Court Order Approving Amended Proposal of 1110615 Ontario Ltd. dated January 24, 2024 — Plan sanction / final order
Prosysco Ltd. and 1110615 Ontario Ltd.
Follow- Proceeding
- NOIBIA s. 50.4
- File
- BK-23-02929201-0032
Prosysco Ltd. and 1110615 Ontario Ltd. filed notices of intention to make a proposal after Royal Bank of Canada declared Prosysco in default on March 22, 2023 and issued a notice of intention to enforce security under section 244 of the BIA. RBC's claim, secured under a June 16, 2016 general security agreement, totals approximately $2.76 million CAD plus US$250,000, with 111Co. providing a limited guarantee capped at $820,000 under its own security agreement of the same date. The Canada Revenue Agency asserts a deemed trust claim of approximately $1.63 million for unremitted source deductions. Prosysco has listed approximately $1.8 million in arm's-length unsecured claims and an estimated $2.5 million owed to shareholders and other non-arm's-length creditors; 111Co.'s sole listed unsecured creditor is Prosysco, owed $128,000.
Court Order Approving Amended Proposal of Prosysco Ltd. dated January 24, 2024 — Plan sanction / final order
26 earlier updates, back to 1 April 2023 — subscribers.
Debtor
Prosysco Ltd. and 1110615 Ontario Ltd.
Proposal trustee
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 3 orders, Jan 2024 | 104 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jul 2023 | 220 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Jun 2023 | 182 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Apr 2023 | 285 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeAlbert Gelman | Goldman Sloan Nash & Haber LLP | 24 Jan 2024 | Factum · 24 Jan 2024 |
| DebtorProsysco Ltd. and 1110615 Ontario Ltd. | Reconstruct LLP | 24 Apr 2023 | Order · 24 Apr 2023 |
| CreditorCompanies | Reconstruct LLP | 12 Jun 2023 | Application · 12 Jun 2023 |
| CreditorCompanies, Prosysco Ltd | Reconstruct LLP | 12 Jun 2023 | Factum · 12 Jun 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Deemed trusts (CRA and other) | Canada Revenue Agency · in 928 casesDeemed trust for unremitted source deductions — Deemed trust class; stated as 'approximately $1.63 million' unpaid source deductions. CRA notified of NOI proceedings and had not yet contacted Proposal Trustee as of report date. — debtor: Prosysco Ltd. | $1.63M | Proposal Trustee’s First Report to Court dated April 19, 2023 |
Unsecured creditors: a distribution.EstimatedMotion Record for 1110615 Ontario Ltd. (for motion · 8 Jan 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | general body of creditors (Prosysco amended proposal) | — | a distribution | Estimatedper the proposal trustee | Motion Record for 1110615 Ontario Ltd. (for motion · 8 Jan 2024 |
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.
1 engagement · 1 firm — Albert Gelman Inc., —Proposal Trustee’s Second Report to Court · 8 Jun 2023
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Albert Gelman Inc.Trustee | —Sought | ••• | ••• | •••6 people | Proposal Trustee’s Second Report to Court · 8 Jun 2023 |
| Date | Document | File |
|---|---|---|
Court Order Approving Amended Proposal of 1110615 Ontario Ltd. dated January 24, 2024
| PDF · Subscribers | |
Court Order Approving Amended Proposal of Prosysco Ltd. dated January 24, 2024
| PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel J. dated January 24, 2024
| PDF · Subscribers | |
Factum of the Proposal Trustee for 1110615 Ontario Ltd. (for motion returnable January 24, 2024)
| PDF · Subscribers | |
Factum of the Proposal Trustee for Prosyco Ltd. (for motion returnable January 24, 2024)
| PDF · Subscribers | |
Motion Record for 1110615 Ontario Ltd. (for motion returnable January 24, 2024)
| PDF · Subscribers | |
| Motion Record for Prosysco Ltd. (for motion returnable January 24, 2024) | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated January 4, 2024
| PDF · Subscribers | |
Court Order of Justice Steele dated July 27, 2023
| PDF · Subscribers | |
Endorsement of Justice Steele dated July 27, 2023
| PDF · Subscribers | |
Factum of the Debtors (for motion returnable July 27, 2023)
| PDF · Subscribers | |
Motion Record of the Debtors (for motion returnable July 27, 2023)
| PDF · Subscribers | |
Proposal Trustee’s Third Report to Court dated July 20, 2023
| PDF · Subscribers | |
Court Order of Justice Kimmel dated June 12, 2023
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated June 12, 2023
| PDF · Subscribers | |
Factum of the Debtors (for motion returnable June 12, 2023)
| PDF · Subscribers | |
Motion Record of the Debtors (for motion returnable June 12, 2023)
| PDF · Subscribers | |
Proposal Trustee’s Second Report to Court dated June 8, 2023
| PDF · Subscribers | |
Court Order of Justice Conway dated April 24, 2023
| PDF · Subscribers | |
Endorsement of Justice Conway dated April 24, 2023
| PDF · Subscribers | |
Motion Record of the Applicant, 1110615 Ontario Ltd., (for motion returnable April 24, 2023)
| PDF · Subscribers | |
Motion Record of the Applicant, Prosyco Ltd., (for motion returnable April 24, 2023)
| PDF · Subscribers | |
| 1110615 Ontario Ltd. (updated April 19, 2023) | PDF · Subscribers | |
Proposal Trustee’s First Report to Court dated April 19, 2023
| PDF · Subscribers | |
| Prosysco Ltd. (updated April 19, 2023) | PDF · Subscribers | |
| Creditors package re NOI of Prosysco Ltd | PDF · Subscribers | |
| Creditors Package re NOI of 1110615 Ontario Ltd | PDF · Subscribers | |
| Certificate for the Notice of Intention (1110615 Ontario Ltd.)- 32-2929202 | PDF · Subscribers | |
| Certificate for the Notice of Intention (Prosysco Ltd.) – 32-2929201 | 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., “Prosysco Ltd. and 1110615 Ontario Ltd.” (NOI), Ontario Superior Court of Justice. Retrieved 21 September 2026, https://proceedings.ca/case/prosysco-ltd-and-1110615-ontario-ltd