Proceedings.

PaySlate Inc.

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Proceeding
Proposalsubsection 50.4 (1) of the Bankruptcy and Insolvency Act
Court
Supreme Court of British Columbia
File
B-220504
Industry
Financial services · Payments, FX & fintech
Filings held57
Last activity4 Oct 2023
On the record1,431 days
Secured debtSubscribers
OverviewSummary updated

PaySlate Inc. is the subject of a Division I proposal under the Bankruptcy and Insolvency Act, R.S.C. 1985 c. B-3 as amended, commenced on December 9, 2022. The proceeding is before the Supreme Court of British Columbia under court file number B-220504. Grant Thornton Limited acts as trustee of the proposal. The proceeding remains active. Creditors of the British Columbia company should direct claims and inquiries to Grant Thornton Limited in its capacity as trustee, and should note the court file number when corresponding with the court in respect of the proposal.

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Case updates54 dated entries · 3 undated
#Report

The officer filed report no. Seventh Report. PaySlate continues to operate under the NOI proceedings while pursuing an Updated RVO Transaction (or alternative AVO Transaction) to preserve value from its non-capital losses and business, having reached a settlement with Paysafe to remove litigation risk.

Source: Trustee's Seventh Report dated May 8, 2023.pdf

#Report

The officer filed report no. Sixth Report. PaySlate continues to operate under NOI creditor protection, funded by DIP advances, with a forecast operating cash deficiency and customer attrition. It seeks court approval of an asset sale to the DIP lender's affiliate, a DIP increase and a stay extension to May 15, 2023.

Source: Trustee's Sixth Report dated April 20, 2023.pdf

#Report

The officer filed report no. Fifth Report. The company is operating under its NOI proceedings and is seeking a further extension of time to file a proposal to April 14, 2023 while the Court's decision on the RVO Transaction is pending. The trustee forecasts that the DIP Loan provides sufficient funding to maintain operations through April 14, 2023.

Source: Trustee's Fifth Report dated March 31, 2023.pdf

#Report

The officer filed report no. Second Supplement to the Proposal Trustee's Fourth Report. The report responds to concerns from Paysafe and an unsecured noteholder about the SISP and notice to creditors, and reports the Proposal Trustee's view that the proposed Transaction is the best outcome for stakeholders, with no value remaining for unsecured creditors.

Source: Second Supplement to Trustee's Fourth Report filed March 27, 2023.PDF

#Report

The officer filed report no. Supplement to the Trustee's Fourth Report. PaySlate is a remote-operating technology company processing online rental payments, with minimal fixed assets, a history of substantial losses, and continued cash burn funded by roughly $2 million of interim financing over four months. The report supports a reverse vesting order transaction with Ayrshire and explains that the only alternative is bankruptcy.

Source: Supplement to the Trustee's Fourth Report filed March 24, 2023.pdf

#Report

The officer filed report no. Fourth Report. PaySlate continues to operate as it pursues court approval of a reverse-vesting transaction with its DIP lender Ayrshire, which would preserve the business as a going concern (with some staff reductions) and move excluded assets and liabilities into a creditor trust.

Source: Trustee's Fourth Report dated March 8, 2023.pdf

#Report

The officer filed report no. Third Report. The Company is continuing to operate and meet post-filing obligations (apart from delayed professional fees) while running a court-approved sale and investment solicitation process; one credit bid was received and is under negotiation, and the Company seeks an extension to April 3, 2023 to file a proposal.

Source: Trustee's Third Report filed February 16, 2023.pdf

#Report

The officer filed report no. Second Report. PaySlate continues to operate its rent-payment platform on a lean 19-employee basis while running a sale and investment solicitation process (SISP). It is seeking approval of a KERP and an increase in its DIP financing, and is disputing a roughly $2.2M Paysafe claim.

Source: Trustee's Second Report dated January 11, 2023.pdf

Undated filings3 — no date appears on the document · show
—
Report

Acknowledgement of the SISP Procedures.pdf — Court officer report filed

PDF · Subscribers

Parties

Debtor

PaySlate Inc.

Proposal trustee

Doane Grant Thornton

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice WalkerSupreme Court of British Columbia1 order, Apr 202331 cases on record

Counsel of record

PartyCounselFirst seenSource
Proposal trusteeDoane Grant ThorntonFasken Martineau DuMoulin LLP14 Feb 2023Application · 14 Feb 2023
DebtorPaySlate Inc.Borden Ladner Gervais LLP14 Feb 2023Application · 14 Feb 2023
CreditorApplication 's address for serviceMcCarthy Tétrault LLP18 Apr 2023Application · 18 Apr 2023
CreditorPaySafe Merchant Services IncBlake, Cassels & Graydon LLP14 Feb 2023Application · 14 Feb 2023
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
SecuredThe Noteholders (as defined in Schedule A, including Ayrshire)as of NOI filing date — Notes; includes approximately $740,000.00 owing to Ayrshire — Approximate ('approximately $2,600,000.00') pre-filing secured debt figure; Ayrshire is also a related-party noteholder (party to Subscription Agreement and DIP Lender) within this class — debtor: PaySlate Inc.$2.6MUnfiled Notice of Application - Approval and Vesting Order (April 2023)(136292597.1).pdf
Secured
Secured
Secured

