December 20, 2023

On December 20, 2023 Inscape Corporation filed an assignment in bankruptcy and Albert Gelman Inc. was appointed as Trustee of the bankruptcy estate.

Please direct inquiries to:

Albert Gelman Inc., Licensed Insolvency Trustee
250 Ferrand Drive, Suite 403
Toronto, Ontario M3C 3G8
Attention: Suzette Warner
Tel. 416.504.1650 Ext 122
Fax. 416-504-1655
Email: swarner@albertgelman.com

March 1, 2023

On March 1, 2023, the United States Bankruptcy Court for the Southern District of New York entered its Order Recognizing Foreign Main Proceedings and Granting Additional Relief.

January 24, 2023

On January 24, 2023, the United States Bankruptcy Court for the Southern District of New York entered its Order Scheduling Recognition Hearing and Specifying Form and Manner of Service, scheduling a hearing to consider the relief sought in the Verified Petition for Entry of Order Recognizing Foreign Main Proceedings and Granting Additional Relief filed by Inscape Corporation (in its capacity as the foreign representative of the Applicants).

January 23, 2023

 On January 23, 2023, Inscape Corporation, the court-appointed foreign representative for the Applicants, filed in the United States Bankruptcy Court for the Southern District of New York chapter 15 petitions and a verified petition for entry of an order (i) recognizing the CCAA Proceedings as foreign main proceedings pursuant to section 1517 of title 11 of the United States Code (the “U.S. Bankruptcy Code”); (ii) recognizing Inscape Corporation as the foreign representative in respect of the CCAA Proceedings; (iii) recognizing and enforcing the Initial Order and the Amended and Restated Initial Order; and (iv) granting a stay of execution against the Applicants’ assets and certain other actions against the Applicants or their assets, solely within the territorial jurisdiction of the United States, and applying section 362 of the U.S. Bankruptcy Code in the Applicants’ chapter 15 cases.

January 20, 2023

On January 20, 2023, the Court granted an order (the “Amended and Restated Initial Order”), among other things, to extend the Stay Period (as defined in Paragraph 15 of the Amended and Restated Initial Order) until and including March 9, 2023.

January 12, 2023

On January 12, 2023, Inscape Corporation, Inscape (New York) Inc. and Inscape Inc. (collectively the “Inscape Group” or the “Applicants”) commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

On the same day, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order (the “Initial Order”), which among other things, provides for a stay of proceedings for an initial eight-day period, which may be extended by the Court from time to time.

Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.