Thentia Global Systems Inc. and its affiliates
Follow- Proceeding
- CCAAsubsection 243(1) of the BIA and section 101 of the CJA
- File
- CL-26-00000052-0000
Thentia Global Systems Inc. and its affiliates — Thentia Canada Inc., Thentia USA Inc., Thentia UK Limited, Thentia Payments Canada Inc., Thentia Consulting Services Canada Inc., Thentia Quebec Inc., Thentia Payments USA Inc., Thentia Consulting Services USA Inc., and Thentia Europe Limited — obtained a CCAA initial order in the Ontario Superior Court of Justice, Commercial List, file CL-26-00000052-0000, on Monday, February 9, 2026, appointing Grant Thornton Limited as Monitor; the stay of proceedings was extended Thursday, February 19, 2026. Espresso Venture Debt LP holds a senior secured facility of $8,383,625 and a junior secured facility of $7,750,000 against Thentia Global Systems Inc. and its subsidiaries, each advanced as of October 10, 2025, for combined indebtedness of $20,776,441.47 as at October 14, 2025.
A claims procedure has been established — see the order for deadlines.
Per the Instructions for Priority Claims Process dated 13 March 2026.
The court granted a reverse vesting order in favour of Thentia Holdings Ltd.
Source: Sale Approval - Reverse Vesting Order (August 24, 2026)
The court approved a sale and investment solicitation process. A bid deadline of 2026-05-15.
Source: SISP Order (March 12, 2026)
The CCAA stay of proceedings for Thentia Global Systems Inc. and its affiliates was extended Thursday, February 19, 2026.
Source: Amended and Restated Initial Order (February 19, 2026)
Thentia Global Systems Inc. and its affiliates obtained a CCAA initial order, granted Monday, February 9, 2026, appointing Grant Thornton Limited as Monitor.
Source: Initial Order (February 9, 2026)
Order Amending Notice of Application (February 9, 2026) — Application / notice of application
Receiver Certificate #4 - THENTIA (Espresso) - 01232026 (1)_91937380v1.pdf — Court officer certificate
Receiver Certificate #2 - THENTIA (Espresso) - 12122025 (2)_91937248v1.pdf — Court officer certificate
Receiver Certificate #1 - THENTIA (Espresso) - 12012025 (2)_91937247v1.pdf — Court officer certificate
Notice of Default THENTIA BLACK GUARANTEE 2025-11-_91937443v1.pdf — Notice of receiver (s. 245 / Form 87)
Notice of Intention to Enforce Security - October _91937447v1.pdf — Notice of receiver (s. 245 / Form 87)
Thentia - Requisition and Direction - 2021.11.24_91937265v1.pdf — Application / notice of application
Requisition and Direction THENTIA 2018-10-25 19_91937253v1.pdf — Application / notice of application
Undated filings3 — no date appears on the document · show
Precedent note
On September 15 Justice Myers approved a reverse vesting order while asking whether its reasons were good ones. Across fifteen proceedings this year, the reasons filed come down to permits and licences that take weeks to a year to replace, tax losses and transfer tax, contracts needing consent, a Crown deemed trust, and buyers who would buy no other way.
Outcome brief
Thentia: Espresso takes the platform with a US$100 credit bid
After a contested receivership, a CCAA conversion and a sale process that sent teasers to 294 parties and drew two unqualified bids, Justice Cavanagh approved a reverse vesting order giving an Espresso vehicle all of Thentia Global Systems for a US$100 credit bid and US$19,276,196 of retained liabilities; the existing shares are cancelled, and US$13,414,994.37 of promissory notes go to 1001709843 Ontario Inc.
