Tantalus Labs Ltd. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act on June 28, 2023 in the Supreme Court of British Columbia, file B-230269, with Ernst & Young Inc. acting as proposal trustee. A Statement of Affairs (Business Bankruptcy) stated as at August 28, 2023, the stated date of bankruptcy, shows total assets of $10,208,736.00 against total liabilities of $14,165,942.37 and a deficiency of $3,957,206.37 on Form 78. Unsecured claims total $8,579,133.88, led by the Receiver General for Canada at $4,473,081.55, two Western Economic Diversification Canada claims of $974,579.00 and $838,000.00, and Health Canada at $388,490.66. Sungrown Mortgage Corporation is shown as fully secured for $5,586,808.49 against the Maple Ridge land and building, cash, accounts receivable and machinery. The proceeding is active.
A claims procedure has been established — see the order for deadlines.
The officer filed a report. Tantalus is no longer operating; the Receiver has kept the Maple Ridge facility in cold hibernation (~$7.5k/month) while collecting receivables and working with a broker/auctioneer to sell the facility and equipment under a signed agreement expected to close in early November 2023.
Source: First Report of the Trustee on its Preliminary Administration
Filed Order approving Asset and Share Auction Agreement and amending success fee was filed.
Source: Filed Order approving Asset and Share Auction Agreement and amending success fee
Notice of Application - Sale Transactions, Auction Approval, Success Fee — Application / notice of application
Filed Order re Stay Extension, Sales Transactions, Success Fee was filed.
Source: Filed Order re Stay Extension, Sales Transactions, Success Fee
Notice of Application - Stay Extension and Sale Transactions — Application / notice of application
The court granted an approval and vesting order for the sale to Atlantic Cultivation Ltd. Closing terms, as extracted: Vesting occurs upon delivery of the Proposal Trustee's Certificate confirming payment of the purchase price and completion of the Transaction; the Proposal Trustee may extend the Closing Date with the Purchaser's consent. Sealed: Fourth Affidavit of Dan Sutton, sworn July 9, 2023, containing the Sale Agreement as Confidential Exhibit 'C'.
Source: Sale Approval and Vesting Order
Filed Order after Application - Bulk Inventory Sale Approval — Application / notice of application
Tantalus Labs Ltd., an insolvent corporation as of this date, commenced insolvency proceedings by notice of intention, with Ernst & Young Inc. as proposal trustee.
Debtor
Tantalus Labs Ltd
Proposal trustee
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Fitzpatrick | Supreme Court of British Columbia | 5 orders, Jul 2023 | 49 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeEY | Nathanson Schachter & Thompson LLP | 13 Jul 2023 | Service list · 13 Jul 2023 |
| ApplicantTantalus Labs Ltd | MLT Aikins LLP | 13 Jul 2023 | Factum · 27 Jul 2023 |
| Secured creditorSungrown Mortgage Corporation | Dentons Canada LLP | 13 Jul 2023 | Service list · 13 Jul 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Sungrown Mortgage CorporationReal Property or Immovable - Building and Land - Maple Ridge; also Cash on hand, Debts Due - Business - Accounts receivable, Business Assets - Machinery — Balance of claim per Statement of Affairs List B is $0.00 (fully secured by estimated value of security $5,586,808.49); date of bankruptcy August 28, 2023 — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $5.59M | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Receiver General for Canada · in 51 casesGovernment of Canada; may include deemed-trust CRA amounts not separately identified in this document — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $4.47M | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Western Economic Diversification CanadaGovernment of Canada agency; second separate claim listed — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $975K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Western Economic Diversification CanadaGovernment of Canada agency; listed as two separate claims — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $838K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Health Canada · in 23 casesGovernment of Canada department — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $388K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Canadian Industrial Mills Services Ltd.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $306K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Greenway Greenhouse Cannabisdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $240K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | William BoultbeeIndividual creditor — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $153K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Masada Enterprises Corporationdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $153K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Phoenix Staffing Solutionsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $134K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | John B. MitchellIndividual creditor — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $102K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Prairie Merchantdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $102K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Pin High Capitaldebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $102K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Kipco Investments Ltd.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $51K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | City of Maple Ridge · in 3 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $36.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Sterigenics Radiation Technologies Canada, Inc.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $34.7K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Auxly Ottawa Inc. · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $31.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | CN Pharma Group (Canadian National Pharma Group)debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $30.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | James TongIndividual creditor — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $25.5K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Paul SafarikIndividual creditor — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $25.5K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Orbis Express · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $21.2K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | A & L Canada Laboratories Inc · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $20.9K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Medical Saintsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $20.8K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | MedibusAddress in Allora, AUS; currency not explicitly stated, presumed AUD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $20K AUD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Purolator Courier Ltd · in 20 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $18.