Felix Payment Systems Ltd.
FollowActive
- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985 c. C-36
- File
- S-248103
Filings held46
Last activity28 Oct 2025
On the record665 days
Secured debt$4.07M
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.
Proceedings AIAsk this case — answers cite the filings
Case updates45 dated entries · 1 undated
#Filing
Application Response - Dapit NA, LLC (re Litigation Plan) (Oct 28, 2025) — Response / objection pleading
#Filing
Notice of Application - Felix (Oct. 21, 2025) re litigation order set for Nov. 3, 2025 — Application / notice of application
#Report
The officer filed report no. Supplemental Report to the Third Report of the Monitor. 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.
Source: Supplemental Report to the Third Report Final filed February 28, 2025
#Filing
Notice of Application - DapIt NA, LLC, filed January 31, 2025 — Application / notice of application
#Filing
Application Record Index - Petitioner (Hearing - Dec. 6, 2024) — Application / notice of application
#Filing
Notice of Application - Petitioner (filed Dec. 4, 2024) — Application / notice of application
#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.
Undated filings1 — no date appears on the document · show
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Parties
Debtor
Felix Payment Systems Ltd.
Monitor
Alvarez & Marsal
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Masuhara | Supreme Court of British Columbia | 5 orders, Nov 2024 – Feb 2025 | 15 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorAlvarez & Marsal | Cassels Brock & Blackwell LLP | 21 Oct 2025 | Service list · 21 Oct 2025 |
| ApplicantFelix Payment Systems Ltd | McCarthy Tétrault LLP | 21 Oct 2025 | Service list · 21 Oct 2025 |
| ApplicantFelix Payment Systems Ltd. | McCarthy Tétrault LLP | 31 Jan 2025 | Order · 31 Jan 2025 |
| ApplicantMcCarthy TétraultLLP | McCarthy Tétrault LLP | 25 Nov 2024 | Order · 25 Nov 2024 |
| CreditorBusiness Development Bank of Canada | Kornfeld LLP | 21 Oct 2025 | Service list · 21 Oct 2025 |
| CreditorDapit NA, LLC | Dennis Dawson James Aitken LLP | 21 Oct 2025 | Service list · 21 Oct 2025 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | First 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 | $4.07M | Second Report of the Monitor filed January 30, 2025 |
| Secured | DIP Lender (First Lien Lenders, as DIP Lender under DIP Facility) · in 4 casesas of DIP Charge Application filing date (2025-01-29) — DIP Lender's Charge, ranking in priority to all other charges except the Administration Charge — This is the increased DIP facility principal/charge amount sought (increased from $2.35 million to $2.65 million); reflects post-filing DIP financing, not pre-filing debt, but included as it is a secured charge; the First Lien Lenders are also the DIP Lenders per Appendix A note 12. — debtor: Felix Payment Systems Ltd. | $2.65M | Second Report of the Monitor filed January 30, 2025 |
| Secured | Royal Bank of Canada (RBC) · in 556 casesRBC Registration under the Personal Property Security Act at the BC Personal Property Registry — First Lien Lenders' security is stated to rank in priority to all other PPSA registrations other than the RBC Registration, implying RBC holds a registered security interest ranking ahead of First Lien Lenders; amount of RBC's secured claim is not stated in these pages. — debtor: Felix Payment Systems Ltd. | — | Second Report of the Monitor filed January 30, 2025 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Sale processAs stated in the filings
5 transactions · 4 proposed · 1 not completed — Dapit Bid determined not to meet SISP Qualified Bid criteriaSupplemental Report to the Third Report Final filed February 28, 2025 · 27 Feb 2025
Stalking horse
Jake Boxer, Doug Mordy, the CA Mordy Legacy Trust, and PEL Charted Professional Accountants Inc.
