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.

On November 6, 2020, by way of further application, the Companies sought and the Court granted an Order approving a proposed claims process to identify and quantify creditor claims (the “Claims Process Order”).

On November 16, 2020, by way of further application, the Companies sought and the Court granted an order (the “Meeting Order”) that, among other things: the Plan of Compromise, Arrangement and Reorganization dated November 16, 2020 (the “Plan”), be accepted for filing and that the Companies be authorized to present the Plan at a meeting of creditors; and that the Stay be extended to December 11, 2020.

Court Filings


Court Orders

Creditor Notices

Monitor's Reports

Claims Process

In accordance with the Claims Process Order (linked above under Court Orders), documents are posted below in relation to the Claims Process. Bondholders should refer to the Bondholders Instructions Letter, whereas all other creditors should refer to the Claims Process Instruction Letter. Creditors should note that any Proofs of Claim must be received by the Monitor no later than 5:00 PM (Pacific) on November 26, 2020 (“Claims Bar Date”).

Bondholders should note that they only need to file a proof of claim if they disagree with the information in the Notice of Bondholder Claim that they receive from the Monitor. Any Bondholders that do not receive an e-mail containing the Notice of Bondholder Claim from the Monitor by end of day on November 10, 2020 should contact the Monitor at the contact information at the bottom of this page.

Meeting Process

In accordance with the Meeting Order, be advised that a Meeting of Affected Creditors will be held on December 3, 2020 at 10:00 am Pacific via Microsoft Teams (the “Meeting”). Please review the documents posted below carefully and take note of the deadlines as outlined within those documents.

The Plan and Notice of Meeting posted below have been slightly updated from previous versions to clarify that for the Plan to be approved at the Meeting, at least a majority in number of the Affected Creditors validly voting in each Class whose Proven Claims represent at least two-thirds in value of the Affected Claims, who actually vote at the Meeting, in person (virtually) or by proxy, must vote in favour of the Resolution. The Plan must also be sanctioned by a final Order of the Court under the CCAA.

Service List

Contact Us

# 1100-1055 W Georgia St
Vancouver, British Columbia V6E 3P3
Ilya Margulis –
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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