Ontario · Proposal
First Report of the Proposal Trustee – August 31 2026
Court officer report · 31 August 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing15 verified
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noBK-26-03408761-0031
- provinceONTARIO
- appointeeDodick Landau Inc.
- appointee roleProposal Trustee
- commencement date7 August 2026
- secured creditorsnote: Loan agreement dated January 10, 2025; secured claim assigned to Stalking Horse Bidder (1426994 Ontario Inc.) as of August 26, 2026, forming part of the 'Secured Debt'; approximate amount as stated · page: 6 · as of: NOI filing date · amount: 376500 · debtor: Thoughtwire Corp. · creditor: Hole Medical Inc. · currency: CAD · security: General security agreement registered under PPSA (Ontario) on March 2, 2026
- secured creditorsnote: Related party (individual funder involved in 2024 informal restructuring); loan agreement dated December 30, 2025; secured claim assigned to Stalking Horse Bidder (1426994 Ontario Inc.) as of August 26, 2026, forming part of the 'Secured Debt'; approximate amount as stated · page: 6 · as of: NOI filing date · amount: 435000 · debtor: Thoughtwire Corp. · creditor: Josip Kozar · currency: CAD · security: General security agreement registered under PPSA (Ontario) on March 2, 2026
- secured creditorsnote: Deemed trust/regulatory-type wage claim (accrued and unpaid wages and vacation pay); December 11, 2024 and February 18, 2026 registrations rank prior-in-time to the Secured Creditors' registrations; priority of the July 21, 2026 registration relative to Secured Creditors is under legal review; Stalking Horse Agreement conditions termination right if priority portion exceeds $100,000 (see related Stalking Horse Agreement, PDF p.33) · page: 6 · as of: 2026-08-25 · amount: 700000 · debtor: Thoughtwire Corp. · creditor: His Majesty in Right of Ontario (Minister of Finance, on behalf of Ministry of Labour, Immigration, Training and Skills Development) - MOL Claim · currency: CAD · security: PPSA registrations: December 11, 2024 for $6,078; February 18, 2026 for $97,919; July 21, 2026 for $698,518 (aggregate approx. $700,000 per PPSA search dated August 25, 2026)
- unsecured creditorsnote: Stated as a floor ('at least'); Crown priority payable / deemed trust class · page: 7 · as of: NOI filing date · basis: Company-reported figure: 'it owes at least $51,248.00' · amount: 51248 · debtor: Thoughtwire Corp. · creditor: Crown - unpaid employee source deductions · currency: CAD
- unsecured creditorsnote: Preferred/wage claim; eleven former employees also made claims through MOL, which registered PPSA security (see secured creditors - MOL Claim); employees may also have unfiled/uncalculated termination or severance claims · page: 7 · as of: early 2026 · basis: Reported by Proposal Trustee as approximate accumulated unpaid wages and vacation pay · amount: 455000 · debtor: Thoughtwire Corp. · creditor: Former employees (accrued and unpaid wages and vacation pay) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors · page: 7 · as of: NOI filing date · basis: Stated by Proposal Trustee as approximate total owed primarily to trade creditors and former employees · amount: 2200000 · debtor: Thoughtwire Corp. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- purchaser1426994 Ontario Inc.
- sale outcometext: SISP and stalking horse agreement proposed for Court approval, not yet approved as of this report · scope: whole_business · status: pending_approval
- stalking horse1426994 Ontario Inc.