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 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 2024 | not statedPurchase price composed of assumption of DIP Facility obligations, assumption of First Lien Loan obligations, and a Closing Payment to the Monitor up to a maximum of $500,000; floor price not fully established | Proposed | First 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 2024 | not statedThis Order approves the SISP and the Stalking Horse Subscription Agreement solely for purposes of conducting the SISP; it does not approve the sale and vesting of any Property to the Stalking Horse Purchaser. | Proposedoutside 28 Feb 2025 | Stalking 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 sale | not statedPurchase Price includes the First Lien Loan Indebtedness, including principal, interest and fees accrued up to and including the Closing Date | Proposed | Second Report of the Monitor filed January 30,… |
| Dapit NA LLCthe Dapit Bid · share subscription | $1.27M (credit bid)paragraph 1 of the LOI refers to a credit bid of CAD $1,275,000 of secured funds loaned to the Company by the Dapit Group | Not completed | Supplemental 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 2024 | not stated | Proposed | Supplemental Report to the Third Report Final… |
AdvisorsAlvarez & Marsal Canada Inc. (sale agent)Stalking Horse and SISP Approval
Documents
46 filings
| Date | Document | File |
|---|---|---|
| Affidavit #3 of A. Clough (Oct. 28, 2025) | ||
| Application Response - Dapit NA, LLC (re Litigation Plan) (Oct 28, 2025) | ||
| Notice of Application - Felix (Oct. 21, 2025) re litigation order set for Nov. 3, 2025 | ||
Service List
| ||
| Monitor's Certificate filed March 3, 2025 | ||
| Affidavit #1 of K. Doumakis made Feb 28, 2025 | ||
| Affidavit No. 1 of Cecilia Conto - made Feb 28, 2025 | ||
| Reverse Vesting Order | ||
Supplemental Report to the Third Report Final filed February 28, 2025
| ||
| Affidavit #1 of A. Cheng filed February 27, 2025 | ||
| Affidavit #2 of A. Clough filed February 27, 2025 | ||
| Application Response (Opposing Bid) filed February 27, 2025 | ||
| Application Response – Petitioner (Feb 27, 2025) | ||
| Third Report of the Monitor filed February 26, 2025 | ||
| Affidavit #5 of A. Cole (without exhibits) (Feb. 25, 2025) | ||
| Notice of Application re Sale Approval | ||
| Affidavit #4 of Doug Mordy | ||
Order
| ||
| Affidavit #3 of Doug Mordy, filed February 3, 2025 | ||
| Affidavit #1 of Andrew Clough made January 31, 2025, filed January 31, 2025 | ||
| Application Response filed January 31, 2025 | ||
| Notice of Application - DapIt NA, LLC, filed January 31, 2025 | ||
Order – DIP Increase
| ||
| Petitioner's Application Record Index (Jan. 31, 2025) | ||
| Affidavit of W. Hogg made January 30, 2025, filed January 31, 2025 | ||
Second Report of the Monitor filed January 30, 2025
| ||
| Affidavit #4 of A. Cole (Jan. 29, 2025) | ||
| Notice of Application - Petitioner (re DIP increase) | ||
| Affidavit #2 of Douglas Mordy, made on January 28, 2025 | ||
| Notice of Application (January 28, 2025) | ||
| Chapter 15 Provisional Relief Order | ||
| Affidavit #1 of D. Mordy (Dec. 20, 2024) | ||
Stalking Horse and SISP Approval
| ||
Amended and Restated Initial Order
| ||
| Application Record Index - Petitioner (Hearing - Dec. 6, 2024) | ||
Sealing Order (Dec 6.)
| ||
First Report of the Monitor filed December 5, 2024
| ||
| Affidavit #2 of A. Cole (filed Dec. 4, 2024) | ||
| Notice of Application - Petitioner (filed Dec. 4, 2024) | ||
Initial Order of Justice Masuhara
| ||
| Notice of Hearing of Petition (Hearing - Nov. 25, 2024)` | ||
| Pre-Filing Report of the Proposed Monitor filed November 25, 2024 | ||
| Affidavit #1 of A. Cole made Nov. 21, 2024 | ||
Petition to the Court dated Nov. 21, 2024
| ||
| Letters to Creditors | ||
| Application Response to Second Lien Lenders | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Felix Payment Systems Ltd.” (CCAA), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/felix-payment-systems-ltd