Lambda Solutions Inc.
Follow- Proceeding
- NOIBankruptcy and the Insolvency Act R.S.C.1985, c. B-3
- File
- B-240536
Lambda Solutions Inc. has been in insolvency proceedings in British Columbia since November 1, 2024, filed under subsection 50.4(1) of the Bankruptcy and Insolvency Act, with Crowe Mackay & Company Ltd as Licensed Insolvency Trustee under file no. 11-3149370. Management's preliminary figures put assets at a net book value of $722,622 as at October 31, 2024. Evergreen Gap Debt GP Inc., as agent for FirePower Capital, holds first-ranking security over all present and after-acquired personal property for approximately $1,379,752, ahead of Business Development Bank of Canada at approximately $422,309. Around eleven unsecured creditors are owed approximately $1,683,724.27. FirePower issued a notice of intention to enforce security under section 244 of the Act on or around October 23, 2024.
The officer filed report no. Second Report. The Company continues to operate and meet post-filing obligations while negotiating with its secured creditor Firepower on a credit bid/sale of the Company's assets, and is seeking a further stay extension to finalize this agreement or a proposal.
Source: Proposal Trustee ’s Second Report to Court dated January 10, 2025
The officer filed a report. Court file B-240536.
Source: Proposal Trustee ’s First Report to Court dated December 2, 2024
Creditor ’s Package – Notice of Intention to Make a Proposal was filed. Court file 11-3149370.
Source: Creditor ’s Package – Notice of Intention to Make a Proposal
Court officer's report recorded the Notice of Intention as dated November 1, 2024, with Crowe Mackay & Company Ltd acting as Licensed Insolvency Trustee.
Source: Certificate of Filing
Debtor
Lambda Solutions Inc.
Proposal trustee
Crowe MacKay
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 926 casesas of NOI filing date — Deemed trust claim (employee portion) for unpaid employee source deductions — Deemed trust class; amount includes employee and employer portions but may not include interest/penalties; subject to change pending CRA trust examination; only employee portion ranks as deemed trust ahead of secured creditors in bankruptcy — debtor: Lambda Solutions Inc. | $12.7K | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 4 | Secured | Evergreen Gap Debt GP Inc., as agent for FirePower CapitalFirst ranking all present and after-acquired personal property (AllPAAP) security — Approximate indebtedness per PPR search; FirePower issued Notice of Intention to Enforce Security under s.244 BIA on or around October 23, 2024 — debtor: Lambda Solutions Inc. · as of 31 Oct 2024 | $1.38M | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 4 | Secured | Business Development Bank of Canada (BDC) · in 241 casesSecond ranking AllPAAP security — Approximate indebtedness per PPR search — debtor: Lambda Solutions Inc. · as of 31 Oct 2024 | $422K | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 4 | Secured | Bat-Sheva Levy (Interim/DIP Lender), personal capacityas of term sheet dated for reference November 2024 — Super-priority DIP Charge over all present and after-acquired property, ranking behind only the Administration Charge — Related party - Company's sole director; interim/DIP financing facility, not yet advanced as of report date; maximum facility amount, not outstanding balance — debtor: Lambda Solutions Inc. | $120K | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 5 | PMSI / lessors | BMW Canada Inc. · in 11 casesPurchase Money Security Interest (PMSI) on 1 vehicle — Approximate indebtedness per PPR search — debtor: Lambda Solutions Inc. · as of 31 Oct 2024 | $11.9K | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 7 | Preferred (BIA s. 136) | Employees (accrued vacation pay and wages) · in 185 casesas of NOI filing date — Preferred claim potential under s.136(d) BIA for wages/vacation due within 6 months of Filing Date, capped at $2,000 per employee; extent of amounts due has yet to be determined — debtor: Lambda Solutions Inc. | $21K | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesas of NOI filing date — Document names no individual creditors; consists primarily of trade suppliers, employees, Management, and various other vendors — debtor: Lambda Solutions Inc. | $1.68M | Proposal Trustee ’s First Report to Court dated December 2, 2024 |
As at 31 Oct 2024 · per Preliminary/unaudited information provided by Company management; net book value basis; subject to change pending detailed assessment · Lambda Solutions Inc. (entity level) — Trustee has not conducted detailed assessment of assets and liabilities; figures prepared using Company's bookkeeping as at October 31, 2024; liabilities not presented as a consolidated total in this report (secured, statutory, preferred and unsecured creditor amounts reported separately)
| Date | Document | File |
|---|---|---|
| Proposal Trustee ’s Letter relating to the Third Extension | ||
Order entered February 7, 2025
| ||
| Notice of Motion Entered February 5, 2025 | ||
| Affidavit #4 of Bat-sheva Levy | ||
| Order entered January 14, 2025 | ||
Proposal Trustee ’s Second Report to Court dated January 10, 2025
| ||
| Affidavit #2 of Bat-sheva Levy | ||
| Order entered December 4, 2024 | ||
Proposal Trustee ’s First Report to Court dated December 2, 2024
| ||
| Notice of Motion entered November 22, 2024 | ||
Creditor ’s Package – Notice of Intention to Make a Proposal
| ||
| Affidavit #3 of Bat-sheva Levy | ||
Certificate of Filing
| ||
| Affidavit #1 of Bat-sheva Levy | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Lambda Solutions Inc.” (NOI), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/lambda-solutions-inc