Debtor
Thentia Global Systems Inc. and its affiliates
Monitor
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 16 orders, Nov 2025 – Sep 2026 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorDoane Grant Thornton | Miller Thomson LLP | 19 Jan 2026 | Order · 23 Jan 2026 |
| ApplicantEspresso Capital Ltd | Cozen O'Connor LLP | 4 Nov 2025 | Application · 4 Nov 2025 |
| DebtorThentia Global Systems Inc. and its affiliates | Gardiner Roberts LLP · Miller Thomson LLP | 9 Feb 2026 | Affidavit · 11 Mar 2026 |
| CreditorEspresso Capital Ltd | Cozen O'Connor LLP | 16 Oct 2025 | Affidavit · 16 Oct 2025 |
| CreditorFirst Ascent Ventures Inc | Cassels Brock & Blackwell LLP | 8 Feb 2026 | Factum · 8 Feb 2026 |
| CreditorFirst Ascent Ventures NR II LP and First Ascent Ventures II LLO | Cassels Brock & Blackwell LLP | 11 Mar 2026 | Factum · 11 Mar 2026 |
| CreditorT TA Investments LLC | Gardiner Roberts LLP | 6 Feb 2026 | Factum · 6 Feb 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Espresso Capital Ltd. and Espresso Venture Debt LP (Espresso)Senior Secured Indebtedness under Espresso Credit Facilities (dating to Sept 2018, amended and restated Sept 30, 2025), Receiver Certificate Indebtedness ($1,050,000 CAD from four Receiver's Certificates), and DIP Facility Indebtedness; PPSA/UCC/UK charge security per Schedule D (Ontario PPSA registrations, Quebec registrations, Delaware UCC financing statements, UK Charge) — Total Espresso Indebtedness per payout statements delivered to Monitor (Appendix 1); Monitor's counsel opinion confirms valid, enforceable, perfected, first-in-priority security interest in Companies' property (para 37, p · as of 7 Aug 2026 | $23.6M USD | Monitor's Fourth Report (August 17, 2026) |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
110 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale approved — Subscription Agreement and Transaction approved by the Court; RVO grants vesting of Purchased Shares in the Purchaser and Excluded Assets/Contracts/Liabilities in ResidualCo effective at Closing TimeSale Approval - Reverse Vesting Order (August 24, 2026) · 24 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Thentia Holdings Ltd.the Purchased Shares · share subscription · ResidualCo: 1001709843 Ontario Inc. · agreement 17 Aug 2026 | Subscribers | Approved24 Aug 2026outside 10 Jul 2026 | Sale Approval - Reverse Vesting Order (August… |
Closed · the record states no distribution outcome.
2 engagements · 2 firms — latest: Grant Thornton Limited, Fee PeriodMonitor's Fourth Report (August 17, 2026) · 17 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Grant Thornton Limitedcapacity not stated | Fee Period | — | — | not stated | Monitor's Fourth Report (August 17, 2026) · 17 Aug 2026 |
| Miller Thomson LLPCounsel | Fee Period | — | — | Monitor's Fourth Report (August 17, 2026) · 17 Aug 2026 |
1 blurred figure above
What each firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
$383K USD
As at 15 Jun 2026Monitor's Fourth Report (August 17, 2026)
| Date | Document | File |
|---|---|---|
CCAA Termination Order (September 28, 2026)
| PDF · Subscribers | |
Endorsement of J. Cavanagh (September 28, 2026)
| PDF · Subscribers | |
Receiver Discharge Order (September 28, 2026)
| PDF · Subscribers | |
| Aide Memoire of Gardiner Roberts LLP | PDF · Subscribers | |
Ancillary Order (August 24, 2026)
| PDF · Subscribers | |
| Endorsement of J. Cavanagh (August 24, 2026) | PDF · Subscribers | |
Sale Approval - Reverse Vesting Order (August 24, 2026)
| PDF · Subscribers | |
Sale Approval Notice of Motion (August 24, 2026)
| PDF · Subscribers | |
| Monitor's Factum dated August 21, 2026 | PDF · Subscribers | |
Monitor's Fourth Report (August 17, 2026)
| PDF · Subscribers | |
Motion Record (August 17, 2026)
| PDF · Subscribers | |
