Proceedings.

Felix Payment Systems Ltd.

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985 c. C-36
Court
Supreme Court of British Columbia
File
S-248103
Industry
Financial services · Payments, FX & fintech
Filings held46
Last activity28 Oct 2025
On the record710 days
Secured debtSubscribers
OverviewSummary updated

Felix Payment Systems Ltd. has been under the Companies' Creditors Arrangement Act since November 25, 2024, when the Supreme Court of British Columbia granted an initial order on the company's own application and appointed Alvarez & Marsal Canada Inc. as monitor. The proceeding is active under court file S-248103.

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Case updates45 dated entries · 1 undated
#Sale

The court granted a reverse vesting order in favour of Jake Boxer, Doug Mordy, CA Mordy Legacy Trust, and PEL Chartered Professional Accountants Inc.

Source: Reverse Vesting Order

#Order

The Supreme Court of British Columbia granted an initial order on Monday, November 25, 2024 on Felix Payment Systems Ltd.'s own application, appointing Alvarez & Marsal Canada Inc. monitor.

Source: Initial Order of Justice Masuhara

Undated filings1 — no date appears on the document · show
—
Filing

Application Response to Second Lien Lenders — Application filed

PDF · Subscribers

Parties

Debtor

Felix Payment Systems Ltd.

Monitor

Alvarez & Marsal

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice MasuharaSupreme Court of British Columbia7 orders, Nov 2024 – Feb 202521 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorAlvarez & MarsalCassels Brock & Blackwell LLP21 Oct 2025Service list · 21 Oct 2025
ApplicantFelix Payment Systems LtdMcCarthy Tétrault LLP21 Oct 2025Service list · 21 Oct 2025
ApplicantFelix Payment Systems Ltd.McCarthy Tétrault LLP · Lawson Lundell LLP4 Dec 2024Application · 21 Oct 2025
ApplicantMcCarthy TétraultLLPMcCarthy Tétrault LLP25 Nov 2024Order · 25 Nov 2024
ApplicantMcCarthy TétraultLLP (H. Lance Williams and Ashley Bowron)McCarthy Tétrault LLP6 Dec 2024Order · 6 Dec 2024
Interim lenderOsler, Hoskin & Harcourt LLP21 Oct 2025Service list · 21 Oct 2025
CreditorBusiness Development Bank of CanadaKornfeld LLP21 Oct 2025Service list · 21 Oct 2025
CreditorDapit NA, LLCDennis Dawson James Aitken LLP21 Oct 2025Service list · 21 Oct 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
SecuredFirst Lien Lenders (CA Mordy Legacy Trust, PEL Chartered Professional Accountants Inc., and Jake Boxer) · in 6 casesFirst Lien Charge over personal property of Felix, pursuant to promissory notes; ranks in priority to other PPSA registrations except the RBC Registration — Amount stated in First Lien Loan Indebtedness Application as of Dec 17, 2024 (plus interest and fees continuing to accrue); underlying claim broken down as CA Mordy Legacy Trust $851,316 (Principal $639,000 + Accrued Interest $212,316), PEL Chartered Professional Accountants Inc. $390,654 (Principal $313,989 + Accrued Interest $76,665), Jake Boxer $2,827,108 (Principal $2,337,000 + Accrued Interest $490,108), per First Mordy Affidavit (pag · as of 17 Dec 2024$4.07MSecond Report of the Monitor filed January 30, 2025
Secured
Secured

2 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

6 transactions · 4 proposed · 1 not completed · 1 approved — The Court approved the Subscription Agreement and the Transactions by an Approval and Reverse Vesting Order pronounced February 28, 2025, vesting Excluded Assets, Excluded Contracts and Excluded Liabilities out of the Petitioner and authorizing issuance of the Purchased Shares to the Purchasers; the certificate text provided contains only recitals and no confirmation of closing.Monitor's Certificate filed March 3, 2025 · 3 Mar 2025

Letters of intent

1

Supplemental Report to the Third Report Final filed…

Qualified bids

0

Supplemental Report to the Third Report Final filed…

Bid deadline (round closed)

31 January 2025

Stalking Horse and SISP Approval

Stalking horse

Jake Boxer, Doug Mordy, CA Mordy Legacy Trust, and PEL Chartered Professional Accountants Inc.

