#Order
Court approved the Division I proposal the same day, leaving each Supporting Creditor's balance unpaid after Supporting Creditor Payments as an unsecured deficiency claim without entitlement to distribution.
Source: Proposal Approval Order
Ivrnet Inc.
ActiveFollow
- Proceeding
- Proposalsections 58 and 59 of the Bankruptcy and Insolvency Act
- File
- B301-004437
OverviewSummary updated
Ivrnet Inc. obtained approval of its Division I proposal in the Court of King's Bench of Alberta on November 24, 2023, in proceedings brought by Alvarez & Marsal Canada Inc. under section 192 of the ABCA and carried under court file no. B301-004437. The statement of affairs sworn by Andrew Watts at October 30, 2023 shows total assets of $389,981.00 against total liabilities of $6,532,376.15 and a deficiency of $6,142,395.15. Three Supporting Creditors hold first charge security over the company's assets: R.C. Morris & Company Special Opportunities Fund III Limited Partnership at $5,198,366.62, David Snell at $253,027.40 and Parlee McLaws LLP at $216,997.00. Artis REIT Estate Investment is the largest unsecured creditor at $388,558.67.
Claims processIf you are owed money
A claims procedure has been established — see the order for deadlines.
Proceedings AIOpen Proceedings AI
Case updates4 dated entries · 4 undated
#Report
The officer filed report no. First Report. Ivrnet continues to operate its software/communications business as a going concern while pursuing a proposal to creditors contingent on its sale to N. Harris Computer Corporation; the Trustee noted no material adverse changes to the company's cash flow since filing. Court file B301-004437.
Source: Proposal Trustee’s First Report
Undated filings4 — no date appears on the document · show
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Parties
Debtor
Ivrnet Inc.
Proposal trustee
Alvarez & Marsal
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | R.C. Morris & Company Special Opportunities Fund III Limited Partnership (by its General Partner R.C. Morris & Company S.O. Fund III GP Ltd.)as of NOI/proposal filing date (October 30, 2023) — First charge security over the Company's assets — Listed as 'R.C. Morris & Company S.O. Fund III Holdings Ltd.' in Statement of Affairs/creditor list with exact claim amount of $5,198,366.62; Trustee's Report describes approximate figure of $5.2 million; one of three 'Supporting Creditors' under the Proposal — debtor: Ivrnet Inc. | $5.2M | Notice to Creditors |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
40 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansRecoveriesAs stated in the filings
Unsecured creditors: a distribution.Under the plan · sanctionedProposal Approval Order · 24 Nov 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Supporting Creditors (Secured Creditors) | — | paid in full | Under the plansanctionedper the debtor | Form 40 – Report on Proposal |
| Preferred | — | — | paid in full | Under the plansanctionedper the court | Proposal Approval Order · 24 Nov 2023 |
| Unsecured | Unsecured Claims that are Convenience Claims | — | a distributionconditional | Under the plansanctionedper the court | Proposal Approval Order · 24 Nov 2023 |
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
Total liabilities at filing
As at ·
Professional fees
$51.2K
As at 9 Nov 2023Proposal Trustee’s First Report
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments8 filings
| Date | Document | File |
|---|---|---|
Application – Proposal Approval
| PDF · Subscribers | |
Proposal Approval Order
| PDF · Subscribers | |
Proposal Trustee’s First Report
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Form 40 – Report on Proposal
| PDF · Subscribers | |
| Proof of Claim Form | PDF · Subscribers | |
| Proxy Form | PDF · Subscribers | |
| Voting Letter | 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., “Ivrnet Inc.” (Proposal), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/ivrnet-inc