#Report
Reported closing cash of $590,000 at October 23 after $899K funded under the interim facility, 136 parties solicited, multiple bids received, and sought enhanced powers to bring the approval application for the successful bid.
AdvEn Inc. & AdvEn Industries Inc.
ActiveFollow
- Proceeding
- NOIsection 50.4(9) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3
- File
- 24-3400057
OverviewSummary updated
AdvEn Inc. and AdvEn Industries Inc. filed a notice of intention on July 20, 2026 under subsection 50.4(1) of the Bankruptcy and Insolvency Act, with Alvarez & Marsal Canada Inc., a licensed insolvency trustee, acting under estate number 24-3400057 in Alberta. The creditor list filed with the notice shows Secure Property Development and Investment PLC as the largest listed unsecured creditor at $844,173.02, followed by PA Consulting Services Ltd at $376,023.63, Weixing Chen at $263,600.00, Edmonton Electric at $242,052.04 and Monarch Equities Inc at $197,291.42. The list also carries many individual creditors and trade suppliers, and the Workers' Compensation Board-Alberta at $1,434.55.
Proceedings AIOpen Proceedings AI
Case updates35 dated entries · 1 undated
#Order
Further order setting a bid deadline of October 9, 2026 and extending the stay of proceedings to November 17, 2026, against an outside date of November 30, 2026.
Source: Order (Stay Extension)
#Report
Reported $101,000 of receipts and $898,000 of disbursements for the seven weeks to September 18, cash of $155,000, and funds running out in the week of September 25 absent funding, with deemed bankruptcy on October 4, 2026.
#Report
Reported receipts of $101,000, all GST refunds, against $833,000 of disbursements for the six weeks to September 11, leaving cash of $220,000, with the US$550,000 interim advance still held in trust.
Source: Report of the Proposal Trustee
#Order
Order approving a sale and investment solicitation process to solicit interest in an acquisition of or investment in the property and business, and granting a third-ranking Interim Lender's Charge securing up to US$650,000 under the August 7, 2026 Interim Financing Agreement.
Source: Order (SISP & Stay Extension)
#Filing
The two companies filed their notice of intention on July 20, 2026 under subsection 50.4(1) of the Bankruptcy and Insolvency Act, with Alvarez & Marsal Canada Inc. as trustee.
Source: Certificate for the Notice of Intention – AdvEn Industries Inc.
#Filing
The two companies filed their notice of intention on July 20, 2026 under subsection 50.4(1) of the Bankruptcy and Insolvency Act, with Alvarez & Marsal Canada Inc. as trustee.
Source: Certificate for the Notice of Intention – AdvEn Inc.
Undated filings1 — no date appears on the document · show
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AnalysisAll insights
Case update
AdvEn: multiple bids, and powers sought for the trustee to take a deal to court
AdvEn's single-phase sale process drew "multiple bids" by its October 23 deadline, the proposal trustee's Third Report says, their number reserved for a confidential report. AdvEn's application, returnable November 6, asks Justice Dunlop to extend the stay to January 1, 2027 and to empower the trustee to seek approval of a deal, citing possible insider participation.
Case update
AdvEn: two secured creditors' appeal struck for want of permission
On September 29 the Court of Appeal of Alberta struck two secured creditors' appeal of the order approving AdvEn's priming interim facility. Justice Jane Fagnan held that permission was required, refused more time to seek it, and found granting it more likely to "result in immediate bankruptcy." On October 1, Justice Lema extended the stay to November 17.
Filing brief
AdvEn: the interim loan held in trust pending appeal
US$550,000 advanced by 2841034 Alberta Ltd. on August 26 is sitting with the proposal trustee, unreleased, while AdvEn asks the Court of Appeal of Alberta to strike the secured creditors' appeal for want of leave and 281 and SPDI ask for a declaration that none is needed; the trustee's September 18 forecast has the companies' cash turning negative the week of September 25, and AdvEn has asked for a stay extension to November 17.
Case update
AdvEn: a priming interim facility, and the rival lender's appeal
On August 19, Justice Dunlop approved a US$650,000 interim facility for AdvEn Inc. and AdvEn Industries Inc. from 2841034 Alberta Ltd., a company incorporated on August 5 whose two directors had been directors of secured creditor 2815793 Alberta Ltd., and ranked its charge ahead of that creditor's security; 2815793 Alberta Ltd., which had offered US$800,000 at 7.5%, has appealed with Secure Property Development & Investment PLC.
