Fusion Cine Sales & Rentals Inc. et al.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act
- File
- 2301-13913
Fusion Cine Sales & Rentals Inc. has been in court-appointed receivership since October 24, 2023, when the Court of King's Bench of Alberta granted a receivership order under BIA s. 243 and provincial Judicature Act jurisdiction, in proceedings carried alongside Genesis Integration Inc. under files 2301-13912 and 2301-13913. Sequent AI Ltd. is described as the principal secured creditor of the two companies. A Canada Revenue Agency deemed trust claim of approximately $175,000 against Genesis surfaced immediately before the August 15, 2024 discharge hearing; the bankruptcy order granted against Genesis on October 24, 2024, on Sequent's application and unopposed by CRA's counsel, had the effect of reversing that claim's priority. Interim receipts and disbursements to November 15, 2024 record $101,713 paid on the deemed trust claim, $105,223 in funding from Sequent and $124,459 repaid to it. The proceeding is closed.
Amended Application re Approval of Fees Distribution and Discharge of the Receiver dated November 25, 2024 — Application / notice of application
Notice of Bankruptcy and First Meeting of Creditors dated October 30, 2024 — Notice to creditors
Application re Approval of Activities and Liquidation Agreement dated November 14, 2023 — Application / notice of application
The court appointed KSV Restructuring Inc. as receiver and manager, on the application of SEQUENT AI LTD..
Debtor
Fusion Cine Sales & Rentals Inc.
Debtor
Genesis Integration Inc.
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Johnston | Court of King's Bench of Alberta | 3 orders, Nov 2023 – Oct 2024 | 55 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | McMillan LLP | 23 Oct 2023 | Application · 23 Oct 2023 |
| ApplicantSequent AI Ltd., as | Blake, Cassels & Graydon LLP | 15 Oct 2024 | Order · 15 Oct 2024 |
| CreditorSequent AI Ltd | Blake, Cassels & Graydon LLP | 23 Oct 2023 | Factum · 23 Oct 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesas of deemed trust claim filed against Genesis, brought to the Receiver's attention immediately prior to the August 15, 2024 Discharge Hearing — Deemed trust claim (the Deemed Trust Claim) — Deemed trust class (quasi-governmental); amount stated as approximately $175,000. The Bankruptcy Order against Genesis granted October 24, 2024 has, inter alia, the effect of reversing the priority of the Deemed Trust Claim; CRA's counsel attended the October 24, 2024 hearing and did not oppose (p. 4). The interim R&D for the period ending November 15, 2024 shows a disbursement of $101,713 for "CRA Deemed | $175K | Supplement to Second Report of the Receiver dated November 19, 2024 |
| 4 | Secured |
1 more claim in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sequent AI Ltd.: shortfall.EstimatedApplication re Motion · 15 Aug 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Sequent AI Ltd. | — | shortfall | Estimatedper the receiver | Application re Motion · 15 Aug 2024 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
4 engagements · 2 firms — latest: KSV Restructuring Inc., in feesSupplement to Second Report of the Receiver · 19 Nov 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| KSV Restructuring Inc.Receiverperiod 2 of 2 | — | — | not stated | Supplement to Second Report of the Receiver · 19 Nov 2024 | |
| KSV Restructuring Inc.Receiverperiod 1 of 2 | — | — | not stated | Second Report of the Receiver · 6 Aug 2024 | |
| McMillan LLPCounsel to the receiverperiod 2 of 2 | — | — | not stated | Supplement to Second Report of the Receiver · 19 Nov 2024 | |
| McMillan LLPCounsel to the receiverperiod 1 of 2 | — | — | not stated | Second Report of the Receiver · 6 Aug 2024 |
4 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order for Final Distribution filed on Dec 6, 2024
| PDF · Subscribers | |
Amended Application re Approval of Fees Distribution and Discharge of the Receiver dated November 25, 2024
| PDF · Subscribers | |
Supplement to Second Report of the Receiver dated November 19, 2024
| PDF · Subscribers | |
| Notice of Bankruptcy and First Meeting of Creditors dated October 30, 2024 | PDF · Subscribers | |
Bankruptcy Order dated October 24, 2024
| PDF · Subscribers | |
Application for a Bankruptcy Order dated October 15, 2024
| PDF · Subscribers | |
Bench Brief of Applicant in Support of Application for Bankruptcy Order dated October 15, 2024
| PDF · Subscribers | |
| Affidavit of Kyle Lanzinger sworn October 11, 2024 | PDF · Subscribers | |
| Supplemental Affidavit of Kyle Lanzinger sworn October 11, 2024 | PDF · Subscribers | |
Application re Motion returnable August 15, 2024
| PDF · Subscribers | |
Second Report of the Receiver dated August 6, 2024
| PDF · Subscribers | |
Endorsement of Justice J. Dietrich dated January 23, 2024
| PDF · Subscribers | |
Court Order re Approval of Activities and Liquidation Agreement dated November 24, 2023
| PDF · Subscribers | |
Application re Approval of Activities and Liquidation Agreement dated November 14, 2023
| PDF · Subscribers | |
First Report of the Receiver dated November 14, 2023
| PDF · Subscribers | |
Receivership Order dated October 24, 2023
| PDF · Subscribers | |
| Secretarial Affidavit of Olivia Valks sworn October 24, 2023 | PDF · Subscribers | |
Brief of Law of the Applicant dated October 23, 2023
| PDF · Subscribers | |
Originating Application dated October 23, 2023
| PDF · Subscribers | |
| Affidavit of Kyle Lanzinger sworn October 18, 2023 | PDF · Subscribers | |
| Pre-Filing Report of the Proposed Receiver dated October 18, 2023 | 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., “Fusion Cine Sales & Rentals Inc. et al.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/fusion-cine-sales-rentals-inc