Topsyn Flexible Packaging Ltd, a Manitoba company, remains in active insolvency proceedings. Its Form 33 list of creditors with claims of $250 or more records Business Development Bank of Canada on three loans, at $1,430,670.00 on loan 066248-04, $101,626.00 on loan 066248-03 and $60,256.35 on loan 066248-01, and Royal Bank of Canada at $700,000.00. Also listed are Jeff Jenkins at $245,000.00, Gary Kryschuk at $243,566.45, and $195,000.00 each for 3389252 Manitoba Ltd. and 3400166 Manitoba Ltd., the latter two numbered companies. Larger trade claims include Dallas Plastics Corp. at USD 73,696.25, Leco Industries Inc. at $73,103.60, Qingdao Rizone Plastic Products Co. Ltd at $36,532.56, Poly Expert Inc. at $32,529.20, Purolator Freight at $28,490.88 and Manitoba Hydro at $22,339.84.
The officer filed report no. Seventh Report. The company's equipment sale (EPA) closed and equipment was removed, a final auction of remaining miscellaneous assets was held, and the premises are expected to be vacated and returned to the landlord by December 10, 2016; the Company will not file a proposal and is expected to be deemed bankrupt shortly thereafter.
The court granted an approval and vesting order for the sale to Genpak Flexible a division of Great Pacific Enterprises LP. Closing terms, as extracted: vesting effective upon delivery of the Proposal Trustee's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions.
Source: Approval and Vesting Order
The officer filed report no. Sixth Report. The Company has initiated an orderly wind-down of operations, with production ending by October 31, 2016, employees on working notice, and equipment being sold via an Equipment Purchase Agreement subject to court approval.
The officer filed report no. Fifth Report. The company has ceased accepting new orders and is winding down production by October 31, 2016 following the collapse of a going-concern sale, while pursuing sales of its equipment and customer list to benefit stakeholders.
The officer filed report no. Fourth Report. After a proposed going-concern sale (APA) fell through due to failed financing, the Company initiated an orderly wind-down plan, accepted an equipment purchase agreement subject to court approval, and is negotiating a sale of its customer base while continuing operations on a C.O.D. basis.
The officer filed report no. Third Report. The company continues operating on a COD basis for purchases while pursuing a sale process with an interested purchaser, but required urgent additional financing to cover rent, source deduction remittances, and Manitoba Hydro obligations. Court file BK 16-01-04090.
The officer filed report no. Second Report. The Company has secured C.O.D. purchasing arrangements with key suppliers, resolved issues with its consignment ink supplier, continued paying rent, and is pursuing a due diligence sale process with a potential purchaser while operating under an increased operating line and a proposed DIP loan from RBC. Court file BK 16-01-04090.
The officer filed report no. First Report. Topsyn continues to operate its packaging manufacturing business with about 25 employees while pursuing a sale process under a Letter of Intent, supported by proposed DIP financing to fund ongoing operations through September 2, 2016. Court file BK 16-01-04090.
Debtor
Topsyn Flexible Packaging Ltd
Proposal trustee
PwC
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Business Development Bank of Canada - Loan 066248-04as of NOI filing date — Listed in List of Creditors with claims of $250 or more; secured status not explicitly stated in these pages — debtor: Topsyn Flexible Packaging Ltd. | $1.43M | Notice to Creditors - NOI Filing |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
93 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans6 transactions · 3 closed · 1 proposed · 1 not completed · 1 approved — EPA and Customer List transactions closed; final auction of remaining assets held December 5, 2016Seventh Report of the Proposal Trustee · 8 Dec 2016
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamed interested party purchasing equipment under EPAthe production equipment · asset sale | not stated | Proposed | Sixth Report of the Proposal Trustee |
| purchaser under executed going-concern Asset Purchase Agreement, withdrawnthe business · asset sale | not stated | Not completed | Sixth Report of the Proposal Trustee |
| Genpak Flexible a division of Great Pacific Enterprises LPall of Topsyn's right, title and interest in and to the assets described in the Purchase Agreement (the "Purchased Assets") · asset sale · agreement 15 Sep 2016 | not stated | Approved20 Oct 2016 | Approval and Vesting Order |
| purchaser under the EPA, unnamedequipment purchased under the equipment purchase agreement (EPA) · asset sale | not stated | Closed | Seventh Report of the Proposal Trustee |
| purchaser of the Customer List, unnamedthe Customer List · asset sale | not stated | Closed | Seventh Report of the Proposal Trustee |
| unnamedthe EPA transaction (equipment) | not stated | Closed2 Nov 2016 | Seventh Report of the Proposal Trustee |
Cumulative receipts
$1.76M
As at 8 Dec 2016Seventh Report of the Proposal Trustee
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Seventh Report of the Proposal Trustee
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Fourth Extension Order
| PDF · Subscribers | |
Sixth Report of the Proposal Trustee
| PDF · Subscribers | |
Fifth Report of the Proposal Trustee
| PDF · Subscribers | |
Third Extension Order
| PDF · Subscribers | |
Fourth Report of Proposal Trustee re Topsyn
| PDF · Subscribers | |
Second Extension Order
| PDF · Subscribers | |
Third Report of Proposal Trustee re Topsyn
| PDF · Subscribers | |
First Extension Order
| PDF · Subscribers | |
Interim Financing Order
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
Notice to Creditors - NOI Filing
| 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., “Topsyn Flexible Packaging Ltd” (NOI). Retrieved 4 November 2026, https://proceedings.ca/case/topsyn-flexible-packaging-ltd
Sources last checked · summary updated 4 September 2026 · Report a correction · Printed from proceedings.ca/case/topsyn-flexible-packaging-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.