Parties
Debtor
AdvEn Inc. & AdvEn Industries Inc.
Proposal trustee
Alvarez & Marsal
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Lema | Court of King's Bench of Alberta | 1 order, Oct 2026 | 19 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeAlvarez & Marsal | Fasken Martineau DuMoulin LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
| DebtorAdvEn Inc. & AdvEn Industries Inc. | McMillan LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
| Interim lender | Warren Kachur Osadetz LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
| Creditor2815793 ALBERTA LTD | Blue Rock Law LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
| CreditorECORO B.V. Postbus 252, 3700 AG Zeist 1e Hogeweg 196, Zeist 3701 Netherlands | Witten LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
| CreditorFENCELINE RENTALS LTD | Field Law | 19 Aug 2026 | Service list · 19 Aug 2026 |
| CreditorLOADSTAR DISPATCHERS (1963) LTD | Lindsey MacCarthy LLP · Linmac LLP | 19 Aug 2026 | Service list · 19 Aug 2026 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Convertible Noteholders (various investors, 10% senior secured convertible promissory notes)Series of 10% senior secured convertible promissory notes; approximately US$4 million raised between December 2021 and September 2022; any security pledged is subject to Proposal Trustee's security review — All Convertible Notes have matured and AdvEn is in default; certain noteholders entered extension/amendment agreements in 2025 which have also matured; amount is aggregate outstanding including accrued interest and penalties as of April 30, 2026 — debtor: AdvEn Inc. (including through predecessor Nano Innovations Inc.) · as of 30 Apr 2026 | $10.5M | First Report of the Proposal Trustee |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
86 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Sale process approved — SISP launched August 21, 2026; Bid Deadline of October 23, 2026 has passed, with selection of the Successful Bid(s) and Back-Up Bid(s) due no later than October 30, 2026; the Proposal Trustee seeks enhanced powers to bring the approval application for the Successful Bid.Third Report of the Proposal Trustee · 28 Oct 2026
Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
Cumulative receipts
$101K
As at 25 Sep 2026Second Report of the Proposal Trustee
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
36 filings
| Date | Document | File |
|---|---|---|
Third Report of the Proposal Trustee
| PDF · Subscribers | |
Application (October 27, 2026)
| PDF · Subscribers | |
Order (Stay Extension)
| PDF · Subscribers | |
| Reasons for Decision | PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Application
| PDF · Subscribers | |
Second Affidavit of Ingo Mueller
| PDF · Subscribers | |
| Memorandum of Argument | PDF · Subscribers | |
Report of the Proposal Trustee
| PDF · Subscribers | |
| Responding Memorandum of Argument | PDF · Subscribers | |
| Application (Leave Declaration) | PDF · Subscribers | |
| Memorandum of Argument(Leave Application) | PDF · Subscribers | |
| Affidavit of Brenda Lewis-Besler - Affidavit | PDF · Subscribers | |
| Affidavit of Brenda Lewis-Besler - Exhibits N-J | PDF · Subscribers | |
| Application (September 14, 2026) | PDF · Subscribers | |
| Memorandum of Argument (September 14, 2026) | PDF · Subscribers | |
| Affidavit of Brenda Lewis-Besler - Exhibits A-M | PDF · Subscribers | |
| Affidavit of Jacques Demer | PDF · Subscribers | |
| Affidavit of Kary Heikoop | PDF · Subscribers | |
| Affidavit of Service | PDF · Subscribers | |
| Appeal Record | PDF · Subscribers | |
| Appeal Transcript | PDF · Subscribers | |
Application (August 19, 2026)
| PDF · Subscribers | |
| Civil Notice of Appeal (SPDI & 2815793 Alberta Ltd.) | PDF · Subscribers | |
Order (SISP & Stay Extension)
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Affidavit of Amanda Urban | PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| Bench Brief of the Applicants | PDF · Subscribers | |
| Transcript (Ingo Mueller Cross) | PDF · Subscribers | |
Notice to Creditors – AdvEn Inc.
| PDF · Subscribers | |
Notice to Creditors – AdvEn Industries Inc.
| PDF · Subscribers | |
Certificate for the Notice of Intention – AdvEn Inc.
| PDF · Subscribers | |
Certificate for the Notice of Intention – AdvEn Industries Inc.
| PDF · Subscribers | |
| Affidavit of Ingo Mueller | PDF · Subscribers | |
| Book of Authorities | 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., “AdvEn Inc. & AdvEn Industries Inc.” (NOI), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/adven-inc-adven-industries-inc