Ontario · CCAA
Motion Record of the Defendant, Synaptive Medical Inc. – Volume 2 of 2 – dated October 21, 2026
Application / notice of application · 21 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 filing10 verified
- secured creditorsnote: Listed on the Service List only as 'PPSA Registrant'; no amounts, collateral or priority stated on these pages. · page: 9 · debtor: Synaptive Medical Inc. · creditor: PPSA registrants on Service List (De Lage Landen Financial Services Canada Inc.; Hewlett-Packard Financial Services Canada Company; Constantine Zachos; Royal Bank of Canada) · currency: CAD · security: PPSA registrations
- unsecured creditorsnote: Statutory super-priority (preferred) claims, estimate only; paid ahead of the Senior Note from the Proceeds. · page: 48 · basis: Receiver's estimate of the section 81.4 BIA super-priority amount owing to former employees · amount: 116409 · debtor: Synaptive Medical Inc. · creditor: Employees with BIA s. 81.4 priority claims · currency: CAD
- secured creditorsnote: Principal $1,000,000 plus accrued interest at 8.00% p.a. compounded daily. Under the Subscription Agreement, amounts secured by this charge are surrendered/forgiven by the Purchaser at closing as a credit bid. Post-filing receivership financing. · page: 49 · amount: 1000000 · debtor: Synaptive Medical Inc. · creditor: Receiver's Second Borrowings Charge — Certificate No. 2 (Stalking Horse Bidder, 1001599818 Ontario Inc.) · currency: CAD · security: Receiver's Second Borrowings Charge (court-ordered), ranking third (after Receiver's Charge and First Borrowings Charge); authorized up to $1,000,000
- secured creditorsnote: Amount is the stated principal only; the Receiver states EDC will receive the principal plus accrued interest as calculated under the Senior Note — accrued interest not quantified in these pages. No as-at date stated for the principal. · page: 49 · amount: 6000000 · debtor: Synaptive Medical Inc. · creditor: Export Development Canada (EDC) — Senior Note · currency: USD · security: Senior secured promissory note, principal US$6 million; security opinion obtained from McMillan LLP on validity and enforceability of the security (per First Report)
- secured creditorsnote: Principal $100,000 plus accrued interest at 8.00% p.a. compounded daily from issuance. Post-filing receivership financing, not a pre-filing debt. · page: 49 · amount: 100000 · debtor: Synaptive Medical Inc. · creditor: Receiver's First Borrowings Charge — Certificate No. 1 (EDC) · currency: CAD · security: Receiver's First Borrowings Charge (court-ordered super-priority charge), ranking second after the Receiver's Charge; charge authorized up to $400,000, $100,000 borrowed
- secured creditorsnote: Aggregate amount not stated on these pages. Receiver expects only partial recovery for Junior Noteholders after super-priority amounts, receivership charges and the Senior Note are paid. Claims to be fixed via a negative notice claims process (bar date August 5, 2026), so claim amounts are not yet determined. EDC holds one of the Junior Notes (the 'EDC Junior Note') in addition to the Senior Note. · page: 50 · debtor: Synaptive Medical Inc. · creditor: Junior Noteholders (47 subordinated secured promissory notes, issued June 2025; includes EDC's Junior Note) · currency: CAD · security: 47 subordinated secured promissory notes issued June 2025; security opinion obtained from McMillan LLP
- secured creditorsnote: Disputed/under review: validity and enforceability not yet determined by the Receiver; $133,177.51 holdback proposed pending resolution. · page: 51 · amount: 133177.51 · debtor: Synaptive Medical Inc. · creditor: Heritage Property Investments Inc. (contractor lien claim) · currency: CAD · security: Asserted lien claim in respect of Synaptive's leased premises (repair and renovation work)
- unsecured creditorsnote: Asserted by HCS, not validated by the Receiver. HCS also claims the BuildNS Funds ($302,742.72), which the Receiver understands to be trust funds not forming part of the estate; segregated pending direction from the Court. · page: 51 · basis: Claim as advised by HCS's counsel (Wishart Law Firm LLP): 'approximately $1 million' unpaid for work on the MRI Project · amount: 1000000 · debtor: Synaptive Medical Inc. · creditor: Health Care Solutions Inc. (general contractor, MRI Project, Nova Scotia) · currency: CAD
- secured creditorsnote: 'Approximately $30,000' balance of repayments, per the document. Receiver and CAFO reached a resolution on confidential terms keeping policies in place. · page: 58 · amount: 30000 · debtor: Synaptive Medical Inc. · creditor: CAFO Inc. (insurance premium finance) · currency: CAD · security: Assignment of unearned insurance premiums and power of attorney to cancel policies and collect them
- unsecured creditorsnote: Policies confirmed in force; Receiver working with broker and carriers to manage payments. · page: 58 · basis: Receiver reports Synaptive owes outstanding premiums for certain property insurance; amount not stated · debtor: Synaptive Medical Inc. · creditor: Insurers (outstanding property insurance premiums) · currency: CAD