Ontario · NOI
Second Report of the Proposal Trustee of Webooook and First Report of the Proposal Trustee of HongMall Holding, dated August 19, 2025
Court officer report · 19 August 2025
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What we verified from this filing19 verified
- courtOntario Superior Court of Justice
- court file noBK-25-03237660-0031; BK-25-03259653-0031
- provinceOntario
- report date19 August 2025
- report noSecond Report of the Proposal Trustee of Webooook / First Report of the Proposal Trustee of HongMall Holding
- commencement date19 June 2025
- proceeding typeNotice of Intention to Make a Proposal (NOI)
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, Part III, Division I (Notice of Intention proceedings)
- operational summarySince the NOI filing, Webooook has continued its business operations in the ordinary course, engaging with suppliers and service providers, preparing HST/QST filings, negotiating the APA, administering the HongMall User Points Program, and responding to a CRA payroll trust examination request.
- secured creditorsRoyal Bank of Canada (RBC), owed approximately $1.95 million under the RBC Facilities
- financial positionAs of August 8, 2025, Webooook had inventory with a book value of approximately $1.09 million and trade receivables of approximately $120,000.
- receipts cumulativeamount: 3140000 · currency: CAD
- professional feesamount: 186489.87 · currency: CAD · description: Proposal Trustee (EYI) fees and disbursements, June 7 to August 8, 2025; amount: 133984.95 · currency: CAD · description: Proposal Trustee's counsel (Fasken) fees and disbursements, June 17 to August 14, 2025
- cash on handamount: 633 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2025-08-14 · kind: invoice · label: Period · quote: in respect of services rendered to the Trustee for the period from June 17, 2025 to August 14, 2025 (the 'Period' ) · start: 2025-06-17 · approval: state: unstated · averages: rate: 883.21 · quote: at an average hourly rate of $883.21 · currency: · invoices: · firm text: Fasken Martineau DuMoulin LLP · firm quote: I am a partner at the law firm of Fasken Martineau DuMoulin LLP ( 'Fasken' ) · hours total: quote: Fasken incurred total hours of 134.10 at an average hourly rate of $883.21 · value: 134.1 · context quote: legal counsel to Ernst & Young Inc., in its capacity as proposal trustee (in such capacity, the 'Trustee' ) in connection with the Notice of Intention to Make a Proposal (' NOI ') filed by Webooook Information Technology Ltd.
- purchaserCCBond Ltd.; CCBond Ltd.
- recovery outcomeentries: basis: estimated · quote: The Proposal Trustee anticipates funds to remain in the estate after the Distributions and the payments of the ordinary course post-filing payables in accordance with the proposed Webooook Ancillary Order, payment of Webooook's secured indebtedness to RBC in full (the ' Remaining Estate Funds '), with a balance potentially available for distribution to unsecured creditors. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: RBC · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2025-08-19 · table missing:
- sale advisorBright Mega Capital Corporation; Ernst & Young Orenda Corporate Finance Inc.; Ernst & Young Corporate Finance (Canada) Inc.
- sale outcometext: results of the SISP, including a summary of the Auction that was held on July 25, 2025, leading to the APA and share purchase agreement now before the Court for approval · scope: whole_business · status: pending_approval