On December 12, 2023, by Order (the “Appointment Order“) of the Ontario Superior Court of Justice (Commercial List) (the “Court“), B. Riley Farber Inc. (“BRF“) was appointed as non-possessory receiver (in such capacity, the “Receiver“) without security, in respect of the assets, undertakings and properties acquired for, or used in relation to a business carried by Optima Medical Innovations Corp. (“OMIC“) and Toronto Poly Clinic Inc. (“TPCI“)(collectively, the “Companies“) pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA“) and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended (the “CJA“).
Relevant documents can be found below.
Sale Process
The Receiver has commenced a sale and investment solicitation process (“SISP“) for the business and property of the Companies. The Companies operate two medical, pain management and general wellness clinics in North York and Thornhill. The Court has also approved a stalking horse asset purchase agreement (the “Stalking Horse APA“) to serve as a floor for potential bids.
The deadline to submit a binding offer is 5:00PM EST on January 29, 2024.
Status Updates
On February 21, 2024, the Court issued an Order (the “Assignment, Approval and Vesting Order“) approving, among other things, the sale transaction contemplated by an asset purchase agreement between the Respondents and Canbwell Inc., dated November 30, 2023, as amended by an amending agreement to the asset purchase agreement dated February 21, 2024.
A copy of the Assignment, Approval and Vesting Order can be found below.
Creditor Inquiries
For creditor enquiries, please contact:
Erin Merrick
Associate | Restructuring
T: 437.294.4618
E: [email protected]
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.
Documents
Receivership Documents
• Notice and Statement of Receiver – December 22, 2023
Court Orders and Endorsements
• Order of Justice Cavanagh (Appointment Order) – December 12, 2023
• Order of Justice Cavanagh (Sale Process Order) – December 12, 2023
• Endorsement of Justice Cavanagh – December 12, 2023
• Order of Justice Cavanagh (Assignment, Approval and Vesting Order) – February 21, 2024
• Order of Justice Cavanagh (Ancillary Relief Order) – February 21, 2024
• Endorsement of Justice Cavanagh – February 21, 2024
Motion Materials
• Application Record (returnable December 12, 2023) – November 30, 2023
• Factum of the Applicants – December 6, 2023
• Motion Record (returnable February 21, 2024) – February 9, 2024
• Factum of the Moving Party – February 14, 2024
Receiver Reports
• Report of the Proposed Receiver – December 6, 2023
• First Report of the Receiver – February 9, 2024
Service List
• Service List – February 13, 2024
Sales Process
• Teaser
• NDA