On March 27, 2023, FlexITy Solutions Inc. (fka FlexITy Systems Inc.) and FlexiTY Holdings Inc. (collectively “FlexITy” or the “Companies“) each filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and B. Riley Farber Inc. (“B. Riley Farber”) was appointed as proposal trustee in the Companies’ NOI proceedings (in such capacity, the “Proposal Trustee”).
Relevant documents can be found below.
Status Update
On April 4, 2023, an Order was issued by Justice Osborne (the “Approval and Vesting Order“) approving the sale transaction (the “Transaction“) contemplated by an asset purchase agreement (the “APA”) between Supra Canada Technologies Ltd. (the “Purchaser“), FlexITy and All Canada Commercial Services Ltd., dated March 29, 2023, and vesting in the Purchaser FlexITy’s right, title and interest in and to the Flexity Purchased Assets (as defined in the APA).
On April 4, 2023, an Order was issued by Justice Osborne (the “Sale Process Order“) approving, among other things:
(a) the Stalking Horse Asset Purchase Agreement (the “Stalking Horse Agreement“) between FlexITy and BHG-BC Holdings Ltd (“BHG“) (in such capacity as the “Stalking Horse Bidder“);
(b) the sale process (the “Sale Process“); and
(c) authorizing and directing the Proposal Trustee, in consultation with FlexITy, to conduct the Sale Process.
On April 4, 2023, an Order was issued by Justice Osborne (the “Ancillary Order“) approving, among other things, the proposal proceedings of the Companies be and are hereby consolidated.
Relevant documents can be found below.
Creditor Inquiries
For creditor inquiries, please contact:
Erin Merrick
Corporate Insolvency Administrator | Restructuring
T: 416.496.3733
E: emerrick@brileyfin.com
The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
Documents
NOI/Proposal Documents
• FlexITy Solutions Inc. – Certificate of Filing of a Notice of Intention to Make a Proposal
• FlexITy Solutions Inc. – NOI Creditors Package
• FlexITy Holdings Inc. – Certificate of Filing of a Notice of Intention to Make a Proposal
• FlexITy Holdings Inc. – NOI Creditors Package
Motion Materials
• Motion Record (returnable April 4, 2023) – March 30, 2023
Court Reports
• First Report of the Proposal Trustee – March 31, 2023
Court Orders
• Order of Justice Osborne (Approval and Vesting Order) – April 4, 2023
• Order of Justice Osborne (Sale Process Order) – April 4, 2023
• Order of Justice Osborne (Ancillary Order) – April 4, 2023
• Endorsement of Justice Osborne – April 4, 2023
• Endorsement of Justice Osborne – April 5, 2023
Sale Process
• Stalking Horse Asset Purchase Agreement
• Teaser
Service List