| Endorsement of J. Cavanagh (July 10, 2026) | PDF · Subscribers | |
| Motion Record | PDF · Subscribers | |
Stay Extension Notice of Motion
| PDF · Subscribers | |
Stay Extension Order (July 10, 2026)
| PDF · Subscribers | |
| Monitor's Third Report (July 6, 2026) | PDF · Subscribers | |
| Endorsement of J. Cavanagh(May 13, 2026) | PDF · Subscribers | |
SRED Priority Determination Order (May 13, 2026)
| PDF · Subscribers | |
SRED PRIORITY Notice of Motion (May 5, 2026)
| PDF · Subscribers | |
| Monitor's Second Report (April 27, 2026) | PDF · Subscribers | |
| Creditor List | PDF · Subscribers | |
| Espresso - Proof of Claim - 23-MAR-2026.pdf | PDF · Subscribers | |
| Instructions for Priority Claims Process | PDF · Subscribers | |
| Notice Letter for Priority Claims Process | PDF · Subscribers | |
| Endorsement of J. Cavanagh (March 12, 2026) | PDF · Subscribers | |
KEIP Order (March 12, 2026)
| PDF · Subscribers | |
Priority Claims Process Order (March 12, 2026)
| PDF · Subscribers | |
| Proof of Claim Form for Priority Claims Process | PDF · Subscribers | |
SISP Order (March 12, 2026)
| PDF · Subscribers | |
Affidavit of R. Black (March 11, 2026)
| PDF · Subscribers | |
Aide Memoire of FAV (March 11, 2026)
| PDF · Subscribers | |
Aide Memoire of TTA (March 11, 2026)
| PDF · Subscribers | |
Monitors Factum (March 11, 2026)
| PDF · Subscribers | |
Aide Memoire of re SRED of Espresso (March 10, 2026)
| PDF · Subscribers | |
| Compendium - Espresso Capital | PDF · Subscribers | |
| Final Recognition Order | PDF · Subscribers | |
| Hutchins Affidavit (March 10, 2026) | PDF · Subscribers | |
| 2026.03.09 PPSA Search - THENTIA GL_91937309v1.pdf | PDF · Subscribers | |
Monitor's Supplemental First Report (March 9, 2026)
| PDF · Subscribers | |
Amended and Restated Initial Order (February 19, 2026)
| PDF · Subscribers | |
| Endorsement of J. Cavanagh (February 19, 2026) | PDF · Subscribers | |
Notice of Application (February 19, 2026)
| PDF · Subscribers | |
| Provisional Order | PDF · Subscribers | |
| Affidavit of R. Black (February 18, 2026) | PDF · Subscribers | |
Monitor's Factum
| PDF · Subscribers | |
| Ch.15 Joint Admin. Motion | PDF · Subscribers | |
| Monitor's First Report (February 17, 2026) | PDF · Subscribers | |
| Notice to Creditors (February 13, 2026) | PDF · Subscribers | |
Amended and Restated Order (February 9, 2026)
| PDF · Subscribers | |
Ch. 15 Notice Motion
| PDF · Subscribers | |
| Ch. 15 Recognition Motion | PDF · Subscribers | |
| DIP Term Sheet - 2026-02-09.pdf | PDF · Subscribers | |
| Declaration of Canadian LIT | PDF · Subscribers | |
| Endorsement of J. Cavanagh (February 9, 2026) | PDF · Subscribers | |
Initial Order (February 9, 2026)
| PDF · Subscribers | |
Order Amending Notice of Application (February 9, 2026)
| PDF · Subscribers | |
Aide Memoire of First Ascent (February 8, 2026)
| PDF · Subscribers | |
Aide Memoire of TTA (February 6, 2026)
| PDF · Subscribers | |
Applicants Factum (Espresso) (February 5, 2026)
| PDF · Subscribers | |
| Joint Report (February 5, 2026) | PDF · Subscribers | |
| Hutchins Affidavit (February 3, 2026) | PDF · Subscribers | |
Notice of Motion and Application (February 3, 2026)
| PDF · Subscribers | |
Borrowing Increase Order (January 23, 2026)
| PDF · Subscribers | |
| Endorsement of J. Cavanagh (January 23, 2026) | PDF · Subscribers | |
| Receiver Certificate #4 - THENTIA (Espresso) - 01232026 (1)_91937380v1.pdf | PDF · Subscribers | |
Notice of Motion (January 19, 2026)
| PDF · Subscribers | |
| Receiver's First Report (January 19, 2026) | PDF · Subscribers | |
| Receiver Certificate #3 - THENTIA (Espresso) - 01092026 (2).pdf | PDF · Subscribers | |
| Receiver Certificate #2 - THENTIA (Espresso) - 12122025 (2)_91937248v1.pdf | PDF · Subscribers | |
