Ontario · NOI
Motion Record Returnable October 9, 2025
Application / notice of application · 9 October 2025
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What we verified from this filing13 verified
- commencement date6 October 2025
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noBK-25-03277756-0032
- applicantScarsin Corporation
- appointeeKPMG Inc.
- appointee roleProposal Trustee
- secured creditorsnote: Deemed trust claim; per affidavit 'to the best of my knowledge, the Company owes approximately $300,000 in source deductions' - approximation, no precise date given · page: 21 · amount: 300000 · debtor: Scarsin Corporation · creditor: Canada Revenue Agency (source deductions) · currency: CAD
- secured creditorsnote: Amount of indebtedness not stated · page: 22 · debtor: Scarsin Corporation · creditor: Dell Financial Services Canada Limited · currency: CAD · security: PPSA registration re: lease of computer equipment
- secured creditorsnote: Amount of indebtedness not stated · page: 22 · debtor: Scarsin Corporation · creditor: Citibank Europe PLC · currency: CAD · security: Security over accounts receivable in connection with the Company's supplier agreement with Johnson & Johnson
- secured creditorsnote: Related party: sole director and President of the Company, and proposed DIP Lender. Pre-filing secured claim amount not specified; affidavit notes he deferred approximately $172,000 of salary (Sept 2024-Sept 2025) and loaned the Company approximately $75,000 in 2024, plus additional personal funds advanced under the September 15, 2025 GSA · page: 22 · debtor: Scarsin Corporation · creditor: Paul Minshull · currency: CAD · security: Grid promissory note and General Security Agreement dated September 15, 2025
- secured creditorsnote: Priority Agreement subordinates BDC Capital Inc.'s security interest to Royal Bank of Canada's; BDC's underlying security instrument and outstanding amount are not disclosed in these pages · page: 34 · debtor: Scarsin Corporation · creditor: BDC Capital Inc. · currency: CAD · security: Party to a Priority Agreement dated February 24, 2017 with Royal Bank of Canada and Scarsin Corporation, registered under the PPSA (Ontario)
- secured creditorsnote: Senior secured creditor; issued demand letter and Notice of Intention to Enforce Security (Form 86 NITES) dated September 16, 2025, expiring September 26, 2025; exact balance per NITES/demand letter breakdown (Royal Credit Line principal $65,000 + accrued interest $218.40; Credit Card #4221 principal $119,917.37; Credit Card #2383 principal $7,723.48); Notice of Motion approximates the same figure as 'approximately $192,859.25' · page: 34 · as of: 2025-09-12 · amount: 192859.25 · debtor: Scarsin Corporation · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated December 23, 2013, registered under the Personal Property Security Act (Ontario), reference file no. 692745624; senior secured creditor over all classes of collateral except consumer goods
- financial positionnote: Balance sheet shows Total Current Liabilities $743,030 and Total Long Term Liabilities $13,488,646 (including Class A/B/C Special Shares of $12,036,000/$945,000/$100 treated as long-term liabilities), summing to Total Liabilities $14,231,676. Affidavit and Notice of Motion separately state approximate current assets of $8,424 and current liabilities of $743,030 as at the same date (consistent with balance sheet's current-only figures). Affidavit paragraph 19 also states 'the secured and unsecured liabilities of the Company are approximately $1,216,800.00' - a narrower approximation of debt-like liabilities, inconsistent with (and much smaller than) the full balance-sheet Total Liabilities figure, likely excluding the Special Shares treated as liabilities. · page: 45 · as at: 2025-08-31 · basis: unaudited balance sheet (described in affidavit as the Company's 'most recent unaudited balance sheet') · scope: Scarsin Corporation, entity-level (non-consolidated) · currency: CAD · total assets: 111757 · total liabilities: 14231676