Ontario · Bankruptcy
Creditor's Package
Meeting materials · 6 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 filing15 verified
- court file no31-3432652
- appointeeMNP Ltd.
- appointee roletrustee
- commencement date5 October 2026
- provinceOntario
- financial positionnote: Estimated realizable value of assets is $4.00 total (nominal $1.00 placeholders for cash, furniture and two intangible-asset lines). Book values noted in details are not realizable values: intangible assets $90,731,926.60, investment in Jewlr $52,017,398.77, PP&E $367.19. Stated deficiency $44,511,844.75. Liabilities: secured $1.00, preferred $0.00, unsecured $44,511,847.75, contingent/trust $0.00. Stated reason for financial difficulty: lack of working capital/funding. · page: 4 · as at: 2026-10-01 · basis: Form 78 Statement of Affairs sworn by director Richard Nathan on October 1, 2026; assets and liabilities 'as stated and estimated by bankrupt'. Not audited or verified by the trustee. · scope: Safyre Labs Inc. (single entity, corporate bankruptcy) · currency: CAD · total assets: 4 · total liabilities: 44511848.75
- secured creditorsnote: Nature: bank loan except real property mortgage, given/incurred 15-Nov-2021. Form 78 shows $1.00 as secured and an estimated deficit from security of $17,069,417.35; the balance of $17,069,417.35 is the unsecured portion. Statement of Affairs is as stated by the bankrupt, not proven by the trustee. · page: 6 · as of: 2026-10-01 · amount: 17069418.35 · debtor: Safyre Labs Inc. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: Form 78 lists a total claim of $17,069,418.35 against asset securing liability '101' (Cash on hand); security value stated as $1.00
- unsecured creditorsnote: Accounts payable; creditor located in Cleveland, Ohio, USA. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 7763.84 · debtor: Safyre Labs Inc. · creditor: Tucker Ellis LLP · currency: CAD
- unsecured creditorsnote: Accounts payable, given/incurred 09-Aug-2024. Amount of $1.00 appears to be a placeholder value rather than an actual balance. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 1 · debtor: Safyre Labs Inc. · creditor: Xerox Canada Ltd. · currency: CAD
- unsecured creditorsnote: Accounts payable; creditor located in Arizona, USA. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 280357.08 · debtor: Safyre Labs Inc. · creditor: SADA Systems, Inc. · currency: CAD
- unsecured creditorsnote: Lease liability; same address (100 Scarsdale Road, Don Mills) and identical amount as Glen-5000 Dufferin Limited, possibly the same lease obligation listed twice (not stated in the document). · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 316947.31 · debtor: Safyre Labs Inc. · creditor: The Saltsman Family Holdings Limited · currency: CAD
- unsecured creditorsnote: Lease liability. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 316947.31 · debtor: Safyre Labs Inc. · creditor: Glen-5000 Dufferin Limited · currency: CAD
- unsecured creditorsnote: Accounts payable, stated as USD 1,294,518.87 and CAD 1,938,045.86 (total as listed $3,782,068.57). · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 3782068.57 · debtor: Safyre Labs Inc. · creditor: 6888887 Canada Inc. · currency: CAD
- unsecured creditorsnote: Promissory note. Safyre's assets list 'Investment in Jewlr' (book value $52,017,398.77), suggesting a related party or affiliate; the document does not state the relationship. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt · amount: 22738345.29 · debtor: Safyre Labs Inc. · creditor: Jewlr Holdings Inc. · currency: CAD
- unsecured creditorsnote: Same debt as the CIBC secured entry; bifurcated secured/unsecured by the estimated value of security. · page: 6 · as of: 2026-10-01 · basis: Form 78 Statement of Affairs as stated by the bankrupt; total claim $17,069,418.35 less $1.00 secured (deficit from security) · amount: 17069417.35 · debtor: Safyre Labs Inc. · creditor: CIBC (unsecured portion of bank loan) · currency: CAD