3 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

Sale process approved — The Court approved a sale and investment solicitation process (SISP) on December 9, 2022, to be run by the Trustee, and the marketing phase commenced on or about December 15, 2022.Confidentiality Agreement.pdf · 5 Dec 2022

Bid deadline

3 February 2023

PaySlate Inc. Teaser.pdf

AdvisorsGrant Thornton Limited (financial advisor)PaySlate Inc. Teaser.pdf
RecoveriesAs stated in the filings

Unsecured creditors: no distribution.Supplement to the Trustee's Sixth Report dated April 21, 2023.pdf · 21 Apr 2023

ClassCreditorClaimsRecoveryBasisSource
Unsecuredunsecured creditors, or the Noteholders—no distributionper the proposal trusteeSupplement to the Trustee's Sixth Report dated April 21, 2023.pdf · 21 Apr 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 ·

Cumulative receipts

$679K

As at 8 Mar 2023Trustee's Fourth Report dated March 8, 2023.pdf

Cash on hand

As at

Professional fees

As at

2 more reported figures, and the 2 totals the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
57 filings
DateDocumentFile
Notice of Application dated October 4, 2023PDF · Subscribers
Affidavit #1 of Longmai Yan sworn September 26, 2023PDF · Subscribers
Proposal Trustee's Certificate filed May 18, 2023
  • Appointee Grant Thornton Limited
  • Appointee role trustee of the proposal
  • Commencement date 9 December 2022
  • Court SUPREME COURT OF BRITISH COLUMBIA
  • + 2 more extracted facts
PDF · Subscribers
Affidavit #1 of Jennifer Pepper filed May 11, 2023.PDFPDF · Subscribers
Affidavit #1 of Alice Jarvis sworn May 8, 2023.PDFPDF · Subscribers
Affidavit #2 of Alice Jarvis sworn May 8, 2023.pdfPDF · Subscribers
Trustee's Seventh Report dated May 8, 2023.pdf
  • Operational summary PaySlate continues to operate under the NOI proceedings while pursuing an Updated RVO Transaction (or alternative AVO Transaction) to preserve value from its non-capital losses and business, having reached a settlement with Paysafe to remove litigation risk.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit #8 of Gary Bentham filed May 4, 2023.pdfPDF · Subscribers
Affidavit # 1 of Tanis Braraten sworn April 27, 2023.pdfPDF · Subscribers
Requisition filed April 24, 2023.pdfPDF · Subscribers
Unfiled Notice of Application - Approval and Vesting Order (April 2023)(136292597.1).pdf
  • Applicant PaySlate Inc.
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • Court file no B-220504
  • Financial position Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Supplement to the Trustee's Sixth Report dated April 21, 2023.pdf
  • Recovery outcome Entries: per unstated; per unstated · Stated on: 2023-04-21 · Table missing:
  • Financial position Subscribers
PDF · Subscribers
Trustee's Sixth Report dated April 20, 2023.pdf
  • Operational summary PaySlate continues to operate under NOI creditor protection, funded by DIP advances, with a forecast operating cash deficiency and customer attrition. It seeks court approval of an asset sale to the DIP lender's affiliate, a DIP increase and a stay extension to May 15, 2023.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Application Response by Paysafe Merchant Services Inc. filed April 19, 2023.PDFPDF · Subscribers
First Affidavit of Ian Kennedy Sworn April 19, 2023(47573938.1).pdfPDF · Subscribers
Application Response of Ayrshire Real Estate Management Inc. filed Apr. 18, 2023.pdf
  • Counsel McCarthy Tétrault LLP
PDF · Subscribers
Justice Walker re PaySlate Inc. (Re), 04-14 CORR.pdf
  • Presiding officer Justice Walker
PDF · Subscribers
Notice of Application (NOI Extension and Third DIP Increase), filed April 18, 2023.pdfPDF · Subscribers
Sworn Affidavit #7 of Gary Bentham(136291049.1).pdfPDF · Subscribers
Affidavit #6 of Gary Bentham, sworn April 14, 2023.pdfPDF · Subscribers
Trustee's Fifth Report dated March 31, 2023.pdf
  • Operational summary The company is operating under its NOI proceedings and is seeking a further extension of time to file a proposal to April 14, 2023 while the Court's decision on the RVO Transaction is pending. The trustee forecasts that the DIP Loan provides sufficient funding to maintain operations through April 14, 2023.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit #5 of Gary Bentham sworn March 30, 2023.pdfPDF · Subscribers
Notice of Application (3rd extension) dated March 30, 2023.pdfPDF · Subscribers
Second Supplement to Trustee's Fourth Report filed March 27, 2023.PDF
