On October 30, 2023, the Ontario Superior Court of Justice (Commercial List) (the "Court") issued an order (the "Initial Order") pursuant to the Companies' Creditors Arrangement Act ("CCAA"). The Initial Order provided for certain relief, including a stay of proceedings against Ignite Holdings Inc., Ignite Services Inc., and Ignite Insurance Corporation (collectively, the “Ignite Group") and ordered that KPMG Inc. be appointed as Court-appointed monitor of the Applicants (in such capacity, the “Monitor”).
On November 9, 2023, the Court issued an Amended and Restated Initial Order, which among other things, extended the stay of proceedings to January 31, 2024.
Priority claims order
On November 29, 2023, the Court issued the Priority Claims Order, which among other things, approved the Priority Claims Procedure to identify, quantify and resolve any Priority Claims. The related proof of claim form can be found below and must be received by the Applicants and the Monitor before 5:00 p.m. (Toronto time) on January 11, 2024.
Share purchase transaction
On December 1, 2023, Southampton Financial Inc. (“Southampton”) acquired 100% of the shares of Ignite Services Inc. pursuant to the share purchase agreement between Southampton and Ignite Holdings Inc., and as approved by the Court pursuant to the Approval and Reverse Vesting Order. A copy of the Monitor’s Certificate can be found below.
Conclusion of CCAA proceedings
On July 2, 2025, the Monitor concluded that all matters in connection with the CCAA proceedings were formally concluded and a Termination Certificate was served to the Service List and subsequently filed with the Court. A copy of the Termination Certificate can be found below
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Bankruptcy proceedings
1000704712 Ontario Inc. (“1000704712”), Ignite Holdings Inc. (“Ignite Holdings”), and Ignite Insurance Corporation (“Ignite Insurance”, and together with 1000704712 and Ignite Holdings, the “Debtors”) filed an assignment on the 1st day of March, 2024 and KPMG Inc. was appointed as Trustee of the Estates of each of the Debtors by the official receiver. The Trustees appointment was affirmed at the First Meeting of Creditors of the Debtors, which was held via a Microsoft Teams conference on the 21st day of March 2024 at 11:00 AM (Eastern Standard Time).
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Anamika Gadia
Partner, Deal Advisory, Turnaround & Restructuring and National Leader, Industrial Markets
KPMG Canada