Creditloans Canada Financing Inc. and Creditloans Canada Capital Inc.

On September 30, 2020, an Order (the “CCAA Initial Order”) was granted by the Honourable Madam Justice Shelly Fitzpatrick of the Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement Act (the “CCAA”) granting Creditloans Canada Financing Inc. (“Financing Inc.”) and Creditloans Canada Capital Inc. (“Capital Inc”) (together with Financing Inc., “Creditloans” or the “Companies”) various relief including, but not limited to, the imposition of an initial Stay of Proceedings against the Company and its assets through to October 9, 2020. The Court appointed BDO Canada Limited as the monitor of the Company (the “Monitor”).

On October 2, 2020, the Court granted an Amended and Restated CCAA Initial Order (the “ARIO”) confirming the Initial Order and granting the Companies further relief including, but not limited to, the approval of Interim Financing.

Pursuant to the CCAA Initial Order, the Companies are to continue to carry on operations in a manner consistent with the commercially reasonable preservation of its business while it considers and pursues restructuring alternatives. On October 9, 2020, the Court granted an Extended ARIO extending the Stay of Proceedings to December 4, 2020.

The CCAA Initial Order provides that claims against Creditloans in relation to obligations arising prior to September 30, 2020, including for goods and services supplied to the Company prior to that date, are suspended, and creditors are prohibited from continuing or taking any actions or exercising any rights against Creditloans except with leave of the Court.

Court Filings

Affidavits

Court Orders

Creditor Notices

Monitor’s Reports

Service List

Contact Us

# 600-925 W Georgia St
Vancouver, British Columbia V6C 3L2
Ilya Margulis – imargulis@bdo.ca
Phone: 604-646-4395
Fax: 1-888-387-0427
(Note: Electronic communication is preferred in light of delays caused by the current Pandemic)

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