Scarsin Corporation
FollowActive
- Proceeding
- NOIBIA s. 50.4
- File
- BK-25-03277756-0032
Filings held26
Last activity23 Feb 2026
On the record361 days
Secured debt$193K
OverviewSummary updated
Scarsin Corporation filed a notice of intention to make a proposal under BIA s. 50.4 on September 25, 2025, after Royal Bank of Canada, its senior secured creditor, issued a notice of intention to enforce security dated September 16 for $192,859.25. An order of October 9, 2025 extended the stay to December 9, 2025. Unaudited statements as at August 31, 2025 show assets of $111,757 against liabilities of $14,231,676, the latter including Class A, B and C Special Shares treated as long-term liabilities; current assets of approximately $8,424 stand against current liabilities of $743,030. The Canada Revenue Agency asserts a deemed trust of $287,000 for unremitted source deductions, and Dell Financial Services Canada Limited $48,964.43. Sole director and President Paul Minshull, secured under a September 15, 2025 general security agreement, is DIP lender under a term sheet dated October 3, 2025.
Claims processIf you are owed money
A claims procedure has been established — see the order for deadlines.
Proceedings AIAsk this case — answers cite the filings
Case updates22 dated entries · 5 undated
#Order
Admin charge, DIP financing, Stay extension order dated October 9, 2025 was filed.
Source: Admin charge, DIP financing, Stay extension order dated October 9, 2025
Undated filings5 — no date appears on the document · show
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Parties
Debtor
Scarsin Corporation
Proposal trustee
KPMG
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 4 orders, Oct 2025 – Dec 2025 | 285 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeKPMG | Loopstra Nixon LLP | 7 Oct 2025 | Service list · 7 Oct 2025 |
| DebtorScarsin Corporation | Miller Thomson LLP | 9 Oct 2025 | Factum · 9 Oct 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 926 casesUnremitted source deductions subject to a deemed trust in favour of CRA (deemed trust class); not a conventional secured claim but ranks ahead of ordinary security. — debtor: Scarsin Corporation · as of 25 Sep 2025 | $287K | First Report of the Proposal Trustee dated October 8, 2025 |
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesGeneral security agreement and credit agreements first entered into around December 2013 (the "Credit Facilities") — Senior secured creditor. Prose approximation of ~$192,859 also cited as at September 12, 2025 (page 8); exact balance of $192,859.25 stated pursuant to Notice of Intention to Enforce Security (NITES) dated September 16, 2025. Default notice issued September 2, 2025. — debtor: Scarsin Corporation · as of 16 Sep 2025 | $193K | First Report of the Proposal Trustee dated October 8, 2025 |
| 4 | Secured | Paul Minshull (P. Minshull)General security agreement executed September 15, 2025 — Related party: key shareholder and, as of July 2025, sole director of the Company. Amount is approximate advance made prior to the Filing Date. An additional ~$31,000 was advanced post-Filing Date under the same GSA (post-filing advance, excluded here as not part of pre-filing structure). A separate 2024 loan of ~$75,000 by Minshull was made on an unsecured basis. Minshull subsequently acted as DIP Lender under a separate DIP Term Sheet dated October 3, 2025. — debtor: Scarsin Corporation · as of 25 Sep 2025 | $108K | First Report of the Proposal Trustee dated October 8, 2025 |
| 4 | Secured | Dell Financial Services Canada Limited · in 13 casesEquipment finance agreement over computer equipment and peripherals located at the Company's premises (PPSA registration) — debtor: Scarsin Corporation · as of 25 Sep 2025 | $49K | First Report of the Proposal Trustee dated October 8, 2025 |
| 4 | Secured | Citibank Europe PLC (Citi)General security agreement over all accounts receivable and related payment obligations owing to the Debtor by Johnson & Johnson and its subsidiaries/affiliates, pursuant to a supplier agreement between the Debtor and Citi — As at the date of the First Report, no accounts receivable outstanding from Johnson & Johnson (collateral value nil); no stated indebtedness amount owed to Citi. — debtor: Scarsin Corporation | — | First Report of the Proposal Trustee dated October 8, 2025 |
| 7 | Preferred (BIA s. 136) | Canada Revenue Agency · in 926 casesPreferred/priority claim for corporate taxes; deemed-trust class; ground for right to priority listed as 'Other' — debtor: Scarsin Corporation · as of 2 Feb 2026 | $294K | Notice to Creditors |
| 7 | Preferred (BIA s. 136) | Various Employees (preferred wages) · in 37 casesPreferred claim for unpaid wages; ground for right to priority listed as 'Other'; document names no individual employees — debtor: Scarsin Corporation · as of 2 Feb 2026 | $19.9K | Notice to Creditors |
| 8 | Unsecured | Various Employees (unsecured wages) · in 37 casesEmployee claims, unsecured portion; document names no individual employees — debtor: Scarsin Corporation · as of 2 Feb 2026 | $2.57M | Notice to Creditors |
| 8 | Unsecured | Paul MinshullShareholder loan (DIP Loan); related party (director/shareholder) — debtor: Scarsin Corporation · as of 2 Feb 2026 | $249K | Notice to Creditors |
| 8 | Unsecured | Royal Bank of Canada · in 556 casesBank loan (except real property mortgage), given/incurred 01-Dec-2013; recorded entirely as unsecured despite being a bank facility — debtor: Scarsin Corporation · as of 2 Feb 2026 | $198K | Notice to Creditors |
| 8 | Unsecured | Paul MinshullShareholder loan (Unsecured Loan); related party (director/shareholder) — debtor: Scarsin Corporation · as of 2 Feb 2026 | $75K | Notice to Creditors |