| Receiver Certificate #1 - THENTIA (Espresso) - 12012025 (2)_91937247v1.pdf | PDF · Subscribers | |
| TGS Creditor Notice (December 1, 2025) | PDF · Subscribers | |
| Endorsement of J. Cavanagh (November 21, 2025) | PDF · Subscribers | |
Receivership Order (November 21, 2025)
| PDF · Subscribers | |
Carson Affidavit (November 13, 2025)
| PDF · Subscribers | |
| Notice of Default THENTIA BLACK GUARANTEE 2025-11-_91937443v1.pdf | PDF · Subscribers | |
| Endorsement of J. Cavanagh (November 4, 2025) | PDF · Subscribers | |
Notice of Application Espresso
| PDF · Subscribers | |
Order Appointing Monitor (November 4, 2025)
| PDF · Subscribers | |
Carson Affidavit (November 3, 2025)
| PDF · Subscribers | |
Factum (Espresso) (November 3, 2025)
| PDF · Subscribers | |
Reply Factum of Espresso (November 3, 2025)
| PDF · Subscribers | |
| Supplementary Affidavit (Hutchins) (November 3, 2025) | PDF · Subscribers | |
| Demand - October 20, 2025_91937438v1.pdf | PDF · Subscribers | |
| Notice of Default - October 20, 2025_91937441v1.pdf | PDF · Subscribers | |
| Notice of Intention to Enforce Security - October _91937447v1.pdf | PDF · Subscribers | |
| Hutchins Affidavit (October 17, 2025) | PDF · Subscribers | |
English Affidavit (October 16, 2025)
| PDF · Subscribers | |
Utley Affidavit (October 16, 2025)
| PDF · Subscribers | |
| 14. Fourteenth Amendment to Forbearance Agreement THENTIA 2025-09-30 (signed) (6)_91937483v1.pdf | PDF · Subscribers | |
| 13. Thirteenth Amendment to the Forbearance Agreement THENTIA 2025-08-_91937482v1.pdf | PDF · Subscribers | |
| 12. Twelfth Amendment to Forbearance THENTIA 2025-07-31_91937481v1.pdf | PDF · Subscribers | |
| Consent - Thentia Canada Reorg CCPC_91937310v1.pdf | PDF · Subscribers | |
| Perfection Certificate - Thentia Global Systems Inc. f_91937297v1.pdf | PDF · Subscribers | |
| Thentia Canada Inc (Richard Black) - Limited Guarantee and Pledge Agreement - 2025-06-30 (3)_91937300v1.pdf | PDF · Subscribers | |
| 11. Eleventh Amendment to Forbearance THENTIA 2025-06-27_91937480v1.pdf | PDF · Subscribers | |
| 1.5_-_Parent_Directors_Resolution_-_91937308v1.pdf | PDF · Subscribers | |
| Fourth Amended and Restated Loan Facility and Sec_91937282v1.pdf | PDF · Subscribers | |
| Special Approval and Written Consent - June 24, 2025_91937298v1.pdf | PDF · Subscribers | |
| 10. Tenth Amendment to Forbearance THENTIA 2025-05-31_91937479v1.pdf | PDF · Subscribers | |
| 9. Ninth Amendment to Forbearance Agreement THENTIA 2025-04-30 (Execut_91937477v1.pdf | PDF · Subscribers | |
| 8. Eighth Amendment to the Forbearance Agreement THENTIA 2025-03-31 (E_91937473v1.pdf | PDF · Subscribers | |
| 7. Seventh Amendment to Forbearance Agreement THENTIA 2025-02-26 (Exec_91937472v1.pdf | PDF · Subscribers | |
| 6. Sixth Amendment to Forbearance Agreement THENTIA 2025-01-28 (Execut_91937470v1.pdf | PDF · Subscribers | |
| 2.3 - Subordination Agreement - THENTIA - Colmac Holdings Limited (Executed Copy - January 2, 2025) (2)_91937507v1.pdf | PDF · Subscribers | |
| 5. Fifth Amendment to Forbearance Agreement THENTIA 2024-12-19 (Execut_91937469v1.pdf | PDF · Subscribers | |
| 4. Fourth Amendment to Forbearance Agreement THENTIA 2024-12-04 (Execu_91937468v1.pdf | PDF · Subscribers | |
| 3. Third Amendment to Forbearance Agreement THENTIA 2024-11-04 (execut_91937467v1.pdf | PDF · Subscribers | |
| 2. Second Amendment to Forbearance Agreement THENTIA 2024-10-03_91937465v1.pdf | PDF · Subscribers | |
| 1. First Amendment to Forbearance Agreement THENTIA 2024-08-30_91937463v1.pdf | PDF · Subscribers | |
| 0. Forbearance Agreement THENTIA 2024-07-19.docx (1)_91937462v1.pdf | PDF · Subscribers | |
| Reservation of Rights THENTIA 2024-05-28 final_91937450v1.pdf | PDF · Subscribers | |
| Loan Status Notice THENTIA 2024-05-14.docx_91937439v1.pdf | PDF · Subscribers | |