  • Operational summary The report responds to concerns from Paysafe and an unsecured noteholder about the SISP and notice to creditors, and reports the Proposal Trustee's view that the proposed Transaction is the best outcome for stakeholders, with no value remaining for unsecured creditors.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Supplement to the Trustee's Fourth Report filed March 24, 2023.pdf
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Letter to Justice Walker dated March 16, 2023.pdfPDF · Subscribers
Supplemental Book of Authorities dated March 16, 2023.pdfPDF · Subscribers
Supplemental Submissions dated March 16, 2023.pdf
  • Counsel Borden Ladner Gervais LLP
PDF · Subscribers
Application Response filed March 10, 2023.PDFPDF · Subscribers
Trustee's Fourth Report dated March 8, 2023.pdf
  • Operational summary PaySlate continues to operate as it pursues court approval of a reverse-vesting transaction with its DIP lender Ayrshire, which would preserve the business as a going concern (with some staff reductions) and move excluded assets and liabilities into a creditor trust.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Application (Approval of Transaction RVO Termination of NOI) filed March 7, 2023.pdfPDF · Subscribers
Affidavit #4 of Gary Bentham sworn March 6, 2023.pdfPDF · Subscribers
Trustee's Third Report filed February 16, 2023.pdf
  • Operational summary The Company is continuing to operate and meet post-filing obligations (apart from delayed professional fees) while running a court-approved sale and investment solicitation process; one credit bid was received and is under negotiation, and the Company seeks an extension to April 3, 2023 to file a proposal.
  • Cash on hand · Financial position · Professional fees Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Notice of Application (2nd Extension) dated February 14, 2023.pdf
  • Counsel Blake, Cassel & Graydon LLP
PDF · Subscribers
Affidavit #3 of Gary Bentham sworn February 10, 2023.pdfPDF · Subscribers
Affidavit #1 of Lucas Beatch (Service) sworn January 23, 2023.PDFPDF · Subscribers
Affidavit #1 of Gary Bentham sworn January 19, 2023.PDFPDF · Subscribers
Cover Letter to Potential Bidders.pdfPDF · Subscribers
Update to PaySlate Customers - NOI Proceedings dated January 18, 2023.pdfPDF · Subscribers
Affidavit #1 of Y. Petrakis sworn January 16, 2023.pdfPDF · Subscribers
Application Response of Paysafe Merchant Services Inc. filed on January 16, 2023.pdfPDF · Subscribers
Requisition to Adjourn the Hearing filed on January 13, 2023.PDFPDF · Subscribers
Notice of Application filed January 11, 2023.pdfPDF · Subscribers
Trustee's Second Report dated January 11, 2023.pdf
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Affidavit #2 of Adam Rosenfeld sworn January 10, 2023.pdfPDF · Subscribers
Update to PaySlate Customers - NOI Proceedings dated December 19, 2022.pdfPDF · Subscribers
Notice of Application dated December 9, 2022.PDFPDF · Subscribers
Notice to Creditors dated December 8, 2022.pdfPDF · Subscribers
Trustee's First Report dated December 7, 2022.pdfPDF · Subscribers
Affidavit #1 of Adam Rosenfeld sworn December 6, 2022.PDFPDF · Subscribers
Affidavit #1 of Adeleine Estrada sworn December 5, 2022.PDFPDF · Subscribers
Certificate of Filing dated December 5, 2022.pdf
  • Appointee GRANT THORNTON LIMITED
  • Appointee role Licensed Insolvency Trustee
  • Commencement date 5 December 2022
  • Court file no 11-2891281
  • + 1 more extracted fact
PDF · Subscribers
Confidentiality Agreement.pdf
  • Sale outcome Sale process approved — The Court approved a sale and investment solicitation process (SISP) on December 9, 2022, to be run by the Trustee, and the marketing phase commenced on or about December 15, 2022.
  • Break fee · Stalking horse Subscribers
PDF · Subscribers
PaySlate Inc. Teaser.pdf
  • Bid deadline 3 February 2023
  • Sale advisor Grant Thornton Limited (financial advisor)
PDF · Subscribers
Acknowledgement of the SISP Procedures.pdfPDF · Subscribers
SISP Participation Letter.pdfPDF · Subscribers
SISP Procedures.pdf
  • Bid deadline 3 February 2023
  • Break fee · Stalking horse Subscribers
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., “PaySlate Inc.” (Proposal), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/payslate-inc

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/payslate-inc

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.