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | BC Hydro · in 71 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $16.7K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | DLA Piper · in 16 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $14.6K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Vancity Visadebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $14.1K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Great Little Box Company · in 6 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $11.9K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | The Joint Cannabisdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $11K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Canadian Analytical Laboratoriesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $10.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | FOUR20debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $9.98K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Ebottles.comAddress in Jupiter, FL, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $9.87K USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Western Weed Controldebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $9.77K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | 28885 Investments Ltd.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $9.66K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Ample Organics · in 4 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $8.4K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | DymapakAddress in Greenwich, CT, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $8.19K USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Laboratorie Phytochemiadebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $7.93K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | PEI Cannabisdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $7.16K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Clearleaf Inc. · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $7K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | KPMG · in 21 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $6.97K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Canadian Bank Note · in 4 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $6.45K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Terralink Horticulture Inc.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $6.19K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Uline · in 72 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $5.09K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Plant Products (Biobest Canada) · in 6 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $5.02K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Encore Poly CorporationAddress in Maywood, NJ, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $4.45K USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Creative Displaydebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $4.34K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Segra Biogenesis Corp · in 4 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $4.27K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | FortisBC · in 8 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $4.2K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | UniFirst Canada · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.97K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | SK Track Loaders Ltd.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.57K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Minuteman Press · in 14 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.52K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Alpine Greenhouse Services 2017 Ltd.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.51K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Airstream Heating & Air Conditioningdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.45K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Premier Clouddebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.09K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Bob's A to Z Rentalsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $3.02K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Aramark Canada Ltd. (Take A Break Coffee Service) · in 4 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $2.86K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Dot Compliance SuiteAddress in Phoenix, AZ, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $2.45K USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | CLW Distributorsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $2.43K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | CannaMetricsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $2.24K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | One to One · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $2.06K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | The UPS Canadadebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.92K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Abby Bin Services (2014) Inc.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.9K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Cintas · in 43 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.81K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Lakeview Power Systems Inc.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.8K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Sunbelt Rentals, Inc · in 3 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.79K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Dumoulin Blackdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.77K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Bell Mobility Inc. · in 26 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.65K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | VXG Inc.debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.51K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | KungTechAddress in Milpitas, CA, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.44K USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Rose Security Servicesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.25K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | ADP · in 6 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.24K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Tableau Software, LLC - Salesforcedebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.24K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Canada Post · in 32 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.23K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Arnolds Rentalsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.2K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Sani Marc · in 8 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.13K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | D & T Servicesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1.09K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Green Oceandebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $1K | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Plantlife Cannabis (2082326 Alberta Ltd.) · in 3 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $864 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Kirei Building Maintenancedebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $840 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Obsession