Ontario · NOI
Second Report of the Proposal Trustee
Court officer report · 18 April 2023
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What we verified from this filing23 verified
- courtSUPERIOR COURT OF JUSTICE
- court file noBK-23-02926549-0031
- appointeeB. Riley Farber Inc.
- appointee roleproposal trustee
- commencement date27 March 2023
- statutory basisSection 50.4 of the Bankruptcy and Insolvency Act
- secured creditorsnote: Ultimate parent company / related party; largest secured creditor, also DIP Lender and stalking horse purchaser; security opinion confirmed by Miller Thomson LLP · page: 37 · as of: NOI filing date (March 27, 2023) · amount: 37317005.95 · debtor: FlexITy Solutions Inc. · creditor: BHG-BC Holdings Ltd. (formerly 1086070 B.C. Ltd.) · currency: CAD · security: Two general security agreements dated August 17, 2016 and July 27, 2018; registered financing statements against Solutions in Ontario and Manitoba
- secured creditorsnote: Related party (ultimate parent); guarantee obligation, amount not separately stated for Holdings · page: 38 · as of: NOI filing date (March 27, 2023) · debtor: FlexITy Holdings Inc. · creditor: BHG-BC Holdings Ltd. · currency: CAD · security: General security agreement dated August 17, 2016, securing Holdings' guarantee (dated August 17, 2016) of Solutions' obligations to BHG; registered financing statement against Holdings in Ontario
- secured creditorsnote: Aggregated serialized-equipment/supplier financiers per PPSA search; amounts owed unknown or nil as noted individually · page: 38 · as of: NOI filing date (March 27, 2023) · debtor: FlexITy Solutions Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations by Cisco ($0.00), Ingram ($0.00), Dell Financial Services Canada Limited (unknown), Pathway Communications (unknown)
- secured creditorsnote: PPSA registrant against Solutions · page: 38 · as of: NOI filing date (March 27, 2023) · amount: 10000 · debtor: FlexITy Solutions Inc. · creditor: RCAP Leasing Inc. · currency: CAD · security: PPSA registration; printer lease
- secured creditorspage: 39 · as of: NOI filing date (March 27, 2023) · amount: 500000 · debtor: FlexITy Holdings Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Cash deposit/collateral securing letter of credit issued to the City of Winnipeg; registered financing statement against Holdings in Ontario
- unsecured creditorsnote: Landlord arrears (Toronto office lease); debt to be assumed by Supra under Supra APA · page: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 573574.18 · debtor: FlexITy Solutions Inc. · creditor: Allied Properties · currency: CAD
- unsecured creditorsnote: Five largest creditors itemised separately below; document also references NOI list of creditors with claims over $250 (Appendix A, not reproduced here) · page: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 1977299.66 · debtor: FlexITy Solutions Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorspage: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 223333.2 · debtor: FlexITy Solutions Inc. · creditor: Hay & Watson Chartered Professional Accountants · currency: CAD
- unsecured creditorspage: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 130344.14 · debtor: FlexITy Solutions Inc. · creditor: Synnex Canada Limited · currency: CAD
- unsecured creditorspage: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 107232.66 · debtor: FlexITy Solutions Inc. · creditor: Infrastructure Interior Design · currency: CAD
- unsecured creditorspage: 39 · as of: NOI filing date (March 27, 2023) · basis: Creditor list as reported in the Second Report · amount: 88845.12 · debtor: FlexITy Solutions Inc. · creditor: Groupe Conseil FXInnovation Inc. · currency: CAD
- unsecured creditorsnote: Promissory note arising from a related-party transaction in 2021 (Holdings' acquisition of Telco Assets from Solutions); related-party debt · page: 40 · as of: NOI filing date (March 27, 2023) · basis: Only unsecured creditor of Holdings per PPSA searches, as reported in the Second Report · amount: 8100000 · debtor: FlexITy Holdings Inc. · creditor: FlexITy Solutions Inc. · currency: CAD
- closing confirmedscope: the transaction contemplated by the Supra APA · outcome: completed · effective: 2023-04-06 · purchaser: Supra Canada Technologies Limited · date basis: stated · approval order date: 2023-04-04
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 565.99 · quote: average hourly rate in respect of time as outlined in Appendix A is $565.99. · currency: · invoices: · firm text: B. Riley Farber Inc. · firm quote: SECOND REPORT OF B. RILEY FARBER INC., IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF FLEXITY SOLUTIONS INC. AND FLEXITY HOLDINGS INC. · context quote: SECOND REPORT OF B. RILEY FARBER INC., IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF FLEXITY SOLUTIONS INC. AND FLEXITY HOLDINGS INC.; form: rate_chart · rows: · money: approximate: false · period: end: 2023-04-14 · kind: invoice · quote: FOR THE PERIOD OF FEBRUARY 2 2 , 2023 TO APRIL 14, 2023 · start: 2023-02-22 · approval: state: unstated · averages: rate: 565.99 · quote: Average hourly rate | col11: $565.99 · currency: · invoices: fees: 18905.1 · quote: the period of February to March in the total amount of $18,905.10, an invoice for; fees: 9605.45 · quote: FSI for the period of April to April in the total amount of $9,605.45, and an invoice for; fees: 3141.29 · quote: FHI for the period of April to April in the total amount of $3,141.29. · firm text: Miller Thomson LLP · firm quote: BILLING RATES OF MILLER THOMPSON LLP FOR THE PERIOD OF FEBRUARY 2 2 , 2023 TO APRIL 14, 2023 · context quote: BILLING RATES OF MILLER THOMPSON LLP FOR THE PERIOD OF FEBRUARY 2 2 , 2023 TO APRIL 14, 2023
- purchaserSupra Canada Technologies Limited; BHGBC Holdings Ltd.
- sale outcometext: Sale Process for the Remaining Assets, stalking horse bid pending auction/approval motion · scope: parcel · status: process_approved
- stalking horseBHG-BC Holdings Ltd. (11100000)