Proceedings.

Vertex Downhole Ltd.

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Closed
Proceeding
BankruptcyParagraph 50.4(8)(b.1) of the Bankruptcy and Insolvency Act
Court
Court of King's Bench of Alberta
File
25-2802560
Filings held6
Last activity22 Jan 2026
On the record1,529 days
Secured debt$8.97M
OverviewSummary updated

Vertex Downhole Ltd.'s bankruptcy under the Bankruptcy and Insolvency Act was commenced in the Court of King's Bench of Alberta on January 22, 2026, and is carried under court file number 25-2802560. The Court pronounced an interim order that same day, the only order captured on the record. The matter is now closed, and no subsequent milestones are recorded against the file.

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Case updates6 dated entries
#Order

Court pronounced an interim order on January 22, 2026, the same day the bankruptcy proceeding was commenced in Alberta.

Source: Discharge order

Parties

Debtor

Vertex Downhole Ltd.

Trustee in bankruptcy

MNP

Capital structureAs asserted in the filings
stated amounts, drawn to scale
#Priority classCreditorAmountSource
4SecuredHSBC Bank of Canada · in 3 casesGeneral Security Agreement over business assets: machinery/rental assets, various receivables, inventory, cash at HSBC, intercompany debt due from Vertex Downhole Inc., prepaid expenses, pre-2020 federal tax refund, PPE/fixed assets, intangible assets, 100% shares of Vertex Downhole Inc., and debt due from HPC ME. Total estimated value of security per trustee: $6,717,171.70. — Claim is bifurcated per Statement of Affairs: estimated security value $6,717,171.70 covers a portion of the $8,970,163.57 total claim; the balance/deficiency of $2,252,991.87 is listed as an unsecured claim (List 'A', i · as of 14 Jul 2022$8.97MCreditor's Package
6Landlord preferredOutstanding Employee Claims · in 3 casesPreferred claim (BIA wage priority); c/o MNP Ltd. — debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$24.7KCreditor's Package
8UnsecuredHSBC Bank of Canada · in 3 casesThis is the deficiency/balance of claim after deducting the estimated value of HSBC's security ($6,717,171.70) from the total secured claim ($8,970,163.57) - a bifurcated secured/unsecured claim. — debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.25MCreditor's Package
8UnsecuredSpinpro Machiningdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$203KCreditor's Package
8UnsecuredMatrix Machining Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$124KCreditor's Package
8UnsecuredRampart Productsdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$92.7KCreditor's Package
8UnsecuredHi-Tech Seals Inc. · in 4 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$92.6KCreditor's Package
8UnsecuredBDI Canada Inc. · in 17 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$70.3KCreditor's Package
8UnsecuredCTECH Consulting Group Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$56.4KCreditor's Package
8UnsecuredDigi-Key Corporation 1781693debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$46.9KCreditor's Package
8UnsecuredXact Engineered Manufacturing Solutionsdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$45.6KCreditor's Package
8UnsecuredWorld Wide Customs Brokers Ltddebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$44.7KCreditor's Package
8UnsecuredPricewaterhouseCoopers LLP · in 37 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$36.2KCreditor's Package
8UnsecuredTTI Inc. · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$35.5KCreditor's Package
8UnsecuredA.R. Thompson Groupdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$34.3KCreditor's Package
8UnsecuredMillennium Manufacturing Inc. · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$32KCreditor's Package
8UnsecuredRohmec Industries · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$30.8KCreditor's Package
8UnsecuredCeramic Technologies Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$30.6KCreditor's Package
8UnsecuredAWI Machine Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$29.4KCreditor's Package
8UnsecuredBurnet, Duckworth & Palmer LLP · in 9 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$27.4KCreditor's Package
8UnsecuredHPC ME Equipment Trading LLCdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$24.9KCreditor's Package
8UnsecuredRotoPrecision Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$23.6KCreditor's Package
8UnsecuredFederal Express Canada Ltd. - Revenue Recovery Department · in 16 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$23KCreditor's Package
8UnsecuredRobert Half Management Resources · in 7 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$22.4KCreditor's Package
8UnsecuredErnst & Young LLP · in 28 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$22.1KCreditor's Package
8UnsecuredThomas Wire Die Limiteddebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$15.6KCreditor's Package
8UnsecuredGowling WLG (Canada) LLP (formerly Gowling LaFleur Henderson LLP) - Calgary Office · in 33 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$14.2KCreditor's Package
8UnsecuredInnovative Manufacturing Source Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$12.8KCreditor's Package
8UnsecuredJohn Brooks Company Limited · in 10 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$12.7KCreditor's Package
8UnsecuredVertex Downhole Inc.Related party (affiliated company of the same name group). — debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$12.7KCreditor's Package
8UnsecuredExpert Rubber Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$12.4KCreditor's Package
8UnsecuredDynaQual, LLCdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$11.4KCreditor's Package
8UnsecuredTaskmaster Technologies Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$10.4KCreditor's Package
8UnsecuredHunting Specialty Supplydebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$9.59KCreditor's Package
8UnsecuredHighside Carbide Ltd. · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$8.51KCreditor's Package
8UnsecuredCyberClan (Network Test Labs Inc.)debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$7.01KCreditor's Package
8UnsecuredCharger Industries Canada Limited Partnershipdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$5.99KCreditor's Package
8UnsecuredECI Software Solutions Canada Inc. · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$5.2KCreditor's Package
8UnsecuredCorrosion Abrasion Solutions Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$4.05KCreditor's Package
8UnsecuredContego Software Solutions Inc. · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$3.64KCreditor's Package
8UnsecuredMcMaster-Carr · in 31 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$3.47KCreditor's Package
8UnsecuredULine Canada Corp · in 9 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.58KCreditor's Package
8UnsecuredWestern Crating Internationaldebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.55KCreditor's Package
8UnsecuredXerox Canada Ltd. · in 72 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.35KCreditor's Package
8UnsecuredConcur Technologies, Inc. · in 5 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.33KCreditor's Package
8UnsecuredBorden Ladner Gervais LLP - Calgary · in 3 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$2.1KCreditor's Package
8UnsecuredExpeditors Canada Inc · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.61KCreditor's Package
8UnsecuredBTA Group Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.57KCreditor's Package
8UnsecuredCal-Pro Cleaningdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.57KCreditor's Package
8UnsecuredPinch Flatbed Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.56KCreditor's Package
8UnsecuredSinmolex Rubber Corporationdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.5KCreditor's Package
8UnsecuredTelus Communications · in 39 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.47KCreditor's Package
8UnsecuredOdyssey Trust Company · in 16 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.42KCreditor's Package
8UnsecuredITM Instruments Inc. · in 10 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.21KCreditor's Package
8UnsecuredAction Security Services Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.19KCreditor's Package
8UnsecuredGregg Distributors LP · in 13 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1.07KCreditor's Package
8UnsecuredChemsearchFEdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$828Creditor's Package
8UnsecuredGreen Line Hose & Fittings · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$718Creditor's Package
8UnsecuredACTivate HRdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$614Creditor's Package
8UnsecuredB&E Electronicsdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$462Creditor's Package
8UnsecuredField LLP - Calgary · in 4 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$323Creditor's Package
8UnsecuredGriffin Logistics Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$300Creditor's Package
8UnsecuredWest Direct Express Courierdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$279Creditor's Package
8UnsecuredWaste Management of Canada Corporation · in 20 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$250Creditor's Package
8UnsecuredWCB Workers Compensation Board of Alberta · in 49 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8Unsecured1160984 Alberta Ltd.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8UnsecuredMicrotesla Magnetic Field Effects · in 2 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8UnsecuredCRA - Tax - Pacific · in 71 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8UnsecuredGearenchdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8UnsecuredMemory Express · in 3 casesdebtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
8UnsecuredJAE Electronics Inc.debtor: Vertex Downhole Ltd. · as of 14 Jul 2022$1Creditor's Package
RecoveriesAs stated in the filings