Reverse Vesting Order

PurchaserPriceStatusSource
Jake Boxer, Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accounts Inc.Stalking horsesubstantially all of the property, assets, and undertakings (collectively, the ' Assets ') of Felix · assets and shares · agreement 3 Dec 2024SubscribersProposedFirst Report of the Monitor filed December 5,…
Jake Boxer, Doug Mordy, the CA Mordy Legacy Trust and PEI Chartered Professional Accountants Inc.Stalking horsethe Petitioner's Business · share subscription · agreement 3 Dec 2024SubscribersProposedoutside 28 Feb 2025Stalking Horse and SISP Approval
Mr. Jake Boxer, Mr. Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accountants Inc.Stalking horsethe Assets of Felix · asset saleSubscribersProposedSecond Report of the Monitor filed January 30,…
Dapit NA LLCthe Dapit Bid · share subscriptionSubscribersNot completedSupplemental Report to the Third Report Final…
Jake Boxer, Doug Mordy, the CA Mordy Legacy Trust, and PEL Charted Professional Accountants Inc.Stalking horsethe transaction contemplated in the Stalking Horse Subscription Agreement · share subscription · agreement 3 Dec 2024not statedProposedSupplemental Report to the Third Report Final…
Jake Boxer, Doug Mordy, CA Mordy Legacy Trust, and PEL Chartered Professional Accountants Inc.Stalking horsethe Purchased Shares of the Vendor (Felix Payment Systems Ltd.) via reverse vesting, with Excluded Assets, Excluded Contracts and Excluded Liabilities vesting in ResidualCo · share sale · ResidualCo: ResidualCo · agreement 24 Feb 2025SubscribersApproved28 Feb 2025Reverse Vesting Order
AdvisorsAlvarez & Marsal Canada Inc. (sale agent)Stalking Horse and SISP Approval
Closing termsClosing occurs upon delivery of the Monitor's Certificate, with the listed steps deemed to occur in sequence at the Closing Time per the Implementation StepsReverse Vesting Order
Estate financialsReported figures — never derived

