Ontario · CCAA
Application Record (Part 1), returnable November 5, 2024
Application / notice of application · 4 November 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing4 verified
- secured creditorsnote: Demand Letter and Notice of Intention to Enforce Security issued by BDC dated October 15, 2024 (Exhibit K) referenced but no dated outstanding balance appears in reviewed pages; BDC's security interest in SR&ED tax-credit proceeds (the 'Specific Collateral') is subordinated in priority to ESFC Funding Co., LLC's security interest in that same collateral pursuant to an Intercreditor Agreement dated October 12, 2021 · page: 13 · debtor: Innovere Medical Inc. · creditor: BDC Capital Inc. · currency: CAD · security: General Security Agreement over all present and after-acquired personal property, Assignment of Insurance, Assignment of Patents, and Assignment of Trade-marks, all dated August 6, 2021; original Letter of Offer facility comprised Tranche 1 $2,000,000, Tranche 2 $750,000, Tranche 3 $250,000 (total facility limit $3,000,000, not a balance)
- secured creditorsnote: Stated as 'approximately $332,122' as of September 30, 2024; advances of $144,000 (Sept 25, 2023) and $152,000 (Jan 4, 2024) made under the facility · page: 13 · as of: 2024-09-30 · amount: 332122 · debtor: Innovere Medical Inc. · creditor: ESFC Funding Co., LLC · currency: CAD · security: Security interest in all present and after-acquired personal property of the Applicant granted under SR&ED Facility Agreement dated September 22, 2023; security interest in proceeds from SR&ED tax credits ranks in priority to BDC Capital Inc.'s security interest in that collateral per Intercreditor Agreement dated October 12, 2021
- secured creditorsnote: Deemed trust class; arrears amount per CRA letter dated February 6, 2024; Applicant states it has been unable to ascertain what this amount relates to despite diligent efforts · page: 43 · as of: 2024-02-06 · amount: 45482.39 · debtor: Innovere Medical Inc. · creditor: Canada Revenue Agency · currency: CAD
- financial positionnote: Only the liabilities portion of the balance sheet appears in the reviewed pages (Total Current Liabilities $4,839,573; Non-current Liabilities $4,775,691); total assets figure not shown in reviewed excerpt · page: 50 · as at: 2024-10-28 · basis: Balance sheet of the Applicant (Exhibit "HHH"), book value, unaudited · scope: Entity-level (Innovere Medical Inc., unconsolidated) · currency: CAD · total liabilities: 9615264