Nanopay Corporation's insolvency record shows a secured claim of approximately $375,000 held by the Ontario Minister of Finance for Employer Health Tax, registered on the PPSA registry, against a total EHT balance of $760,322 as of June 14, 2023. Unsecured claims listed at the filing date include $170,000 owed to four trade creditors, $181,000 to sixteen former employees for wages and vacation pay, $3,584.17 in late remittance penalties owed to the Canada Revenue Agency, $385,000 representing the unsecured portion of the Employer Health Tax balance, $2,400,000 in unpaid rent to the landlord, and $1,300,000 owed to two lender-shareholders. A related-party balance of $35,800,000 owed to parent company Nanopay Holdings Inc. is recorded, though the Proposal Trustee has requested documentation to verify it.
The officer filed report no. Report of the Trustee's Preliminary Administration. The Debtor ceased operations on December 31, 2025 and was subsequently assigned into bankruptcy; the Trustee is now realizing remaining assets (including a pending share sale of its subsidiary) and assisting former employees with wage claims through WEPP.
Source: Preliminary Report
Motion Record of the Trustee – Returnable October 3, 2023 — Application / notice of application
Debtor
Nanopay Corporation
Proposal trustee
Dodick Landau
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Her Majesty the Queen in Right of Ontario, represented by the Minister of Finance (Employer Health Tax)PPSA registration (Ontario) — Approximate portion of the Company's Employer Health Tax balance registered as secured on the PPSA registry, out of a total EHT balance of $760,322 per online account statement accessed June 14, 2023; remaining balance treated as unsecured; regulatory (Employer Health Tax) quasi-debt; also listed (without amount) as an existing lien in Schedule 'B' to the DIP Term Sheet — debtor: Nanopay Corporation · as of 14 Jun 2023 | $375K | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 7 | Preferred (BIA s. 136) | Sixteen Former Employeesas of NOI filing date — Approximately $80,000 relates to wages and vacation pay, of which approximately $32,000 are employee preferred claims (BIA preferred class); document does not name individual employees — debtor: Nanopay Corporation | $181K | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Nanopay Holdings Inc. (NHI)Related party (parent company); represents cumulative shareholder Investments in NHI made over eight years, deposited into the Debtor's bank account to fund Debtor operations; Proposal Trustee has requested documentation from the Debtor to verify this related party debt obligation — debtor: Nanopay Corporation | $35.8M | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Landlord · in 12 casesas of NOI filing date — Represents approximately two years of pre-filing unpaid rent — debtor: Nanopay Corporation | $2.4M | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Two Lenders/Investorsas of NOI filing date — Two individual lenders/shareholders who funded the Company's working capital needs pre-filing; related party — debtor: Nanopay Corporation | $1.3M | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Ontario Ministry of Finance (Employer Health Tax - unsecured portion) · in 43 casesas of NOI filing date — Regulatory (Employer Health Tax) quasi-debt; per Management, total EHT balance owing per online account as at June 14, 2023 is $760,322, of which approximately $375,000 is registered secured on PPSA registry; at Date of Filing, Company estimated approximately $600,000 owing — debtor: Nanopay Corporation | $385K | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Four Trade Creditorsas of NOI filing date — Aggregate of four trade creditors; document does not name individual creditors — debtor: Nanopay Corporation | $170K | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
| 8 | Unsecured | Canada Revenue Agency (source deduction remittances) · in 926 casesLate remittance penalties for remittance period ended May 30, 2023; otherwise no pre-filing unremitted source deductions payable to CRA; at the Date of Filing (May 19, 2022) the Company had estimated approximately $192,000 owing to CRA for unremitted source deductions (deemed trust class); CRA has been applying HST refunds against the arrears — debtor: Nanopay Corporation · as of 5 Jun 2023 | $3.58K | Proposal Trustee’s First Report to Court – Dodick Landau Inc. |
Unsecured creditors: a distribution.Under the plan · sanctionedMotion Record of the Trustee · 18 Sep 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| WEPPA | Former Employee Claims (WEPPA) | — | a distribution | Under the plansanctionedper the proposal trustee | Motion Record of the Trustee · 18 Sep 2023 |
| Deemed trust | — | — | paid in full | Under the plansanctionedper the proposal trustee | Motion Record of the Trustee · 18 Sep 2023 |
| SecuredHis Majesty in Right of Ontario (secured EHT claim, Class 1) | His Majesty in Right of Ontario / Minister of Finance | — | $50K | Under the plansanctionedper the proposal trustee | Motion Record of the Trustee · 18 Sep 2023 |
| Preferred | — | — | paid in full | Under the plansanctionedper the proposal trustee | Motion Record of the Trustee · 18 Sep 2023 |
| Unsecured | Convenience Class Unsecured Creditors | — | a distributionconditional | Under the plansanctionedper the proposal trustee | Motion Record of the Trustee · 18 Sep 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.
per Statement of Affairs · entity (Nanopay Corporation) — Assets not totalled by the Trustee; components stated: subsidiary share investment estimated realizable value of approximately CAD $284,127.58, combined RBC cash on deposit of approximately $11,947.66, and other property (furniture, computer equipment, software, source code) whose value is unknown currently. Liabilities include preferred or secured liabilities of $29,923, unsecured liabilities of $242,099, and a deemed trust claim with CRA estimated at $62,000.
Cash on hand
$11.9K
As at 20 Jul 2026Preliminary Report
| Date | Document | File |
|---|---|---|
Preliminary Report
| ||
| Certificate of Appointment | ||
| Court Order Issued – October 3 2023) | ||
| Factum Motion | ||
Motion Record of the Trustee – Returnable October 3, 2023
| ||
| Creditor Package | ||
| Cour Order (Stay Extension) – August 1 2023 | ||
| Second Report of the Proposal Trustee | ||
| Supplement to First Report – Proposal Trustee | ||
Court Endorsement
| ||
| Court Order | ||
Motion Record – Nanopay Corporation
| ||
Proposal Trustee’s First Report to Court – Dodick Landau Inc.
| ||
| Notice of Intention to Make a Proposal | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Nanopay Corporation” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/nanopay-corporation
Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/nanopay-corporation
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.