Quebec · Bankruptcy
Second report of the Trustee to the Court (Original French Version
Court officer report · 23 October 2026
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 filing16 verified
- financial positionnote: Total assets in thousands: 22 055 (short-term 4 839: cash 1 705, tax credits receivable 2 375, other 759; long-term: equipment 571, leasehold improvements 5 058, intangibles 11 587). Liabilities: secured 22 191, unsecured 12 268, total 34 459 (thousands USD). Of the secured amount, 16 724 is long-term debt, 3 850 secured debentures and 1 617 bank loan. Federal government has stated intent to set off amounts owed to the debtor, including the tax credits receivable (~C$1.3M federal and ~C$1.4M provincial receivable at 31 July 2026). · page: 5 · as at: 2026-07-31 · basis: Net book value per the debtor's accounting records; information not audited by the Syndic, which gives no assurance. Syndic's liquidation view: production equipment and leasehold improvements valued at nil or near nil; intangible assets (US$11.6M) value 'marginale' in a forced liquidation, appraisal attempted without success. · scope: Felix & Paul Studios inc. (single entity) · currency: USD · total assets: 22055000 · total liabilities: 34459000
- unsecured creditorsnote: Document names no individual unsecured creditors. Components (USD thousands): créditeurs et frais courus 4 260; revenus reportés 4 874; débentures 1 335 (unsecured portion); obligation relative aux incitatifs à la location reportés 1 799. Deferred revenue and deferred lease incentives are accounting liabilities, not necessarily claims. The Syndic states no distribution to unsecured creditors is expected. · page: 5 · as of: 2026-07-31 · basis: Liabilities classed 'Non-garantie' in the debtor's accounting records at 31 July 2026; not audited by the Syndic · amount: 12268000 · debtor: Felix & Paul Studios inc. · creditor: Unsecured creditors (aggregate per debtor's books) · currency: USD
- secured creditorsnote: Book-value claim in thousands of USD (1 437). Total of the six secured claims stated as about US$22.2M (22 191). · page: 6 · as of: 2026-07-31 · amount: 1437000 · debtor: Felix & Paul Studios inc. · creditor: Société de développement des entreprises culturelles (SODEC) · currency: USD · security: Hypothèques conventionnelles; prétend détenir une sûreté de premier rang. Avis juridique: valides et opposables, sous réserve des hypothèses et réserves usuelles.
- secured creditorsnote: Book-value claim in thousands of USD (2 772). Whether the Avis juridique covers this creditor is not stated. · page: 6 · as of: 2026-07-31 · amount: 2772000 · debtor: Felix & Paul Studios inc. · creditor: Développement économique du Canada · currency: USD · security: Prétend détenir une sûreté de premier rang. Not among the five creditors named in the legal-opinion paragraph (p.7).
- secured creditorsnote: Book-value claim in thousands of USD (3 075). In August 2026 US$0.9M was repaid to National Bank from collection of 2025 federal tax credits, i.e. after the 31 July 2026 balance. · page: 6 · as of: 2026-07-31 · amount: 3075000 · debtor: Felix & Paul Studios inc. · creditor: Banque Nationale du Canada · currency: USD · security: Hypothèques conventionnelles; prétend détenir une sûreté de premier rang. Avis juridique: valides et opposables, sous réserve des hypothèses et réserves usuelles.
- secured creditorsnote: Book-value claim in thousands of USD (5 773). · page: 6 · as of: 2026-07-31 · amount: 5773000 · debtor: Felix & Paul Studios inc. · creditor: Investissement Québec · currency: USD · security: Hypothèques conventionnelles; prétend détenir une sûreté de premier rang. Avis juridique: valides et opposables, sous réserve des hypothèses et réserves usuelles.
- secured creditorsnote: Book-value claim in thousands of USD (2 877). The legal opinion names 'Banque de développement du Canada' among the secured creditors. · page: 6 · as of: 2026-07-31 · amount: 2877000 · debtor: Felix & Paul Studios inc. · creditor: BDC Capital · currency: USD · security: Hypothèques conventionnelles; prétend détenir une sûreté de premier rang. Avis juridique: valides et opposables, sous réserve des hypothèses et réserves usuelles.
- secured creditorsnote: Book-value claim in thousands of USD (6 257). Page 7 names it 'Exportation et développement Canada'. · page: 7 · as of: 2026-07-31 · amount: 6257000 · debtor: Felix & Paul Studios inc. · creditor: Export Development Canada (EDC) · currency: USD · security: Hypothèques conventionnelles; prétend détenir une sûreté de premier rang. Avis juridique du Syndic (Osler): hypothèques valides et opposables, sous réserve des hypothèses et réserves usuelles.
- cash on handnote: Book value per the Debtor's records at July 31, 2026, pre-bankruptcy; not a post-filing estate cash balance. · as at: 2026-07-31 · amount: 1705000 · currency: USD · qualifier: Encaisse et placements a court terme (cash and short-term investments)
- financial positionnote: Amounts in thousands of US dollars. Liabilities: secured 22,191; unsecured 12,268; total 34,459. Total assets 22,055 (short-term 4,839; long-term: equipment 571, leasehold improvements 5,058, intangibles 11,587). · as at: 2026-07-31 · basis: Book value (valeur comptable nette) per the Debtor's accounting records, not audited by the Trustee; the Trustee's own liquidation-value assessments are far lower for several assets (equipment near nil, leasehold improvements nil, intangibles marginal). · scope: Felix & Paul Studios inc. (single entity, the Debtor) · currency: USD · total assets: 22055000 · total liabilities: 34459000
- operational summaryThe Debtor ceased its business operations in mid-August 2026 and laid off nearly all of its roughly 46 employees; only two remained employed as of the bankruptcy and the report date. The Trustee is liquidating assets, including a sale of certain assets to a related party for US$70,000.
- process resultsbids: 4 · note: 99 potential acquirers contacted (76 strategic and 23 auctioneers); 4 equipment visits and 12 meetings; 4 offers received; 2 other offers retained for other assets · as of: 2026-10-09 · solicited: 99
- purchaser18253145 Canada inc.
- report date23 October 2026
- report noDeuxieme rapport
- sale outcometext: Second solicitation process ended; the sole offer for the Actifs Vises came from the related-party Acquereur, whose Proposition de rachat is submitted for court approval under s. 30(5)-(6) BIA. · scope: parcel · status: pending_approval