Proceedings.

Divestco Inc.

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Court of King's Bench of Alberta
File
25-2523482
Industry
Technology, media & telecom · Software & IT services
Filings held26
Last activity30 Jan 2020
On the record2,712 days
Secured debtSubscribers
OverviewSummary updated

Divestco Inc. is before the Court of King's Bench of Alberta, with Grant Thornton Limited appointed as Licensed Insolvency Trustee under section 49 of the Bankruptcy and Insolvency Act. An application was filed February 28, 2019, and the record shows a bankruptcy date of June 14, 2019, at 13:43. Secured claims listed as of March 4, 2019 include a group of individual noteholders administered through Computershare and standalone claims from Wade Brillon ($5,755,188.39) and Steve Popadynetz ($2,672,191.85). Unsecured claims from the same date include KPMG LLP ($119,600.25), Dell Canada Inc. ($276,004.27) and dozens of other trade creditors. The matter remains active.

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Case updates26 dated entries
#Report

The officer filed report no. Monitor's Third Report. Divestco's business and assets were sold to the purchaser under the Stalking Horse APA, and Divestco subsequently made an assignment into bankruptcy with Grant Thornton appointed as trustee; the Monitor is now recommending termination of the CCAA proceedings and its own discharge.

Source: Monitor's Third Report - Filed January 27, 2020.PDF

#Report

The officer filed report no. Monitor's Second Report. Divestco is conducting a sales solicitation process resulting in a stalking horse transaction as the successful bid, while reducing headcount and disclaiming office leases to cut costs amid ongoing CCAA restructuring.

Source: Monitor's Second Report, dated and filed May 10, 2019.pdf

Parties

Debtor

Divestco Inc.

Monitor

Doane Grant Thornton

Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredWade BrillonIndividual listed as secured creditor — debtor: Divestco Inc. · as of 4 Mar 2019$5.76MList of Creditors.pdf
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured

57 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

Bid deadline

30 April 2019

Marketing Teaser.pdf

AdvisorsGrant Thornton Corporate Finance Inc. (financial advisor)Marketing Teaser.pdf
Fees and ratesAs stated in the filings

2 engagements · 2 firms — latest: Bennett Jones LLP, from 4 Mar 2019, soughtSupplement to the Monitor's Third Report - January 30, 2020.PDF · 30 Jan 2020

FirmPeriodHoursFeesRatesSource
Bennett Jones LLPCounsel to the monitorfrom 4 Mar 2019Sought—not statedSupplement to the Monitor's Third Report - January 30, 2020.PDF · 30 Jan 2020
Grant Thornton LimitedMonitorfrom 4 Mar 2019Sought—not statedSupplement to the Monitor's Third Report - January 30, 2020.PDF · 30 Jan 2020

2 blurred figures above

What each firm billed — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total assets at filing

As at ·

Cumulative receipts

$613K

As at 10 May 2019Monitor's Second Report, dated and filed May 10, 2019.pdf

Cumulative disbursements

As at

Cash on hand

As at

2 more reported figures, and the total the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
26 filings
DateDocumentFile
Supplement to the Monitor's Third Report - January 30, 2020.PDF
  • Cash on hand · Disbursements · Fee schedule · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Application - Filed January 27, 2020.PDFPDF · Subscribers
Monitor's Third Report - Filed January 27, 2020.PDF
  • Cash on hand · Disbursements · Fee schedule · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Bankruptcy Creditor's Package - June 17, 2019.pdf
PDF · Subscribers
Certificate of Appointment.pdf
  • Appointee Grant Thornton Limited
  • Appointee role Licensed Insolvency Trustee
  • Commencement date 14 June 2019
  • Court file no 25-2523482
  • + 1 more extracted fact
PDF · Subscribers
Monitor's Certificate Filed June 3, 2019.PDFPDF · Subscribers
Service List - May 16, 2019.docxPDF · Subscribers
Brief of Divestco Inc. filed May 14, 2019 (with Appendices).pdfPDF · Subscribers
OPGI Brief of Argument for May 14, 2019 (with Appendices).pdfPDF · Subscribers
Affidavit of Dominik Hubaczek filed May 10, 2019.PDFPDF · Subscribers
Monitor's Second Report, dated and filed May 10, 2019.pdf
  • Operational summary Divestco is conducting a sales solicitation process resulting in a stalking horse transaction as the successful bid, while reducing headcount and disclaiming office leases to cut costs amid ongoing CCAA restructuring.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit of Stephen Popadynetz sworn May 8, 2019 (filed)(11265131).pdfPDF · Subscribers
Application returnable May 14, 2019 (filed)(11265109).pdfPDF · Subscribers
Marketing Teaser.pdf
  • Bid deadline 30 April 2019
  • Sale advisor Grant Thornton Corporate Finance Inc. (financial advisor)
PDF · Subscribers
Application returnable March 26, 2019 (filed).pdfPDF · Subscribers
Order (Stalking Horse Sales Process and APA) - DRAFT.PDFPDF · Subscribers
Affidavit of Stephen Popadynetz sworn March 22, 2019.pdfPDF · Subscribers
Monitor's First Report, filed March 22, 2019.pdf
  • Cash on hand · Disbursements · Financial position · Professional fees Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Affidavit of Stephen Popadynetz sworn March 19, 2019.pdfPDF · Subscribers
Monitor's Report on the Cash-Flow Statement - Filed March 13, 2019.pdf
  • Operational summary The Company is undergoing restructuring under CCAA protection, with management forecasting sufficient cash to fund operations including payroll, office relocation, and new crypto currency mining/cogeneration development costs during the 13-week forecast period.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Notice to Creditors - March 11 2019.pdf
PDF · Subscribers
List of Creditors.pdf
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Affidavit of Stephen Popadynetz sworn February 28, 2019 - Exhibits D to K.pdfPDF · Subscribers
Affidavit of Stephen Popadynetz sworn February 28, 2019.pdfPDF · Subscribers
Originating Application returnable March 4 2019 - Filed February 28, 2019.pdf
  • Applicant DIVESTCO INC.
  • Commencement date 28 February 2019
  • Court COURT OF QUEEN'S BENCH OF ALBERTA
  • Court file no 1901-03046
  • + 2 more extracted facts
PDF · Subscribers
Affidavit of Stephen Popadynetz - Exhibits A to C.PDFPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Divestco Inc.” (CCAA), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/divestco-inc

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Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/divestco-inc

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.