| 8 | Unsecured | Miller Thomson LLP · in 23 casesVendor claim (legal services) — debtor: Scarsin Corporation · as of 2 Feb 2026 | $72.3K | Notice to Creditors |
| 8 | Unsecured | Dell Canada Inc · in 8 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $49.2K | Notice to Creditors |
| 8 | Unsecured | Paul MinshullShareholder loan described as 'GSA' (General Security Agreement) but recorded entirely in the Unsecured column of the Statement of Affairs; related party (director/shareholder) — debtor: Scarsin Corporation · as of 2 Feb 2026 | $48.6K | Notice to Creditors |
| 8 | Unsecured | DynaCore Systems IncVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $39.7K | Notice to Creditors |
| 8 | Unsecured | Securework Software Canada ULCVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $28.8K | Notice to Creditors |
| 8 | Unsecured | eStruxture Data Centers IncVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $15.7K | Notice to Creditors |
| 8 | Unsecured | Extra Sauce AgencyVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $8.47K | Notice to Creditors |
| 8 | Unsecured | POI Business Interiors LP · in 2 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $7.24K | Notice to Creditors |
| 8 | Unsecured | KPMG Inc. · in 2 casesVendor claim; KPMG also holds a separate secured claim of $74,409.06 (see secured list) — related party (Trustee) — debtor: Scarsin Corporation · as of 2 Feb 2026 | $4.83K | Notice to Creditors |
| 8 | Unsecured | Scotiabank · in 54 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $4.74K | Notice to Creditors |
| 8 | Unsecured | Ledgers Bookkeeping ServicesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $1.28K | Notice to Creditors |
| 8 | Unsecured | Total Take Root CreativeVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $85 | Notice to Creditors |
| 8 | Unsecured | Bell · in 27 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $1 | Notice to Creditors |
| 8 | Unsecured | Bell Mobility · in 83 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $1 | Notice to Creditors |
| 8 | Unsecured | CDW - AxiomVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $1 | Notice to Creditors |
| 8 | Unsecured | Jones DesLauriers Insurance Management · in 2 casesVendor claim — debtor: Scarsin Corporation · as of 2 Feb 2026 | $1 | Notice to Creditors |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
RecoveriesAs stated in the filings
Unsecured creditors: 35 %. RBC paid in full.Under the plan · sanctionedMotion Record returnable December 2, 2025 (2 of 4) · 30 Oct 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | — | — | paid in full | Under the plansanctionedper the debtor | Proposal · 3 Oct 2025 |
| Secured | RBC | — | paid in full$80K | Under the plansanctionedper the proposal trustee | Trustee Report on Proposal · 24 Oct 2025 |
| Preferred | — | — | paid in full | Under the plansanctionedper the proposal trustee | Trustee Report on Proposal · 24 Oct 2025 |
| Unsecured | Unsecured Creditors (including the Convenience Creditors) | — | 35 % | Under the plansanctionedper the proposal trustee | Motion Record returnable December 2, 2025 (2 of 4) · 30 Oct 2025 |
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$74.4K
Total liabilities at filing$3.76M
As at 2 Feb 2026 · per Statement of Affairs (Form 78) totals from lists of assets and liabilities 'as stated and estimated by bankrupt/debtor', sworn by director Paul Minshull · Scarsin Corporation (single entity) — Deficiency of $3,685,396.92 recorded in the form's 'Surplus' field (i.e., negative net position: liabilities exceed assets)
Documents
26 filings
| Date | Document | File |
|---|---|---|
| Trustee's Preliminary Report dated February 23, 2026 | ||
Notice to Creditors
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| Certificate of assignment dated February 3, 2026 | ||
| Material Adverse Change Report dated December 11, 2025 | ||
Endorsement of Justice Conway dated December 2, 2025
| ||
Factum of Scarsin Corporation motion record returnable December 2, 2025
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Motion Record returnable December 2, 2025 (1 of 4)
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Motion Record returnable December 2, 2025 (2 of 4)
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| Motion Record returnable December 2, 2025 (3 of 4) | ||
Motion Record returnable December 2, 2025 (4 of 4)
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Proposal Approval Order dated December 2, 2025
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Trustee Report on Proposal
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| Certificate of filing | ||
Admin charge, DIP financing, Stay extension order dated October 9, 2025
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Endorsement of J. Conway dated October 9, 2025
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Factum of Scarsin Corporation (Motion Returnable October 9, 2025)
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Motion Record Returnable October 9, 2025
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First Report of the Proposal Trustee dated October 8, 2025
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Service list as at October 7, 2025
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Proposal
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| Certificate of filing a Notice of Intention to make a Proposal | ||
| Convenience Creditor Election Form | ||
| Guide on how to complete Proof of Claim | ||
| Proof of Claim | ||
| Proxy | ||
| Voting Letter | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Scarsin Corporation” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/scarsin-corporation