On January 22, 2019, VersAccounts Limited (the “Company”) 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 A. Farber & Partners Inc. (“Farber”) was appointed as proposal trustee in the Company’s NOI proceedings (in such capacity, the “Proposal Trustee”). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal is posted below.
The NOI filing by the Company provides an automatic stay of proceedings against the creditors of the Company for a 30-day period (the “Stay Period”), thus providing the opportunity to restructure the affairs of VersAccounts Limited and formulate a proposal to creditors. Copies of the NOI and notice to creditors are posted below.
On January 30, 2019, the Court issued an Order (the “January 30, 2019 Order”) approving the following:
- a sale process (the “Sale Process”);
- an initial public bid to serve as the “stalking horse” bid in the Sale Process; and
- a 45-day extension of the time to file a proposal to April 8, 2019.
On March 21, 2019, the Court issued two Orders, (the “Approval and Vesting Order” and the “Ancillary Relief and Approval of Extension to File a Proposal Order”) approving the following, among other things:
- the sale transaction contemplated by the agreement of purchase and sale (“APA”) between BidCo Cloud ERP, Inc. (the “Purchaser”)
- the change of the Company name, from VersAccounts Limited to 6951864 Canada Limited, pursuant to the terms of the APA;
- a 21-day extension of the time to file a proposal to April 29, 2019 (the “Extended Deadline”).
All public documentation relating to the Sale Process is posted below.
As per the terms of the Asset Purchase Agreement, VersAccounts Limited was required to change its corporate name. Accordingly the name was changed to 6951864 Canada Limited.
On April 10, 2019, 6951864 Canada Limited filed an assignment in bankruptcy and Farber was appointed as trustee (the “Bankruptcy Trustee“) of 6951864 Canada Limited, subject to affirmation by creditors at the first meeting of creditors.
The first meeting of creditors will take place on April 24, 2019, at 10:00 a.m. at 343 Preston St. 11th Floor, in Ottawa, Ontario. Copies of the Notice of Bankruptcy and First Meeting of Creditors and a blank Proof of Claim form are found below.
Creditor or Employee Inquiries
For creditor or employee inquiries, please contact:
Associate | Restructuring
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.
Proposal and Bankruptcy Documents
- Certificate of Filing of a Notice of Intention to Make a Proposal
- Certificate of Appointment (Bankruptcy)
- Notice of Bankruptcy and First Meeting of Creditors
- Proof of Claim Form
- First Report of the Proposal Trustee – January 25, 2019
- Second Report of the Proposal Trustee – March 14, 2019
- Motion Record, returnable March 21, 2019
- Motion Record of the Company, returnable January 30, 2019
- Responding Record of S. Pande and R. Zhou, returnable January 30, 2019
- Factum of S. Pande and R. Zhou, returnable January 30, 2019
- Supplementary Affidavit of S. Pande, dated January 29, 2019
Court Orders & Endorsements
- Order of Justice McEwen (Ancillary Relief and Approval of Extension to File a Proposal) – March 21, 2019
- Order of Justice McEwen (Approval and Vesting Order) – March 21, 2019
- Endorsement of Justice McEwen (Sale Process Approval) – January 30, 2019
- Order of Justice McEwen (Sale Process Approval) – January 30, 2019