Cash on hand

$432K

As at 16 Feb 2025Third Report of the Monitor filed February 26, 2025

Professional fees

As at

1 more reported figure

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

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Documents
46 filings
DateDocumentFile
Affidavit #3 of A. Clough (Oct. 28, 2025)PDF · Subscribers
Application Response - Dapit NA, LLC (re Litigation Plan) (Oct 28, 2025)PDF · Subscribers
Notice of Application - Felix (Oct. 21, 2025) re litigation order set for Nov. 3, 2025
  • Counsel McCarthy Tetrault LLP
PDF · Subscribers
Service List
  • Counsel Cassels Brock & Blackwell LLP
PDF · Subscribers
Monitor's Certificate filed March 3, 2025
  • Sale outcome Sale approved — The Court approved the Subscription Agreement and the Transactions by an Approval and Reverse Vesting Order pronounced February 28, 2025, vesting Excluded Assets, Excluded Contracts and Excluded Liabilities out of the Petitioner and authorizing issuance of the Purchased Shares to the Purchasers; the certificate text provided contains only recitals and no confirmation of closing.
PDF · Subscribers
Affidavit #1 of K. Doumakis made Feb 28, 2025PDF · Subscribers
Affidavit No. 1 of Cecilia Conto - made Feb 28, 2025PDF · Subscribers
Reverse Vesting Order
  • Closing terms Closing occurs upon delivery of the Monitor's Certificate, with the listed steps deemed to occur in sequence at the Closing Time per the Implementation Steps
  • Order date 28 February 2025
  • Presiding officer Justice Masuhara
  • Purchaser Jake Boxer, Doug Mordy, CA Mordy Legacy Trust, and PEL Chartered Professional Accountants Inc. (stalking horse) · the Purchased Shares of the Vendor (Felix Payment Systems Ltd.) via reverse vesting, with Excluded Assets, Excluded Contracts and Excluded Liabilities vesting in ResidualCo · share sale · approved
  • + 3 more extracted facts
PDF · Subscribers
Supplemental Report to the Third Report Final filed February 28, 2025
  • Operational summary The Monitor notes the Company has limited funding to continue the CCAA proceedings, and that ongoing delays in closing a sale transaction could harm its operations.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Affidavit #1 of A. Cheng filed February 27, 2025PDF · Subscribers
Affidavit #2 of A. Clough filed February 27, 2025PDF · Subscribers
Application Response (Opposing Bid) filed February 27, 2025PDF · Subscribers
Application Response – Petitioner (Feb 27, 2025)PDF · Subscribers
Third Report of the Monitor filed February 26, 2025
  • Operational summary Felix continues to operate as a payment processor while pursuing a stalking horse sale via reverse vesting order, having concluded that competing bids received in the SISP did not qualify.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit #5 of A. Cole (without exhibits) (Feb. 25, 2025)PDF · Subscribers
Notice of Application re Sale ApprovalPDF · Subscribers
Affidavit #4 of Doug MordyPDF · Subscribers
Order
  • Presiding officer Justice Masuhara
PDF · Subscribers
Affidavit #3 of Doug Mordy, filed February 3, 2025PDF · Subscribers
Affidavit #1 of Andrew Clough made January 31, 2025, filed January 31, 2025PDF · Subscribers
Application Response filed January 31, 2025PDF · Subscribers
Notice of Application - DapIt NA, LLC, filed January 31, 2025
  • Counsel LawsonLundell LLP
PDF · Subscribers
Order – DIP Increase
  • Counsel McCarthy Tetrault LLP
  • Presiding officer Justice Masuhara
PDF · Subscribers
Petitioner's Application Record Index (Jan. 31, 2025)PDF · Subscribers
Affidavit of W. Hogg made January 30, 2025, filed January 31, 2025PDF · Subscribers
Second Report of the Monitor filed January 30, 2025
  • Purchaser Mr. Jake Boxer, Mr. Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accountants Inc. (stalking horse) · the Assets of Felix · asset sale · proposed
  • Sale outcome Sale process approved — SISP underway; Monitor expects to identify a Successful Bid by February 14, 2025 and an approval and vesting order application to be heard by February 21, 2025
  • Financial position · Secured creditors Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Affidavit #4 of A. Cole (Jan. 29, 2025)PDF · Subscribers
Notice of Application - Petitioner (re DIP increase)
  • Counsel McCarthyTétrault LLP
PDF · Subscribers
Affidavit #2 of Douglas Mordy, made on January 28, 2025PDF · Subscribers
Notice of Application (January 28, 2025)PDF · Subscribers
Chapter 15 Provisional Relief OrderPDF · Subscribers
Affidavit #1 of D. Mordy (Dec. 20, 2024)PDF · Subscribers
Stalking Horse and SISP Approval
  • Bid deadline 31 January 2025
  • Order date 6 December 2024
  • Outside date 28 February 2025
  • Break fee Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Amended and Restated Initial Order
  • Applicant Felix Payment Systems Ltd.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role monitor
  • Counsel Petitioner McCarthy TétraultLLP
  • + 3 more extracted facts
PDF · Subscribers
Sealing Order (Dec 6.)
  • Counsel Petitioner McCarthy TétraultLLP
  • Presiding officer Justice Masuhara
PDF · Subscribers
First Report of the Monitor filed December 5, 2024
  • Purchaser Jake Boxer, Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accounts Inc. (stalking horse) · substantially all of the property, assets, and undertakings (collectively, the ' Assets ') of Felix · assets and shares · proposed
  • Sale outcome Sale process approved — SISP and Stalking Horse Purchase Agreement proposed for Court approval
  • Financial position · Secured creditors Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Affidavit #2 of A. Cole (filed Dec. 4, 2024)PDF · Subscribers
Application Record Index - Petitioner (Hearing - Dec. 6, 2024)
  • Counsel McCarthy Tétrault LLP
PDF · Subscribers
Notice of Application - Petitioner (filed Dec. 4, 2024)PDF · Subscribers
Initial Order of Justice Masuhara
  • Applicant Felix Payment Systems Ltd.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Monitor
  • Commencement date 25 November 2024
  • + 4 more extracted facts
PDF · Subscribers
Pre-Filing Report of the Proposed Monitor filed November 25, 2024PDF · Subscribers
Notice of Hearing of Petition (Hearing - Nov. 25, 2024)`PDF · Subscribers
Affidavit #1 of A. Cole made Nov. 21, 2024PDF · Subscribers
Petition to the Court dated Nov. 21, 2024
  • Applicant Felix Payment Systems Ltd.
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Monitor
  • Court file no S-248103
PDF · Subscribers
Letters to CreditorsPDF · Subscribers
Application Response to Second Lien LendersPDF · Subscribers

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

CiteProceedings., “Felix Payment Systems Ltd.” (CCAA), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/felix-payment-systems-ltd

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/felix-payment-systems-ltd

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.

Felix Payment Systems Ltd. — CCAA | Proceedings.