Lambda Solutions Inc.
Overview
On November 1, 2024, Lambda Solutions Inc. (the “Company ”) filed a Notice of Intention to Make a Proposal ( “NOI ”) pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act R.S.C., 1985, c. B-3 ( “BIA ”) and Crowe MacKay & Company consented to act as Licensed Insolvency Trustee under the Proposal.
Pursuant to subsection 50.4(8) of the BIA, the initial stay period under the NOI proceeding is from November 1, 2024 to December 1, 2024 unless the period is extended by the Court upon application by the Company. During this period, the Trustee will monitor the business of the Company and assist the Company in preparing its Proposal.
On November 22, 2024, the Company made an application to Court to approve, among other things, the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal to January 15, 2025, an administration charge, and the approval of interim financing and the related interim financing charge. The Court granted the relief sought.
On January 10 2025, the Company made an application to Court to approve the granting of an extension of the stay of proceedings to February 7, 2025, among other relief. The Court granted the extension until February 7, 2025. Copies of the relevant pleadings are below.
On February 7, 2025, the Company made an application to, among other things, extend the time to file a proposal to Tuesday, February 18, 2025. The court granted the extension.