Thoughtwire Inc. filed a notice of intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on August 7, 2026, in Ontario, with Dodick Landau Inc. acting as proposal trustee under file 31-3408761. The company's secured debt is held by three creditors: Ontario's Ministry of Labour with a claim of about $700,000 for accrued and unpaid wages and vacation pay, Josip Kozar at about $435,000 under a December 2025 loan, and Hole Medical Inc. at about $376,500 under a January 2025 loan. The Kozar and Hole Medical claims were assigned on August 26, 2026 to 1426994 Ontario Inc., the stalking horse bidder. Unsecured creditors, primarily trade creditors and former employees, are owed about $2.2 million in aggregate, with former employees owed a further $455,000 in wages and vacation pay and the Crown at least $51,248 in unpaid source deductions.
Justice Cavanagh approved the sale and investment solicitation process and the stalking horse agreement with 1426994 Ontario Inc., with a bid deadline of October 6, 2026, a $25,000 break fee and the stay extended to October 20, 2026.
Source: Court Order – Cavanagh J
3 earlier updates, back to 7 August 2026 — subscribers.
Filing brief
ThoughtWire: the lenders' credit bid and the wage lien ahead of it
ThoughtWire Corp., a Toronto maker of digital-twin software for hospitals, has approval for a four-week sale process led by a stalking horse from a company its two secured lenders formed — a credit bid of about $783,000 in assigned debt, plus up to $300,000 of new interim financing — which the bidder may abandon if more than $100,000 of a $698,518 Crown registration for unpaid wages and vacation pay ranks ahead of its security.
Debtor
Thoughtwire Inc.
Proposal trustee
Dodick Landau
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | His Majesty in the Right of Ontario (Ministry of Finance) re: Ministry of Labour claim (MOL Claim)as of NOI filing date — Registered lien — Regulatory/statutory claim; approximately $100,000 of this claim ranks in priority to the secured claims of Kozar and Hole; includes approximately $454,997.94 owed to terminated employees in unpaid wages (does not include termination/severance claims); subject to a due diligence condition in the Stalking Horse Agreement as to whether the priority portion exceeds $100,000 — debtor: ThoughtWire Corp. | $699K | Motion Record – ThoughtWire Corp. |
Sale process approved — SISP and stalking horse agreement approved; sale approval to be sought at a later Sale Approval MotionCourt Order – Cavanagh J · 2 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1426994 Ontario Inc.Stalking horseacquire all equity of the Company and thereby effectively acquire substantially all of the Company's assets and business operations by way of a 'reverse vesting order' · share sale · nominee/assignee: or its nominee · agreement 26 Aug 2026 | Subscribers | Approved2 Sep 2026outside 30 Oct 2026 | Court Order – Cavanagh J |
| Date | Document | File |
|---|---|---|
Court Order – Cavanagh J
| PDF · Subscribers | |
Endorsement – Justice Cavanagh
| PDF · Subscribers | |
| Factum re Stay Extension and SISP Approval | PDF · Subscribers | |
First Report of the Proposal Trustee – August 31 2026
| PDF · Subscribers | |
Motion Record – ThoughtWire Corp.
| PDF · Subscribers | |
Certificate of Appointment_
| 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., “Thoughtwire Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/thoughtwire-inc
Sources last checked · summary updated 4 September 2026 · Report a correction · Printed from proceedings.ca/case/thoughtwire-inc
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.