Ontario · Proposal
First Report of the Proposal Trustee
Court officer report · 12 March 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 filing6 verified
- secured creditorsnote: Following default, NBC demanded payment and issued Notice of Intention to Enforce Security under s.244(1) BIA on February 9, 2024. $5,000,000 figure is facility limit, not balance. · page: 12 · as of: 2024-01-31 · amount: 3134891.92 · debtor: MaxSold Incorporated · creditor: National Bank of Canada · currency: CAD · security: General security agreement over all present and future personal property, registered under Ontario PPSA; Loan and Security Agreement dated March 16, 2022, as amended October 31, 2023, aggregate maximum principal amount $5,000,000
- unsecured creditorsnote: 43 employees; includes approximately $63,000 representing super-priority claims under s.60(1.3)(a) BIA; preferred/priority claim class · page: 12 · as of: 2024-02-15 · basis: Reported by Proposal Trustee as of the NOI filing date · amount: 213000 · debtor: MaxSold Incorporated · creditor: Employees (unpaid vacation pay) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors; approximate figure stated · page: 13 · as of: 2024-02-15 · basis: Reported by Proposal Trustee as of the date of the NOI · amount: 950000 · debtor: MaxSold Incorporated · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- purchaser1000822913 Ontario Inc.
- sale outcometext: The SISP involves a stalking horse bid that will be marketed for approximately 30 days to determine if there are any better bids for the Assets, or offers to invest. · scope: whole_business · status: process_approved
- stalking horse1000822913 Ontario Inc. (750000)