Alberta · NOI

First Report of The Proposal Trustee

Court officer report · 25 September 2025

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What we verified from this filing32 verified

applicantMNP LTD. and APARTMENTLOVE INC.
courtCOURT OF KING’S BENCH OF ALBERTA
court file no25-3268304
appointeeMNP Ltd.
appointee roleproposal trustee
commencement date3 September 2025
statutory basisSection 50.4 of the Bankruptcy and Insolvency Act
financial positionnote: Only partial asset components are stated, with no total assets or total liabilities figure given: cash on hand ~$700 (p.7), accounts receivable book value ~$16,000 (p.7), and intangible assets including goodwill net book value ~$749,000 (p.8); the Company's principal assets (its internet listing websites) are not separately valued. Liability components stated separately include CRA source deductions ~$5,000 (p.8), convertible debentures ~$3.67 million (p.8), and unsecured creditors ~$2.98 million (p.8); no consolidated total is provided and none is computed here per reporting rules. · page: 7 · as at: 2025-09-03 · basis: Book value / management-provided figures reviewed (not audited or verified) by the Proposal Trustee based on the Company's books and records · scope: ApartmentLove Inc. (entity level) · currency: CAD
unsecured creditorsnote: Deemed trust / priority payable class (source deductions); GST owing is reported as $Nil · page: 8 · as of: 2025-09-03 · basis: Reported by the Proposal Trustee as owing to CRA as at the Filing Date based on the Company's books and records; confirmed as a $5,000.00 priority payable in Schedule 'F' to the 272 APA (original p.74) · amount: 5000 · debtor: ApartmentLove Inc. · creditor: Canada Revenue Agency · currency: CAD
unsecured creditorsnote: Same amount ($351,173) also appears as an Assumed Liability for 'Gowling WLG (Canada) LLP' in Schedule 'D' to the 272 APA (original p.72) · page: 8 · as of: 2025-09-03 · basis: Listed by the Proposal Trustee as one of the five largest of APLV's unsecured claims as at the Filing Date · amount: 351173 · debtor: ApartmentLove Inc. · creditor: Gowling WLG · currency: CAD
unsecured creditorsnote: A near-identical amount ($172,826, as 'Genyc Payables') appears as an Assumed Liability in Schedule 'D' to the 272 APA (original p.72) · page: 8 · as of: 2025-09-03 · basis: Listed by the Proposal Trustee as one of the five largest of APLV's unsecured claims as at the Filing Date · amount: 172827 · debtor: ApartmentLove Inc. · creditor: Genyc Systems Inc. · currency: CAD
unsecured creditorspage: 8 · as of: 2025-09-03 · basis: Listed by the Proposal Trustee as one of the five largest of APLV's unsecured claims as at the Filing Date · amount: 158285 · debtor: ApartmentLove Inc. · creditor: Netoptimize · currency: CAD
unsecured creditorspage: 8 · as of: 2025-09-03 · basis: Listed by the Proposal Trustee as one of the five largest of APLV's unsecured claims as at the Filing Date · amount: 126738 · debtor: ApartmentLove Inc. · creditor: RSM Canada LLP · currency: CAD
unsecured creditorsnote: Amount and validity of this claim disputed by APLV per the Davidson Affidavit. APLV's total unsecured claims are reported at approximately $2.98 million as at the Filing Date; this and the following four entries are described as the five largest of that total · page: 8 · as of: 2025-09-03 · basis: Listed by the Proposal Trustee as one of the five largest of APLV's unsecured claims (per the Company's creditor list) as at the Filing Date · amount: 1500000 · debtor: ApartmentLove Inc. · creditor: GEM Yield Bahamas Limited and GEM Global Yield LLC SCS · currency: CAD
unsecured creditorsnote: Debentures totalling approximately $3.06 million were issued in December 2022; the $3.67 million figure includes accrued interest as at the Filing Date; the document does not state whether the debentures are secured, so they are treated here as unsecured absent contrary evidence · page: 8 · as of: 2025-09-03 · basis: Reported by the Proposal Trustee based on the Company's books and records as at the Filing Date · amount: 3670000 · debtor: ApartmentLove Inc. · creditor: Convertible debenture holders · currency: CAD
secured creditorsnote: Related party: 2720842 Alberta Ltd. was incorporated by a group of APLV shareholders and is also the purchaser under the 272 APA/272 Transaction; Interim Facility was provided under a letter loan agreement dated August 19, 2025 to fund the Vendor's professional and other costs in the NOI Proceeding; the Company's 13-week cash flow forecast (page 31) projects a $125,000 interim financing advance, which may approximate but is not confirmed as the outstanding Interim Indebtedness balance · page: 35 · as of: 2025-08-19 · debtor: ApartmentLove Inc. · creditor: 2720842 Alberta Ltd. (272 AB Ltd.) · currency: CAD · security: General Security Agreement (GSA) dated August 19, 2025 granting a first priority security interest over all present and after-acquired personal property of the Vendor, securing the Interim Facility (Interim Indebtedness); no dollar balance of the Interim Indebtedness is stated in the document
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 2575 · debtor: ApartmentLove Inc. · creditor: Moretown · currency: CAD
unsecured creditorsnote: Same amount as the 'Gowling WLG' unsecured claim reported at original p.8 · page: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 351173 · debtor: ApartmentLove Inc. · creditor: Gowling WLG (Canada) LLP · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA (Appendix D to the First Report), which totals $4,103,394 across all listed creditors · amount: 31030 · debtor: ApartmentLove Inc. · creditor: Leon Brener Law · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 82500 · debtor: ApartmentLove Inc. · creditor: Brandy Creek Payables · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 10000 · debtor: ApartmentLove Inc. · creditor: Brandy Creek Payments to Martina Gezic · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 2543475 · debtor: ApartmentLove Inc. · creditor: Canaccord Genuity · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 10100 · debtor: ApartmentLove Inc. · creditor: Deborah Macpherson · currency: CAD
unsecured creditorsnote: Near-identical to the $172,827 unsecured claim of 'Genyc Systems Inc.' reported at original p.8 · page: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 172826 · debtor: ApartmentLove Inc. · creditor: Genyc Payables · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 50000 · debtor: ApartmentLove Inc. · creditor: Graham Saunders · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 435840 · debtor: ApartmentLove Inc. · creditor: Ian Godfrey · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 34720 · debtor: ApartmentLove Inc. · creditor: Minette Stante · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 23835 · debtor: ApartmentLove Inc. · creditor: Robert Wilson · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 237600 · debtor: ApartmentLove Inc. · creditor: Sano Stante Real Estate Inc · currency: CAD
unsecured creditorspage: 72 · as of: 2025-09-23 · basis: Listed as an Assumed Liability in Schedule 'D' to the 272 APA · amount: 117720 · debtor: ApartmentLove Inc. · creditor: Shawn Louttit · currency: CAD
purchaser2720842 Alberta Ltd.
sale outcometext: Proposal Trustee's support for approval of the sale and vesting order respecting the 272 Transaction · scope: whole_business · status: pending_approval