| Notice of Default THENTIA executed 2024-05-01 (1)_91937446v1.pdf | PDF · Subscribers | |
| 2.25_-_Subordination Agreement - THENTIA - Jason Bullen Professiona_91937518v1.pdf | PDF · Subscribers | |
| Advance Request THENTIA (2nd Lien) 2024-03-05 Executed_91937246v1.pdf | PDF · Subscribers | |
| Amended and Restated Success Fee Agreement (Junior Facility).pdf | PDF · Subscribers | |
| Amended and Restated Success Fee Agreement (Senior Facility).pdf | PDF · Subscribers | |
| 2.3 - Subordination Agreement - THENTIA - TTA Investments LLC executed (Final - March 3, 2024)_91937509v1.pdf | PDF · Subscribers | |
| 2.6_-_Subordination_Agreement_-_THENTIA_-_7245734 Canada Inc_(Final_-_February_7,_2024).pdf | PDF · Subscribers | |
| Amended and Restated Warrant (Junior Facility)_91937401v1.pdf | PDF · Subscribers | |
| Amended and Restated Warrant (Senior Facility)_91937398v1.pdf | PDF · Subscribers | |
| Advance Request and Direction (Junior Facility)_91937244v1.pdf | PDF · Subscribers | |
| Hypothec re Thentia Quebec Inc. (Junior Loan Faci_91937295v1.pdf | PDF · Subscribers | |
| Junior Loan Facility and Security Agreement THENT_91937284v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia Consulting Services _91937293v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia Consulting Services _91937294v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia Payments USA Inc. (J_91937291v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia Payments USA Inc. (S_91937290v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia USA Inc. (Junior Fac_91937288v1.pdf | PDF · Subscribers | |
| Security Agreement - Thentia USA Inc. (Senior Fac_91937287v1.pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-Bura Ventures Inc_(Final_-_91937517v1.pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_BDC_(Final_-_January_24,_2024).pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_FAV_II_(Final_-_January_24,_2024).pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_FAV_NR_II_(Final_-_January_24,_2024)_91937513v1.pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_JWHCSH_Co_(Final_-_Januar_91937514v1.pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_KLHCo_(Final_-_January_24_91937515v1.pdf | PDF · Subscribers | |
| 2.18_-_Subordination_Agreement_-_THENTIA_-_SMC_(Final_-_January_24,_2024)_91937516v1.pdf | PDF · Subscribers | |
| Advance Request (Subsequent - Bridge Facility) THENTIA 2023-08-11_91937240v1.pdf | PDF · Subscribers | |
| Advance Request (Subsequent Advance) THENTIA 2023-05-02 Executed_91937242v1.pdf | PDF · Subscribers | |
| 4._Advance_Request_(Subsequent_Advance)_THENTIA_2022-09-07.docx_91937238v1.pdf | PDF · Subscribers | |
| Thentia - Requisition and Direction - 2021.11.24_91937265v1.pdf | PDF · Subscribers | |
| Amended and Restated Promissory Note THENTIA_91937296v1.pdf | PDF · Subscribers | |
| Requisition_and_Direction_-_Thentia_-_2019-08-28_91937263v1.pdf | PDF · Subscribers | |
| Requisition THENTIA 2019-08-20.docx_91937254v1.pdf | PDF · Subscribers | |
| Requisition_and_Direction_-_Thentia_-_2019-05-08 (1)_91937259v1.pdf | PDF · Subscribers | |
| Requisition_and_Direction_-_Thentia_-_2019-03-28_91937257v1.pdf | PDF · Subscribers | |
| Requisition_and_Direction_-_Thentia_-_2019-02-14_91937256v1.pdf | PDF · Subscribers | |
| Requisition_and_Direction_-Thentia_-_2018-12-12_91937264v1.pdf | PDF · Subscribers | |
| Requisition and Direction THENTIA 2018-10-25 19_91937253v1.pdf | PDF · Subscribers | |
| DEPOSI_1.PDF | PDF · Subscribers | |
| Excluded Contracts Listing | PDF · Subscribers | |
| Retained Contracts Listing | 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., “Thentia Global Systems Inc. and its affiliates” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/thentia-global-systems-inc-and-its-affiliates