Cleaning Servicesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $799 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Maple Leaf Disposal · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $785 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Maple Leaf Greenerydebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $758 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | MAG Contractingdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $683 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Water Tiger (Tiger Purification Systems Inc.)debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $607 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Peaceleaf Cannabisdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $554 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Sneeze Magazinedebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $525 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Aban Security Systemsdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $504 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | C Y Grower Supplies Ltddebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $500 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | North Shore Cannabis Expodebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $500 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Scigiene Corporation · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $438 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Pureaqua Water Companydebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $435 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | The Pot Shackdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $420 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Shopify Inc · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $417 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Sigma Analytical Services · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $381 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Urban Impact · in 3 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $373 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Bugbusters Pest Controldebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $313 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Apollo Applied Researchdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $306 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | ZenDesk · in 8 casesAddress in San Francisco, CA, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $302 USD | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Connect Logistics Servicesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $255 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Telus Communications · in 39 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $204 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Ekosi Health Centre Corp · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $186 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Lyte Investments Inc. · in 2 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $130 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | Telus Custom Security Systems · in 6 casesdebtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $101 | Notice to Creditors (Bankruptcy) |
| 8 | Unsecured | OpenAIAddress in San Francisco, CA, USA; currency not explicitly stated, presumed USD — debtor: Tantalus Labs Ltd. · as of 28 Aug 2023 | $28 USD | Notice to Creditors (Bankruptcy) |
9 transactions · 6 approved · 2 closed · 1 proposed — the Trustee does expect that the Receiver will sell the Facility in the coming monthsFirst Report of the Trustee on its Preliminary Administration · 18 Sep 2023
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Atlantic Cultivation Ltd.the assets described in the Sale Agreement (the ' Purchased Assets ') · asset sale · agreement 7 Jul 2023 | $1Mreferred to as the Asset Bid; agreement not yet executed | Closed23 Jul 2023 | Second Report of the Proposal Trustee |
| Purchasing Employees, current or former employees of Tantalus buying used equipmentEmployee Equipment (laptops and miscellaneous equipment, tools and electronics) · asset sale | not statedsale of laptops for $6,075 and 24 pieces of miscellaneous equipment for $1,390, representing a 50% discount on used market prices; stated amount not found on page | Proposed | Second Report of the Proposal Trustee |
| Atlantic Cultivation Ltd.the assets described in the Cannabis Agreement (the "Cannabis Assets") · asset sale · agreement 19 Jul 2023 | $10Kplus applicable taxes | Approved27 Jul 2023 | Filed Order re Stay Extension, Sales… |
| Revelation Machinery, LLCa Paxiom Filling Machine with a conveyor belt and scale bearing serial number 5315 (the "Paxiom Machine") · asset sale · agreement 17 Jul 2023 | $50K USDapproximately $67,500 CAD | Approved27 Jul 2023 | Filed Order re Stay Extension, Sales… |
| employees of Tantalus purchasing office/equipment items, individually named in scheduleoffice equipment, maintenance equipment, and computer and other technology equipment (the "Tantalus Employee Equipment") · asset sale | not statedindividual prices per employee listed in table, ranging from $10.00 to $900.00 | Approved27 Jul 2023 | Filed Order re Stay Extension, Sales… |
| Sungrownthe Employee Equipment Transaction | not stated | Closeddate not stated | Third Report of the Proposal Trustee |
| Atlantic Cultivation Limitedthe assets described in the Asset Agreement (the "Purchased Assets") · asset sale · agreement 29 Jul 2023 | not stated | Approved25 Aug 2023 | Filed Order approving Asset and Share Auction… |
| Yaletown Innovation Growth II Limited Partnershipthe assets described in the Share Agreement (the "Purchased Shares") · share sale · agreement 22 Aug 2023 | $181Krepresents $0.325 per share | Approved25 Aug 2023 | Filed Order approving Asset and Share Auction… |
| purchaser(s) or nominees of the Auction Assets at Auction, unnamedall the remaining personal property of Tantalus, excluding personal property sold as part of a transaction involving the real property of Tantalus (the "Auction Assets") · auction · agreement 17 Jul 2023 | not stated | Approved25 Aug 2023 | Filed Order approving Asset and Share Auction… |
Unsecured creditors: no distribution. Sungrown Mortgage Corporation short.EstimatedFirst Report of the Trustee on its Preliminary Administration · 18 Sep 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Sungrown Mortgage Corporation | — | shortfallconditional | Estimatedper the trustee | First Report of the Trustee on its Preliminary Administration · 18 Sep 2023 |
| Unsecured | — | — | no distributionconditional | Estimatedper the trustee | First Report of the Trustee on its Preliminary Administration · 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.
As at 18 Sep 2023 · per Immediate realizable value estimate of remaining receivership assets (unaudited); a separate projected 'if facility sold' scenario shows total assets of $8,124,704 and is a forecast, not the current position. · Entity-level – Tantalus Labs Ltd. bankrupt estate/receivership assets and creditors — Total Creditors figure of $16,142,490 combines Total Secured Creditors ($5,941,268), Priority Employee under WEPP ($70,565) and Total Unsecured Creditors ($10,130,657) as stated in the Description of Creditors table.
