Medifocus Inc.
- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- CV-21-00669781-00CL
- Industry
- Health care · Medical devices, labs & supplies
Medifocus Inc. is the subject of a bankruptcy proceeding. A list of creditors dated October 7, 2021 identifies Asset Profit Ltd as a secured creditor, with separate line items for principal of $625,900.00, interest of $738,335.24, and a loan of $150,216.00. The same list sets out unsecured claims against Medifocus Inc. from a large number of creditors, including Boston Scientific Corp at $2,742,527.27, Integrated Assets Management (Asia) Limited with principal of $2,315,830.00 and interest of $1,946,662.06, Felicia Ross C/F Jones, Gable & Co. Ltd. with interest of $2,117,881.87, and Gwynneth Gold Limited with principal of $988,922.00 and interest of $831,277.31, alongside numerous smaller trade and individual creditor claims.
The officer filed report no. Fifth Report. Medifocus has halted product sales due to COVID-related demand declines and supply chain issues, and is working to complete a reverse vesting/reorganization transaction with the purchaser while awaiting OSC approval to lift its cease trade order.
The officer filed report no. Fourth Report. Medifocus has halted sales of its Prolieve product since May 2021 due to COVID-related demand declines and supply chain disruption, and is now focused on completing a reverse-vesting Reorganization Transaction with the Stalking Horse Bidder rather than ongoing commercial operations.
Supplementary Motion Record of the Applicant dated February 7, 2022 — Application / notice of application
The officer filed report no. Third Report. Medifocus has not sold Prolieve since May 2021, the updated cash flow projection shows no sales until the stalking horse sale closes, and operating costs are funded by the court-approved DIP financing while the company seeks to complete a reverse vesting transaction by March 15, 2022.
The officer filed report no. Second Report. Medifocus has halted sales of Prolieve since May 2021 and the Updated Cash Flow Projection shows no sales until the stalking horse sale closes; operating cash needs are expected to be covered by the court-approved DIP financing while the sale transaction is completed.
The officer filed report no. First Report. Medifocus has halted sales of Prolieve since May 2021 due to COVID-related demand decline and supply chain disruption, faced a liquidity crisis, and is seeking DIP financing and a stalking horse sale process while the NOI proceedings are converted to CCAA.
Source: First Report of the Proposal Trustee and the Proposed Monitor dated October 5 2021
Motion Record of the Applicant dated September 28, 2021 was filed. Court file 31-2764805.
Source: Motion Record of the Applicant dated September 28, 2021
Press Release - Medifocus Inc. Announces Plans to Undergo Balance Sheet Restructuring — Stakeholder communication
Debtor
Medifocus Inc.
Monitor
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Oct 2021 – Mar 2022 | 318 cases on record |
| Justice Gilmore | Ontario Superior Court of Justice | 2 orders, May 2022 | 68 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Feb 2022 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorMedifocus Inc. | Weisz Fell Kour LLP | 7 Oct 2021 | Order · 7 Oct 2021 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Asset Profit Ltd (Interest)Listed as secured creditor; security type not stated; line item labelled 'Interest' (accrued interest component of same creditor's claim). — debtor: Medifocus Inc. · as of 7 Oct 2021 | $738K | Medifocus Inc. CCAA – Creditor Listing |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
99 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 plansSale approved — Reorganization Transaction approved and closing extended for Company and Purchaser to completeFifth Report of the Monitor dated May 18, 2022 · 18 May 2022
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Asset Profits Limitedshall subscribe for new shares of Medifocus, to be paid by way of a credit bid of the secured indebtedness of the Purchaser, via private placement · share subscription · nominee/assignee: APL (the ' Purchaser ') or its permitted assignee (the ' Assignee ' and together with the Purchaser, ' PurchaseCo ') · ResidualCo: 1000101532 Ontario Inc. · agreement 5 Oct 2021 | Subscribers | Closed | Reverse Vesting Order dated February 8, 2022 |
2 engagements · 2 firms — latest: (firm not named), from 31 Jan 2022, in feesThird Report of the Monitor · 3 Feb 2022
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| (firm not named)Monitorfirm not named in the heading | from 31 Jan 2022 | — | not stated | Third Report of the Monitor · 3 Feb 2022 | |
| Aird & Berlis LLPCounsel to the monitor | — | — | — | Third Report of the Monitor · 3 Feb 2022 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
$21.9K
As at 11 Mar 2022Fourth Report of the Monitor dated March 11, 2022
| Date | Document | File |
|---|---|---|
Endorsement of Justice Gilmore dated May 19, 2022
| PDF · Subscribers | |
Stay Extension Order dated May 19, 2022
| PDF · Subscribers | |
Fifth Report of the Monitor dated May 18, 2022
| PDF · Subscribers | |
Motion Record of the Applicant dated May 17, 2022
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated March 14, 2022
| PDF · Subscribers | |
Stay Extension Order dated March 14, 2022
| PDF · Subscribers | |
Fourth Report of the Monitor dated March 11, 2022
| PDF · Subscribers | |
Motion Record of the Applicant dated March 11, 2022
| PDF · Subscribers | |
Endorsement of Justice Conway dated February 8, 2022
| PDF · Subscribers | |
Reverse Vesting Order dated February 8, 2022
| PDF · Subscribers | |
| Supplementary Factum of Medifocus Inc. dated February 7, 2022 | PDF · Subscribers | |
| Supplementary Motion Record of the Applicant dated February 7, 2022 | PDF · Subscribers | |
Factum of Medifocus Inc. dated February 4, 2022
| PDF · Subscribers | |
Third Report of the Monitor dated February 3, 2022
| PDF · Subscribers | |
| Motion Record of the Applicant dated February 2, 2022 | PDF · Subscribers | |
Stay Extension Order dated January 7, 2022
| PDF · Subscribers | |
Second Report of the Monitor dated January 4, 2022
| PDF · Subscribers | |
| Motion Record of the Applicant dated December 31, 2021 | PDF · Subscribers | |
SISP - Teaser Document October 15, 2021
| PDF · Subscribers | |
Medifocus Inc. CCAA – Notice to Creditors
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated October 7, 2021
| PDF · Subscribers | |
Initial CCAA Order dated October 7, 2021
| PDF · Subscribers | |
Medifocus Inc. CCAA – Creditor Listing
| PDF · Subscribers | |
| Factum of Medifocus Inc. dated October 5, 2021 | PDF · Subscribers | |
First Report of the Proposal Trustee and the Proposed Monitor dated October 5 2021
| PDF · Subscribers | |
| Motion Record of the Applicant dated October 5, 2021 | PDF · Subscribers | |
| SISP - Stalking Horse Agreement October 5, 2021 | PDF · Subscribers | |
Motion Record of the Applicant dated September 28, 2021
| PDF · Subscribers | |
| Press Release - Medifocus Inc. Announces Plans to Undergo Balance Sheet Restructuring | PDF · Subscribers | |
| Certificate of Filing | PDF · Subscribers | |
| Notice of Intention to Make a Proposal filed September 8, 2021 | PDF · Subscribers | |
| Sale and Investment Process | 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., “Medifocus Inc.” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/medifocus-inc