Ontario · CCAA
Application Record dated June 5, 2026 - Volume 2 of 2
Application / notice of application · 5 June 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing5 verified
- secured creditorsnote: Listed under 'Secured Creditors' heading of the Service List as at June 5, 2026 (represented by Goodmans LLP); relates to a Loan Purchase Agreement dated May 8, 2026 and Sandton Forbearance Agreement dated May 8, 2026, neither of which is among the reviewed pages; no balance stated in reviewed pages · page: 5 · creditor: Sandton Investments X (Luxembourg) S.À R.L. · currency: CAD
- secured creditorsnote: Listed under 'Secured Creditors' heading of the Service List as at June 5, 2026; also holds a deposit/current account for the Corporate Obligors per the Forbearance Agreement recitals; no balance stated in reviewed pages · page: 5 · creditor: The Bank of Nova Scotia · currency: CAD
- secured creditorsnote: BDC Capital Financing No. 171991-03; no outstanding balance figure stated in reviewed pages. Interest rate amended to Floating Base Rate (7.05%) + 5.00% Variance = 12.05% effective April 4, 2025. Priority Agreement 'Senior Indebtedness' definitional threshold (a cap for priority/subordination purposes, not BDC's own balance) increased from $75,250,000 to $91,000,000 by First Amendment dated March 31, 2025. BDC subordinated/postponed re: VTB debt owed by Paystone Inc. to Steve Levely and 2700715 Ontario Inc. (aggregate $3,260,904.30, face/original amount, not a BDC balance) and re: 2700715 Ontario Inc. preferred shares in Paystone Holdings Inc. ($8,400,000, original consideration, not a balance). BDC's exercise of security enforcement rights was subject to a Payment Standstill demanded by the Senior Agent (Feb 20, 2026) due to continuing Senior Defaults under the Senior Credit Agreement. · page: 27 · debtor: Paystone Inc. · creditor: BDC Capital Inc. (wholly-owned subsidiary of Business Development Bank of Canada) · currency: CAD · security: Postponement/subordination arrangements with the Senior Agent under a Priority Agreement dated Feb 29, 2024 (as amended); guarantee and general security agreement security, including new security added for Ackroo Inc.; corporate guarantors: Paystone Holdings Inc., Atom Growth Inc., Atom Growth (USA), Inc., Ackroo Inc.; personal guarantors: Tarique Al-Ansari and Abdullah Saab (individuals, not companies)
- secured creditorsnote: Revolving Facility (incl. Swingline Facility and Bulge Sub-Facility), limited to Revolving Facility Amount of $1,000,000 (facility limit, distinct from stated outstanding balance); amount stated in Forbearance Agreement dated Feb 11, 2026 as principal and interest outstanding, plus further interest/fees/costs accruing; Existing Defaults occurring/continuing as of forbearance date · page: 114 · as of: 2026-02-09 · amount: 1502790.41 · debtor: Paystone Inc. · creditor: National Bank of Canada, as Administrative Agent for the Lenders (National Bank of Canada, Fédération des Caisses Desjardins du Québec, Royal Bank of Canada) · currency: CAD · security: General security agreement and Supporting Documents over all present and after-acquired property (incl. IP) of Borrower and Corporate Guarantors (Article 12 of Credit Agreement); guaranteed by Paystone Holdings Inc. (Parent Company Guarantees), Atom Growth Inc. (Atom Growth Guarantee/Ackroo Guarantees), Atom Growth (USA), Inc. (Atom Growth US Guarantee)
- secured creditorsnote: Term Facility limited to Total Term Facility Commitment of $90,000,000 (facility limit); amount stated is principal and interest outstanding per Forbearance Agreement dated Feb 11, 2026, plus further interest/fees/costs accruing; Existing Defaults occurring/continuing (missed Term Facility principal payments Jun/Sep/Dec 2025, Bulge Sub-Facility default) as of forbearance date · page: 114 · as of: 2026-02-09 · amount: 89063950.68 · debtor: Paystone Inc. · creditor: National Bank of Canada, as Administrative Agent for the Lenders (National Bank of Canada, Fédération des Caisses Desjardins du Québec, Royal Bank of Canada) · currency: CAD · security: General security agreement and Supporting Documents over all present and after-acquired property (incl. IP) of Borrower and Corporate Guarantors (Article 12 of Credit Agreement); guaranteed by Paystone Holdings Inc., Atom Growth Inc., Atom Growth (USA), Inc.; also secured by joint and several Personal Guarantee of Tarique Al-Ansari and Abdullah Saab (individuals, not companies), limited under the Credit Agreement to a principal limit of $1,000,000 plus interest and costs (increased from an original $500,000 limit)