6951864 Canada Limited
- Proceeding
- NOIBIA s. 50.4
- File
- 33-2466100
6951864 Canada Limited, which formerly operated as VersAccounts Limited, filed a notice of intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act, with A. Farber & Partners Inc. as Proposal Trustee. The matter is before the Ontario Superior Court of Justice, commercial list, in bankruptcy and insolvency, under court file 33-2466100, and remains active. A statement of affairs as at April 5, 2019 puts total assets at $1,204,924.00 against total liabilities of $1,495,113.53, with a deficiency of $290,189.53 stated on the form. No secured creditors are listed on List B and preferred claims are nil, leaving the claims unsecured. The largest are convertible notes of $284,527.00 held by Rohit Thukral and $277,952.82 owing to related entity VersAccounts USA, Inc., alongside back wage claims of $54,879.99 and $23,679.99.
A claims procedure has been established — see the order for deadlines.
The court granted an approval and vesting order for the sale to BidCo Cloud ERP, Inc. Closing terms, as extracted: Vesting occurs upon delivery of the Proposal Trustee's Certificate confirming payment of the Closing Cash Payment and satisfaction of closing conditions. Sealed: unredacted APA.
Source: Order of Justice McEwen (Approval and Vesting Order)
Responding Record of S. Pande and R. Zhou, returnable January 30, 2019 — Response / objection pleading
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Motion Record of the Company, returnable January 30, 2019 — Application / notice of application
Undated filings1 — no date appears on the document · show
Debtor
6951864 Canada Limited
Proposal trustee
A. Farber & Partners
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Rohit ThukralConvertible Notes — debtor: 6951864 Canada Limited · as of 5 Apr 2019 | $285K | Notice of Bankruptcy and First Meeting of Creditors |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
40 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 1 back-up bid · 1 approved — Auction concluded with the Cloud APA selected as the Successful Bid, subject to Court approval of the Approval and Vesting OrderSecond Report of the Proposal Trustee · 14 Mar 2019
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Seattle Atlantic Inc.Stalking horsethe transaction contemplated by the Stalking Horse APA · asset sale · agreement 23 Jan 2019 | Subscribers | Back-up bid30 Jan 2019 | Order of Justice McEwen (Sale Process Approval) |
| BidCo Cloud ERP, Inc.the Company's right, title and interest in and to the Purchased Assets · asset sale · agreement 1 Mar 2019 | Sealed | Approved21 Mar 2019 | Order of Justice McEwen (Approval and Vesting… |
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Notice of Bankruptcy and First Meeting of Creditors
| PDF · Subscribers | |
| Certificate of Appointment (Bankruptcy) | PDF · Subscribers | |
Order of Justice McEwen (Ancillary Relief and Approval of Extension to File a Proposal)
| PDF · Subscribers | |
Order of Justice McEwen (Approval and Vesting Order)
| PDF · Subscribers | |
Motion Record, returnable March 21, 2019
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Non-Disclosure Agreement
| PDF · Subscribers | |
Endorsement of Justice McEwen (Sale Process Approval)
| PDF · Subscribers | |
| Factum of S. Pande and R. Zhou, returnable January 30, 2019 | PDF · Subscribers | |
Order of Justice McEwen (Sale Process Approval)
| PDF · Subscribers | |
| Responding Record of S. Pande and R. Zhou, returnable January 30, 2019 | PDF · Subscribers | |
| Supplementary Affidavit of S. Pande, dated January 29, 2019 | PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| Certificate of Filing of a Notice of Intention to Make a Proposal | PDF · Subscribers | |
Motion Record of the Company, returnable January 30, 2019
| PDF · Subscribers | |
| Information Memorandum | PDF · Subscribers | |
| Proof of Claim Form | 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., “6951864 Canada Limited” (NOI), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/6951864-canada-limited