Trakopolis SaaS Corporation, Trakopolis IoT Corporation
Follow- Proceeding
- Bankruptcysubsection 50.4(1) of the Bankruptcy and Insolvency Act
- File
- 25-2581252 and 25-2582159
Trakopolis SaaS Corporation and Trakopolis IoT Corporation have been in bankruptcy proceedings under the Bankruptcy and Insolvency Act in Alberta since January 27, 2020, with Alvarez & Marsal Canada Inc. acting as trustee under the proposal. The matters are before the Court of King's Bench of Alberta under estate numbers 25-2581252 and 25-2582159. The list of creditors attached to the notice of intention, as estimated by the company at the date of that filing, put Trakopolis IoT Corp.'s unsecured obligations at $3,090,661.60 to ESW Holdings Inc., $1,000,000 to Trisec Securities and $100,000 to Les Sonnenberg. The proceedings remain active.
ESW Holdings Inc., Appeal of Notice of Disallowance (April 24, 2020) — Notice of dispute (claims)
2007996 AB LTD. (formerly, Trakopolis SaaS Corp.) – Certificate of Assignment — Court officer certificate
The court granted an approval and vesting order for the sale to 1234600 B.C. Ltd. Sealed: The Sale Agreement is appended to the Confidential Affidavit of Chris Burchell, and the Amending Agreement to the Supplemental Confidential Affidavit.
The officer filed report no. Third Report. The Company has maintained relatively normal-course operations with no material changes or significant operational issues since the Filing Date, while pursuing a court-approved sale of its assets to 1234600 B.C. Ltd. under an APA that would preserve most jobs.
Source: Third Report of the Proposal Trustee (December 31, 2019)
The officer filed report no. Second Report of the Proposal Trustee. The Company continued operating in the normal course while pursuing a sale. It signed an LOI with a confidential bidder for all assets of Trak SaaS and Trak IoT and is seeking a stay extension to January 24, 2020 to complete the sale.
The officer filed report no. First Report. The Company continues to operate under NOI proceedings while pursuing a sale and marketing process (SISP) to sell its business/assets, with tight liquidity constraints requiring interim financing to fund operations and complete the sales process.
Debtor
Trakopolis SaaS Corporation, Trakopolis IoT Corporation
Trustee in bankruptcy
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Macleod | Court of King's Bench of Alberta | 5 orders, Dec 2019 – Jan 2020 | 33 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Trustee in bankruptcyAlvarez & Marsal | Torys LLP | 7 Dec 2019 | Service list · 7 Dec 2019 |
| DebtorTrakopolis SaaS Corporation, Trakopolis IoT Corporation | Osler, Hoskin & Harcourt LLP | 7 Dec 2019 | Service list · 7 Dec 2019 |
| CreditorESW Capital, Inc | Aird & Berlis LLP · MLT Aikins LLP | 7 Dec 2019 | Service list · 7 Dec 2019 |
| CreditorLLR Partners | Norton Rose Fulbright Canada LLP | 7 Dec 2019 | Service list · 7 Dec 2019 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | ESW Holdings Inc.as of NOI filing date — debtor: Trakopolis IoT Corp. | $3.09M | Trakopolis IoT Corp. Notice to Creditors |
| Unsecured | |||
| Unsecured |
2 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale process approved — Proposed Sale and Investment Solicitation Process created to canvass third parties and identify a successful bid, subject to Court approvalFirst Report of the Proposal Trustee · 7 Feb 2020
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1234600 B.C. Ltd.the Vendor's right, title and interest in and to the Consent Required Contracts (rights and obligations of the Vendor), assigned under section 84.1 of the BIA · asset sale · nominee/assignee: its nominee · agreement 20 Dec 2019 | Subscribers | Approved9 Jan 2020 | Sale Approval and Vesting Order - January 9,… |
Unsecured creditors: a distribution.EstimatedThird Report of the Proposal Trustee (December 31, 2019) · 31 Dec 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | a distribution | Estimatedper the proposal trustee | Third Report of the Proposal Trustee (December 31, 2019) · 31 Dec 2019 |
| Equity | — | — | no recovery | Estimatedper the proposal trustee | Third Report of the Proposal Trustee (December 31, 2019) · 31 Dec 2019 |
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.
Cumulative receipts
$715K
As at 31 Dec 2019Third Report of the Proposal Trustee (December 31, 2019)
Cash on hand
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 |
|---|---|---|
| Brief of Law of the Trustee (August 4, 2020) | PDF · Subscribers | |
| ESW Holdings Inc., Brief in Support of Appeal from Notices of Disallowances (July 15, 2020) | PDF · Subscribers | |
| ESW Holdings Inc., Appeal of Notice of Disallowance (April 24, 2020) | PDF · Subscribers | |
| Affidavit of Neeraj Gupta (ESW) (April 22, 2020) | PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
| 2007996 AB LTD. (formerly, Trakopolis SaaS Corp.) – Certificate of Assignment | PDF · Subscribers | |
Trakopolis IoT Corp. – Certificate of Assignment
| PDF · Subscribers | |
Assignment of Contracts Order - January 9, 2020
| PDF · Subscribers | |
| Distribution Order - January 9, 2020 | PDF · Subscribers | |
Sale Approval and Vesting Order - January 9, 2020
| PDF · Subscribers | |
| Supplemental Affidavit of Chris Burchell sworn January 9, 2020 | PDF · Subscribers | |
| Supplemental Affidavit of Mr. Chris Burchell sworn January 9, 2020 | PDF · Subscribers | |
| Affidavit of Mr. Chris Burchell sworn December 31, 2019 | PDF · Subscribers | |
Third Report of the Proposal Trustee (December 31, 2019)
| PDF · Subscribers | |
Restricted Court Access Order – December 16, 2019
| PDF · Subscribers | |
Stay extension, FA Charge and Administration Charge Order – December 16, 2019
| PDF · Subscribers | |
| Affidavit of Mr. Chris Burchell sworn December 13, 2019 | PDF · Subscribers | |
Service List – Second Report of the Proposal Trustee
| PDF · Subscribers | |
Letter to the Service List (December 7, 2019)
| PDF · Subscribers | |
Stay Extension and D&O Order - December 6, 2019
| PDF · Subscribers | |
| Affidavit of Chris Burchell sworn November 25, 2019 | PDF · Subscribers | |
Trakopolis SaaS Corp. Notice to Creditors
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Trakopolis IoT Corp. Notice to Creditors
| 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., “Trakopolis SaaS Corporation, Trakopolis IoT Corporation” (Bankruptcy), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/trakopolis-saas-corporation-trakopolis-iot-corporation