Medifocus Inc.
FollowActive
- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- CV-21-00669781-00CL
OverviewSummary updated
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.
Proceedings AIAsk this case — answers cite the filings
Case updates32 dated entries
#Report
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.
29 earlier updates, back to 7 October 2021 — subscribers.
Parties
Debtor
Medifocus Inc.
Monitor
msi Spergel inc.
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Oct 2021 – Mar 2022 | 288 cases on record |
| Justice Gilmore | Ontario Superior Court of Justice | 2 orders, May 2022 | 62 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorMedifocus Inc. | Weisz Fell Kour LLP | 7 Oct 2021 | Order · 7 Oct 2021 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| 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 |
Sale processAs stated in the filings
Sale approved — No other bids were received; Stalking Horse Agreement declared Successful Bid and Reorganization Transaction approved pending completionFourth Report of the Monitor dated March 11, 2022 · 11 Mar 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 |
Advisorsmsi Spergel Inc. (sale agent)SISP - Teaser Document October 15, 2021
Closing termsconditions to closing and monitor's certificate confirming completion of the Reorganization TransactionReverse Vesting Order dated February 8, 2022
Fees and ratesAs stated in the filings
2 engagements · 2 firms — latest: (firm not named), from 31 Jan 2022Third 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 |
Documents
32 filings
| 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 20 September 2026, https://proceedings.ca/case/medifocus-inc