated
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.