Healthchain Inc. (“HC”) provides software solutions that integrate with existing healthcare management systems and workflows to make outdated technologies and paper-based processes more efficient. On February 28, 2020, HC filed a Notice of Intention to Make a Proposal to its creditors pursuant to subsection 50.4 (1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) and Dodick Landau Inc. was named Proposal Trustee. Pursuant to the provisions of subsection 69 (1) of the BIA a stay of proceedings has been initiated and all proceedings against HC are stayed as of the date of filing of the NOI.
On March 5, 2019, the Court made an order granting, among other things, enhanced powers to the Proposal Trustee and an extension to the stay of proceedings to May 12, 2020 providing HC with additional time to formulate its proposal to its creditors.
HC continues to operate its business in the normal course.