MaxSold Incorporated (“MaxSold”) is an online auction marketplace specializing in estate sales, downsizing and inventory liquidations. MaxSold connects sellers to an existing pool of interested bidders and buyers and market’s the auction to new potential buyers on digital platforms, and generates interest among local bidders through newsletters and social channels.
On February 15, 2024, MaxSold 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.
On March 14, 2024, Maxsold motioned the Court for an order to extend the time to file a proposal up to and including April 30, 2024, approve a sale and investment solicitation process and grant an administrative charge. The order was granted by the Court on March 14, 2024 and a stalking horse sale and investment solicitation process immediately commenced.
On April 25, 2024, the Court made the order to approve the sale of the assets of Maxsold to the stalking horse bidder and made an order to vest in the purchaser all of the Company’s right, title, benefit and interest in and to the purchased assets free and clear of all encumbrances and assigned certain agreements to the purchaser. At the time of the sale Maxsold changed its name to 12729121 Canada Inc. (“127”).
As there were insufficient proceeds from the sale of the assets to the purchaser to make a Proposal to 127’s creditors, 127 was deemed to have made an assignment into bankruptcy on January 26, 2024 and the meeting of creditors took place on February 15, 2024.
Documents
Certificate of Filing NOI – February 15, 2024
Creditor Package – February 21, 2024
Motion Record – Applicant – March 11, 2024
First Report of the Proposal Trustee – March 12, 2024
Court Order – Approval of Sale Process, Administrative Charge and Stay Extension- March 14, 2024
Sale Process – Teaser – March 14, 2023
MaxSold – Sales Process Confidentiality Agreement
Motion Record – Applicant – April 19, 2024
Factum of the Applicant – April 23, 2024
Second Report of the Proposal Trustee – April 23, 2024
Supplemental Motion Record – Applicant – April 24, 2024
Court Order – Assignment, Approval and Vesting Order – April 25, 2024
Ancillary Court Order – April 25, 2024