ITWorld Canada Inc.
FollowActive
- Proceeding
- Proposals. 50.4 of the Bankruptcy and Insolvency Act
- File
- 31-3032693
Filings held6
Last activity21 May 2024
On the record976 days
Secured debt$210K
OverviewSummary updated
ITWorld Canada Inc. filed a Division I proposal on January 19, 2024 under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, with Crowe Soberman Inc. as Proposal Trustee before the Ontario Superior Court of Justice under estate no. 31-3032693. The statement of affairs, as stated and estimated by the officer at April 15, 2024, shows total assets of $200,000.00 against total liabilities of $2,107,543.10 and a deficiency of $1,907,543.10. Scotiabank holds a $410,000.00 secured claim, its security in the ITWorld software valued at $200,000.00. The largest unsecured claims are the Estate of Fawn Annan at $300,000.00, Uninnovate INC at $229,358.68 and American Express at $188,842.02.
Proceedings AIAsk this case — answers cite the filings
Case updates6 dated entries
Parties
Debtor
ITWorld Canada Inc.
Proposal trustee
Crowe Soberman
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Scotiabank c/o BankruptcyHighway.com · in 10 casesAmount of claim $410,000.00 (registered security); particulars: 'Other - ITWORLD Software' given 2007-01-03, estimated value of security $200,000.00 and 'Debts Due - Business - Citizen Relations' given 2007-01-03, estimated value $0.00 — Balance of claim after applying estimated value of security ($200,000.00) is $210,000.00, per Statement of Affairs List 'B' — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $210K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | CRA - Tax - Ontario (122605769RP0001) · in 252 casesPreferred creditor; nature of claim: Deemed Trust Claim — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $23.3K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Villamar, WalterPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Shabbar, SofiaPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Larue-Langlois, RenaudPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Gaudette, LauraPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Radecki, JeffPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 7 | Preferred (BIA s. 136) | Vince, TaylorPreferred creditor for wages — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $2K | Notice of Bankruptcy |
| 8 | Unsecured | Estate of Fawn Annan, c/o Goldstein Rosen & Rassosdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $300K | Notice of Bankruptcy |
| 8 | Unsecured | Uninnovate INCdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $229K | Notice of Bankruptcy |
| 8 | Unsecured | American Express c/o FCT Default Solutions · in 46 casesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $189K | Notice of Bankruptcy |
| 8 | Unsecured | Mcbride, Brad, c/o Whitten & Lublindebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $178K | Notice of Bankruptcy |
| 8 | Unsecured | Performance Advantagedebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $142K | Notice of Bankruptcy |
| 8 | Unsecured | True QC LLCdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $119K USD | Notice of Bankruptcy |
| 8 | Unsecured | Gulf Pacific Property Management Ltd.debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $108K | Notice of Bankruptcy |
| 8 | Unsecured | Greiner, Lynndebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $72.1K | Notice of Bankruptcy |
| 8 | Unsecured | Atkinson, Michaeldebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $48K | Notice of Bankruptcy |
| 8 | Unsecured | Radecki, Jeffdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $31.4K | Notice of Bankruptcy |
| 8 | Unsecured | Howard Solomandebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $30.1K | Notice of Bankruptcy |
| 8 | Unsecured | Selligent Interactive NVdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $30K USD | Notice of Bankruptcy |
| 8 | Unsecured | Telus Mobility Services (35171971) · in 32 casesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $24.7K | Notice of Bankruptcy |
| 8 | Unsecured | Vince, Taylordebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $20K | Notice of Bankruptcy |
| 8 | Unsecured | Scotiabank c/o BankruptcyHighway.com · in 10 casesDistinct entry from same creditor's secured claim; unsecured portion listed separately — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $16K | Notice of Bankruptcy |
| 8 | Unsecured | Ted Crysler Professional Corpdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $14.1K | Notice of Bankruptcy |
| 8 | Unsecured | Bell CPA & Associatesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $12.6K | Notice of Bankruptcy |
| 8 | Unsecured | CRA - Tax - Ontario (122605769RP0001) · in 252 casesCRA deemed-trust class claim reported separately on List 'C' also; this entry from List 'A' — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $12.6K | Notice of Bankruptcy |
| 8 | Unsecured | Telus Mobility Services (35008658) · in 32 casesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $12.5K | Notice of Bankruptcy |
| 8 | Unsecured | Barker, Pauldebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $9.95K | Notice of Bankruptcy |
| 8 | Unsecured | RWAMdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $8.21K | Notice of Bankruptcy |
| 8 | Unsecured | Gaudette, Lauradebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $7.51K | Notice of Bankruptcy |
| 8 | Unsecured | Barter Networkdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $6.67K | Notice of Bankruptcy |
| 8 | Unsecured | Villamar, Walterdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $6.51K | Notice of Bankruptcy |
| 8 | Unsecured | Bow Business on Webdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $5.99K USD | Notice of Bankruptcy |
| 8 | Unsecured | Larue-Langlois, Renauddebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $5.63K | Notice of Bankruptcy |
| 8 | Unsecured | Shabbar, Sofiadebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $5.51K | Notice of Bankruptcy |
| 8 | Unsecured | CRA - Tax - Ontario (122605769RT0001) · in 252 casesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $5.48K | Notice of Bankruptcy |
| 8 | Unsecured | Panchalingam, Matdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $3.36K | Notice of Bankruptcy |
| 8 | Unsecured | Post Mediadebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $3.28K | Notice of Bankruptcy |
| 8 | Unsecured | The Bristal Companydebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1.81K | Notice of Bankruptcy |
| 8 | Unsecured | Opeyemi, Obanaladebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1.44K | Notice of Bankruptcy |
| 8 | Unsecured | Hoffer Adler LLPdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $720 | Notice of Bankruptcy |
| 8 | Unsecured | Wireless System Solutions INCdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $374 | Notice of Bankruptcy |
| 8 | Unsecured | Gruske, Carolyndebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $216 | Notice of Bankruptcy |
| 8 | Unsecured | Fraser, Donnadebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1 | Notice of Bankruptcy |
| 8 | Unsecured | Roy, Jamesdebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1 | Notice of Bankruptcy |
| 8 | Unsecured | Hiraj, Danieldebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1 | Notice of Bankruptcy |
| 8 | Unsecured | Snook, Darrendebtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $1 | Notice of Bankruptcy |
| 8 | Unsecured | Annan, JimNotice only; see Estate of Fawn Annan — debtor: ITWORLD CANADA INC. · as of 15 Apr 2024 | $0 | Notice of Bankruptcy |
RecoveriesAs stated in the filings
Unsecured creditors: 5.3 %.Under the plan · vote pendingProposal Report · 8 Mar 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | 5.3 % | Under the planvote pendingper the proposal trustee | Proposal Report · 8 Mar 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.
Estate financialsReported figures — never derived
Total assets at filing$200K
Total liabilities at filing$2.11M
As at 15 Apr 2024 · per Statement of Affairs (Form 78) as stated and estimated by the officer · entity - ITWORLD CANADA INC. — Total unsecured creditors $1,872,209.06 (including $210,000.00 balance of secured claims per List B), secured creditors $200,000.00, preferred creditors $35,334.04, contingent/other liabilities $0.00; deficiency stated as $1,907,543.10 (surplus: NIL)
Documents6 filings
| Date | Document | File |
|---|---|---|
| Sale Teaser | ||
| Preliminary Report to the First Meeting of Creditors | ||
Notice of Bankruptcy
| ||
Material Adverse Change Report - April 5,2024
| ||
Proposal Report
| ||
Proposal
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “ITWorld Canada Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/itworld-canada-inc