Cash on hand
$3.14M
As at 18 Sep 2023First Report of the Trustee on its Preliminary Administration
| Date | Document | File |
|---|---|---|
First Report of the Trustee on its Preliminary Administration
| ||
| Affidavit of Publication (Bankruptcy Notice) | ||
| Affidavit of Mailing | ||
Notice to Creditors (Bankruptcy)
| ||
| Proof of Claim form | ||
| Proxy form | ||
| Certificate of Appointment | ||
Filed Order approving Asset and Share Auction Agreement and amending success fee
| ||
Third Report of the Proposal Trustee
| ||
Application Record
| ||
| Notice of Application - Sale Transactions, Auction Approval, Success Fee | ||
| Seventh Affidavit of Dan Sutton | ||
Application Record and Book of Authorities - July 27, 2023
| ||
| Fifth Affidavit of Dan Sutton (July 25, 2023) | ||
Filed Order re Stay Extension, Sales Transactions, Success Fee
| ||
| Filed Sealing Order re 6th Affidavit | ||
Notice of Application - Stay Extension and Sale Transactions
| ||
Second Report of the Proposal Trustee
| ||
Proposal Trustee's Certificate - Sale of Bullk Inventory
| ||
Order re KERP, WEPPA, Success Fee
| ||
| Sealing order - Affidavit of Dan Sutton #2 | ||
Service List as at
| ||
| Notice of Application (KERP, ADMIN, & D&O CHARGE) | ||
Order re Admin, D&O, and KERP Charge
| ||
Sealing Order - KERP Charge
| ||
| Filed Order after Application - Bulk Inventory Sale Approval | ||
| Filed Sealing Order - Affidavit of Dan Sutton #4 | ||
| Attorney General of Canada Response (CRA Response) | ||
| First Affidavit of Dan Sutton | ||
| First Affidavit of Vani Putti | ||
Sale Approval and Vesting Order
| ||
Sealing Order - Sale Approval
| ||
The purpose of this supplement to the First Report (the “Supplement to the First Report”) is to provide this Honourable Court with information pertaining to: a) Tantalus’ sale process undertaken commenced on July 6, 2023, for the sale of the Bulk Cannabis Inventory (defined below) held by Tantalus (the “Sales Process”); b) Tantalus’ sale transaction (the “Sale Transaction”) contemplated by a purchase order effective July 7, 2023 (the “Purchase Agreement”) between Tantalus, as vendor and Atlantic Cultivation Ltd. (the “Purchaser”), as purchaser, for the sale of the Bulk Cannabis Assets (as defined below); and c) recommendations of the Proposal Trustee
| ||
| Third Affidavit of Dan Sutton sworn July 9, 2023 | ||
| First Affidavit of Lucas Jenkins | ||
| Form 29 - Trustee's Report on the Cash Flow | ||
| Form 30 - Company's Report on the Cash Flow | ||
Notice of Application - short leave
| ||
| The Purpose of this first report of the Proposal Trustee (the “First Report”) is to advise this Honourable Court with respect to, inter alia, the following: a) the background of Tantalus; b) the financial position and causes of insolvency; c) the assets and liabilities of the Company: d) communications with CRA and Sungrown; e) the activities undertaken by the Proposal Trustee in accordance with the provisions of the BIA; f) the Company’s projected cash flows (the “First Report Cash Flow Projections”) for the 13-week period from June 28, 2023 to September 27, 2023 (the “Cash Flow Period”); g) an overview of the proposed KERP and related KERP Charge; h) an overview of the proposed Success Fee; i) an overview of the Company’s request for relief under the WEPPA; j) an update on the Company’s efforts to market and sell Tantalus’ assets or shares during the NOI proceedings; k) a summary of the charges sought, including the KERP Charge, the Administration Charge, and the Directors’ and Officers’ Charge (all defined below); and l) the Proposal Trustee’s Recommendations | ||
| Notice to Creditors | ||
| Cash Flow - Inventory Fire Sale | ||
| Cash Flow - Orderly Sale | ||
| Certificate for the Notice of Intention | ||
| Creditor List as at | ||
Form 33
| ||
| Notes to the First Report Cash Flow Projections | ||
| Statement of Affairs | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Tantalus Labs Ltd” (NOI), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/tantalus-labs-ltd
Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/tantalus-labs-ltd
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.