Overview
On November 1, 2024, Lambda Solutions Inc. (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 November 1, 2024 to December 1, 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 November 22, 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 January 15, 2025, an administration charge, and the approval of interim financing and the related interim financing charge. The Court granted the relief sought.
On January 10 2025, the Company made an application to Court to approve the granting of an extension of the stay of proceedings to February 7, 2025, among other relief. The Court granted the extension until February 7, 2025. Copies of the relevant pleadings are below.
On February 7, 2025, the Company made an application to, among other things, extend the time to file a proposal to Tuesday, February 18, 2025. The court granted the extension.
On February 14, 2025, the Company made an application to, among other things, approve the transaction contemplated by the Asset Purchase Agreement and extend the stay of proceedings and deadline to file a proposal to Monday, March 31, 2025. The court approved the transaction and granted the extension. Copies of the relevant pleadings are below.
On April 1, 2025 the Proposal Trustee confirmed to the Office of the Superintendent of Bankruptcy through the filing of the requisite form, that a Proposal was not filed within the permitted time, and accordingly the Company was deemed to have made an assignment in bankruptcy. Crowe MacKay & Company Ltd. was appointed by the Official Receiver as the trustee of the bankrupt estate (the “Trustee”).
Creditor Information
Creditor’s Package – Notice of Intention to Make a Proposal
Court Documents
Notice of Motion entered November 22, 2024
Affidavit #1 of Bat-sheva Levy
Proposal Trustee’s First Report to Court dated December 2, 2024
Order entered December 4, 2024
Notice of Motion entered January 10, 2025
Proposal Trustee’s Second Report to Court dated January 10, 2025
Order entered January 14, 2025
Notice of Motion Entered February 5, 2025
Affidavit #4 of Bat-Sheva Levy
Proposal Trustee’s Letter relating to the Third Extension
Order entered February 7, 2025
Order entered February 18, 2025
Bankruptcy Documents