October 15, 2024
On October 15, 2024, Felix Payment Systems Ltd. (the “Company” or “Felix”) filed a Notice of Intention to Make a Proposal pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) and Alvarez & Marsal Canada Inc. (“A&M”) was named as the Proposal Trustee.

November 25, 2024
On November 25, 2024, the Company was granted an initial order (the “Initial Order”) to commence proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). Pursuant to the Initial Order, A&M was appointed as monitor (the “Monitor”) in the CCAA Proceedings.

The Initial Order granted a stay of proceedings (the “Stay Period”) and provided that during the Stay Period, no proceedings may be commenced against or in respect of the Company.

January 15, 2025
Felix, as foreign debtor and foreign representative, filed a petition under Chapter 15 of the U.S. Bankruptcy Code (the “U.S. Proceedings”) in the United States Bankruptcy Court for the Eastern District of North Carolina the (“U.S. Court”), Case No. 25-00053-PWM. On January 15, 2025, the U.S. Court in the U.S. Proceedings entered an order granting provisional relief that the Initial Order and ARIO are fully enforceable against Felix and its assets located in the United States.

February 28, 2025
On February 28, 2025, the Court granted an approval and reverse vesting order, approving the execution of the Subscription Agreement (as defined in Affidavit #5 of A. Cole). In accordance with the Subscription Agreement, Felix ceased to be a petitioner in the CCAA Proceedings and 1527920 B.C. Ltd. (“Residual Co”) was added as a petitioner in the CCAA Proceedings.

March 10, 2025
On March 10, 2025,  Residual Co was assigned into bankruptcy under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended. A&M is the named Trustee under the bankruptcy proceedings.