Overview
On June 5, 2024, Cloud Diagnostics Canada ULC. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act R.S.C., 1985, c. B-3 (“BIA”) and Crowe MacKay & Company consented to act as Licensed Insolvency Trustee under the Proposal.
Pursuant to subsection 50.4(8) of the BIA, the initial stay period under the NOI proceeding is from June 5, 2024 to July 5, 2024 unless the period is extended by the Court upon application by the Company. During this period, the Trustee will monitor the business of the Company and assist the Company in preparing its Proposal.
On or around June 14, 2024, the Company made an application to Court to approve, among other things, the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal to July 29, 2022, an administration charge, and the approval of interim financing and the related interim financing charge. An order was granted by the Court on June 14, 2024.
On or around June 18, 2024, the Company made an application to Court to approve the proposed sale and investment solicitation process (the “SISP”) of the business and/or assets of the Company. An Order was granted by the Court on June 21, 2024.
On August 15, 2024, the Court granted a second extension (the “Second Extension”) of the stay of proceedings and deadline to file a proposal to October 3, 2024. On September 13, 2024, the Court granted a third extension (the “Third Extension”) of the stay of proceedings and deadline to file a proposal to November 5, 2024.
On November 1, 2024, the Company filed a notice of motion seeking an extension to the stay of proceedings and deadline to file a proposal to December 20, 2024, as well as approve further DIP financing totalling $275,000. The Company also filed a Notice of Motion seeking, among other items, a reverse vesting order, directing the Company to execute and deliver the subscription agreement, authorizing the Company to take such steps as are necessary to give effect to the RVO and the incorporation of the new subsidiary, and a sealing order.
Creditor Information:
Creditor’s Package dated June 6, 2024
Court Pleadings:
Notice of Application made June 10, 2024
Notice of Application made June 18, 2024
Notice of Application made June 26, 2024
Order entered September 13, 2024
Notice of Motion dated November 1, 2024
Application Record filed November 1, 2024
Statement of Relief Sought (November 1, 2024)
Order Entered November 5, 2024
Notice of Motion dated November 14, 2024
Trustee Second Report to Court November 14, 2024
Proposal Trustee’s Reports