Quebec · CCAA
2025-09-02 Motion for a Transition Order and Initial Order (in French)
Application / notice of application · 2 September 2025 · French
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 filing3 verified
- financial positionnote: Table (page 8) shows Créanciers garantis: IQ $9,326K (as at Aug 1, 2025) + DEC $1,876K = $11,202K; Créanciers ordinaires: Fournisseurs $7,420K + Avances des actionnaires $822K = $8,241K (Revenu Québec TPS/TVQ/TVH and non-secured vacation pay marked 'À déterminer'/undetermined and excluded); grand total $19,443K. Deemed trusts (source deductions) and 81.3 vacation-pay secured claims also marked 'À déterminer' and excluded from totals. No total-assets figure is stated; only asset items mentioned are IP rights, unclaimed R&D tax credits (~$1,800,000, para 26) and equipment (value under sealed appraisal, Pièce P-12, page 6-7). Separately, per Form 33 filed with the NOI, Starpax admits total creditor claims of $18,102,349.94 (para 31, page 9) — a differently-sourced total, not summed here. · page: 8 · basis: Rapport du Contrôleur proposé - non audités (unaudited summary table) · scope: Starpax Biopharma Inc. (entity only) · currency: CAD · total liabilities: 19443000
- secured creditorsnote: Figure taken from Controller's unaudited summary table (in thousands of $) at page 8; no distinct as-of date stated for this line (contrast with IQ's line, dated Aug 1, 2025). · page: 8 · as of: Rapport du Contrôleur proposé (undated line item in Controller's summary table) · amount: 1876000 · debtor: Starpax Biopharma Inc. · creditor: Développement économique Canada (Agence de développement économique du Canada) ("DEC") · currency: CAD · security: RDPRM-registered security over specific equipment financed by DEC (serialized equipment financing) — classified as PPSA/RDPRM equipment financier (PMSI-class) secured creditor; the only other secured creditor with registered rights against Starpax besides IQ.
- secured creditorsnote: Amount is a floor: document states the debt is 'au moins 9 200 000 $' (at least $9,200,000) as at Aug 31, 2025 per IQ's état de compte (Pièce P-13), 'à parfaire des intérêts courus et à courir ainsi que des frais et ajustements'. Controller's unaudited summary table (page 8) separately shows an IQ secured balance of $9,326,000 as at Aug 1, 2025. IQ is also an equity holder of Starpax (166,667 Class A shares acquired 2021-04-09) — related-party/investor in addition to secured lender. Property insurance naming IQ as beneficiary was cancelled for arrears (para 60(e)). · page: 17 · as of: 2025-08-31 · amount: 9200000 · debtor: Starpax Biopharma Inc. · creditor: Investissement Québec (IQ) · currency: CAD · security: First-ranking movable hypothecs over the universality of Starpax's movable property (excluding equipment specifically financed by DEC). Registered hypothecs (registration ceilings, not balances): $7,000,000 + 20% additional hypothec (executed 2021-04-09, published RDPRM 2021-04-14 no. 21-0374612-0001); $4,384,900 + 20% (executed 2023-03-16, published RDPRM 2023-03-17 no. 23-0307498-0001); $281,300 + 20% (executed 2023-06-14, published RDPRM 2023-06-15 no. 23-0703731-0001); $12,500,000 + 20% (executed 2025-05-13, published RDPRM 2025-05-15 no. 25-0610770-0001).