Unsecured creditors: no distribution.EstimatedTrustees Preliminary Report · 4 Aug 2022

ClassCreditorClaimsRecoveryBasisSource
Unsecured——no distributionEstimatedper the trusteeTrustees Preliminary Report · 4 Aug 2022

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.

Estate financialsReported figures — never derived
Total assets at filing$6.51M
Total liabilities at filing$10.3M

As at 4 Feb 2022 · per as stated and estimated by the officer (Statement of Affairs, Form 78) · entity - Vertex Downhole Ltd. (unconsolidated) — Form 78 recites the affairs as of '4th day of February 2022' (NOI filing date) though the deemed bankruptcy/assignment occurred 14 July 2022; deficiency reported as $3,817,783.95.

Documents6 filings
DateDocumentFile
Discharge order
  • Commencement date 22 January 2026
  • Court COURT OF KING'S BENCH OF ALBERTA
  • Court file no 25-2802560
PDF
First Meeting of Creditors Attendance ListPDF
First Meeting of Creditors MinutesPDF
Trustees Preliminary Report
  • Proceeding type bia_bankruptcy
  • Recovery outcome Entries: per estimated · Table missing:
PDF
Certificate of Appointment
  • Appointee MNP LTD / MNP LTÉE
  • Appointee role Licensed Insolvency Trustee
  • Commencement date 15 July 2022
  • Court file no 25-2802560
  • + 1 more extracted fact
PDF
Creditor's Package
  • Financial position Assets $6.51M · Liabilities $10.3M · as at 4 Feb 2022 · per as stated and estimated by the officer (Statement of Affairs, Form 78) · entity - Vertex Downhole Ltd. (unconsolidated) — Form 78 recites the affairs as of '4th day of February 2022' (NOI filing date) though the deemed bankruptcy/assignment occurred 14 July 2022; deficiency reported as $3,817,783.95.
  • Secured creditors $8.97M · Note: Claim is bifurcated per Statement of Affairs: estimated security value $6,717,171.70 covers a portion of the $8,970,163.57 total claim; the balance/deficiency of $2,252,991.87 is listed as an unsecured claim (List 'A', item 37). · Page: 7 · As of: 2022-07-14 · Debtor: Vertex Downhole Ltd. · Creditor: HSBC Bank of Canada · Security: General Security Agreement over business assets: machinery/rental assets, various receivables, inventory, cash at HSBC, intercompany debt due from Vertex Downhole Inc., prepaid expenses, pre-2020 federal tax refund, PPE/fixed assets, intangible assets, 100% shares of Vertex Downhole Inc., and debt due from HPC ME. Total estimated value of security per trustee: $6,717,171.70.
  • Unsecured creditors $30.6K · Page: 3 · As of: 2022-07-14 · Basis: Statement of Affairs List A · Debtor: Vertex Downhole Ltd. · Creditor: Ceramic Technologies Inc.
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Vertex Downhole Ltd.” (Bankruptcy), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/vertex-downhole-bkcy

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Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/vertex-downhole-bkcy

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.