Yappn Canada Inc.
- Proceeding
- ProposalSection 51 (1) of the Bankruptcy and Insolvency Act (Canada)
- File
- 31-2447514
Yappn Canada Inc. is proceeding under a Division I proposal under the Bankruptcy and Insolvency Act. The company's Statement of Affairs, sworn November 23, 2018, lists secured claims of $10,471,261 owed to 24 individual Debenture Holders under a July 15, 2015 subscription agreement, for which Winterberry Investments Inc. acts as collateral agent under a December 23, 2015 PPSA registration; a Security Opinion obtained by the Proposal Trustee on November 2, 2018 confirmed that security as validly perfected and enforceable. The same Statement of Affairs reports 46 unsecured creditors owed $7,536,698 in aggregate and no preferred creditors. An earlier, unaudited entity-only balance sheet as at May 31, 2018 showed total assets of $3,484,838 against total liabilities of $15,318,611, on a different basis than the SOA's liquidation-value asset estimate of $6,655,824 excluding $34,625 in accounts receivable.
Motion Record of the Proposal Trustee (returnable December 21, 2018) was filed. Court file 31-2447514.
Source: Motion Record of the Proposal Trustee (returnable December 21, 2018)
Proposal Trustee’s Notice of Proposal to Creditors dated November 23, 2018 — Notice to creditors
Debtor
Yappn Canada Inc.
Proposal trustee
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hainey | Ontario Superior Court of Justice | 2 orders, Dec 2018 | 211 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeAlbert Gelman | Torkin Manes LLP | 21 Dec 2018 | Order · 21 Dec 2018 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Winterberry Investments Inc., as Agent (collateral agent for 24 individual Debenture Holders under a subscription agreement dated July 15, 2015)PPSA registration dated December 23, 2015 against Inventory, Equipment, Accounts, Other, Motor Vehicles; blanket security under debenture subscription agreement dated July 15, 2015 — Amount is the SOA-stated total for the 24 secured creditors (the individual Debenture Holders, each listed on the SOA but not named in this document); Winterberry acts solely as collateral agent, not the beneficial creditor. Proposal Trustee obtained a Security Opinion dated November 2, 2018 confirming the security is validly perfected and enforceable. — debtor: Yappn Canada Inc. · as of 23 Nov 2018 | $10.5M | Proposal Trustee’s Notice of Proposal to Creditors dated November 23, 2018 |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution.Under the plan · sanctionedCourt Order of Justice Hainey · 21 Dec 2018
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | — | — | paid in full | Under the plansanctionedper the court | Court Order of Justice Hainey · 21 Dec 2018 |
| Unsecured | — | — | a distributionconditional | Under the plansanctionedper the court | Court Order of Justice Hainey · 21 Dec 2018 |
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.
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Court Order of Justice Hainey dated December 21, 2018
| PDF · Subscribers | |
Endorsement of Justice Hainey dated December 21, 2018
| PDF · Subscribers | |
Motion Record of the Proposal Trustee (returnable December 21, 2018)
| PDF · Subscribers | |
Proposal Trustee’s Notice of Proposal to Creditors dated November 23, 2018
| 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., “Yappn Canada Inc.” (Proposal), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/yappn-canada-inc