Nanopay Corporation (“NC”) provides a software payment platform that allows eligible participating businesses to link there NC accounts to a bank account; send and receive invoices; and receive and make payments against those invoices.
On May 19, 2023, NC 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.
A motion brought by NC was heard on June 16, 2023. NC obtained an order for a stay extension, approval of a DIP Term Sheet, DIP Lender’s Charge and appointment of a CRO.
Pursuant to the provisions of subsection 69 (1) of the BIA a stay of proceedings (the “Stay”) has been initiated and all proceedings against NC are stayed as of the date of filing of the NOI.
On August 21, 2023, NC filed a Proposal to its creditors and on August 31, 2023, NC amended the Proposal (“Amended Proposal”). By August 31, 2023, the Proposal Trustee sent to all known creditors a Creditor Package which included a copy of the Amended Proposal, the Proposal Trustee’s Report to the Creditors on the Amended Proposal, as well as blank Proof of Claim form and instructions, proxy form and voting/election form.
On September 11, 2023, at 11:00 a.m. the Proposal Trustee held the first meeting of creditors of NC to consider and vote on the Amended Proposal. At this meeting the creditors voted in favour of the Amended Proposal.
On October 3, 2023, the Court approved the Amended Proposal
Documents
Notice of Intention to Make a Proposal – May 19, 2023
Motion Record – Nanopay Corporation – June 15, 2023
Proposal Trustee’s First Report to Court – Dodick Landau Inc. – June 15, 2023
Court Endorsement – June 16, 2023
Supplement to First Report – Proposal Trustee – June 22, 2023
Court Endorsement-June 23, 2023
Motion Record – Nanopay Corporation – July 31, 2023
Second Report of the Proposal Trustee – July 31, 2023
Cour Order (Stay Extension) – August 1 2023
Court Endorsement – August 1, 2023
Creditor Package – August 31, 2023
Motion Record of the Trustee – Returnable October 3, 2023
Factum – October 3, 2023 Motion
