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.
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.
The date at which a Proposal will be made by NC to its creditors is unknown at this time. However, NC intends to make a Proposal to its creditors within six months from the date of filing the NOI. At the time a Proposal is made by NC the Proposal Trustee will send to all known creditors a Creditor Package which will include a copy of the Proposal as well as a blank Proof of Claim form with instructions. At that time there will be a call for claims by the Proposal Trustee.
If you are an employee and wish to assert a claim in the Wage Earner Protection Program (“WEPP”), please note that until NC’s Proposal is known we will not be able to determine whether NC meets the criteria prescribed by section 3.2 of the Wage Earner Protection Program Regulations, SOR/2008-222, pursuant to section 5(5) of the Wage Earner Protection Program Act (Canada), SC 2005, c47, s1. Until then no WEPP submissions are permitted to be made by the Proposal Trustee and, therefore, no employee WEPP applications will be accepted by WEPP. At a later date when NC files its Proposal, we will provide more information on this page as to whether NC’s Proposal meets the necessary criteria, and whether its employees are eligible to make a claim in the WEPP.