Scarsin Corporation
- Proceeding
- NOIBIA s. 50.4
- File
- BK-25-03277756-0032
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.
A claims procedure has been established — see the order for deadlines.
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
Debtor
Scarsin Corporation
Proposal trustee
KPMG
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 4 orders, Oct 2025 – Dec 2025 | 310 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 · 8 Oct 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 985 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 | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
26 more claims in 3 classes The stack holds Deemed trusts (CRA and other), Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution. 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 | 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) | — | 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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Trustee's Preliminary Report dated February 23, 2026 | PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
| Certificate of assignment dated February 3, 2026 | PDF · Subscribers | |
| Material Adverse Change Report dated December 11, 2025 | PDF · Subscribers | |
Endorsement of Justice Conway dated December 2, 2025
| PDF · Subscribers | |
Motion Record returnable December 2, 2025 (2 of 4)
| PDF · Subscribers | |
Motion Record returnable December 2, 2025 (4 of 4)
| PDF · Subscribers | |
Proposal Approval Order dated December 2, 2025
| PDF · Subscribers | |
Factum of Scarsin Corporation motion record returnable December 2, 2025
| PDF · Subscribers | |
Motion Record returnable December 2, 2025 (1 of 4)
| PDF · Subscribers | |
Trustee Report on Proposal
| PDF · Subscribers | |
| Certificate of filing | PDF · Subscribers | |
Admin charge, DIP financing, Stay extension order dated October 9, 2025
| PDF · Subscribers | |
Endorsement of J. Conway dated October 9, 2025
| PDF · Subscribers | |
Factum of Scarsin Corporation (Motion Returnable October 9, 2025)
| PDF · Subscribers | |
First Report of the Proposal Trustee dated October 8, 2025
| PDF · Subscribers | |
Service list as at October 7, 2025
| PDF · Subscribers | |
Motion Record Returnable October 9, 2025
| PDF · Subscribers | |
| Motion Record returnable December 2, 2025 (3 of 4) | PDF · Subscribers | |
Proposal
| PDF · Subscribers | |
| Certificate of filing a Notice of Intention to make a Proposal | PDF · Subscribers | |
| Convenience Creditor Election Form | PDF · Subscribers | |
| Guide on how to complete Proof of Claim | PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
| Proxy | PDF · Subscribers | |
| Voting Letter | 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., “Scarsin Corporation” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/scarsin-corporation