Notice of intention to make a proposal

On August 14, 2023, Datatax Business Services Limited ("Datatax") filed a Notice of Intention to Make a Proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act (the "BIA"). KPMG Inc. ("KPMG") consented to act as trustee under the proposal.

On August 17, 2023, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order approving, among other things, (i) a sale solicitation process in respect of business and assets of Datatax (the “SSP”), including a description of the bidding procedures (the “Bidding Procedures”) to be used in connection therewith and (ii) an asset Purchase Agreement dated August 11, 2023 between Datatax and 2872802 Ontario Inc. for the purpose of acting as the stalking horse sale agreement (the “Stalking Horse Bid”) for purposes of the SSP, subject to higher or otherwise better offers. In accordance with the Bidding Procedures, the deadline for Qualified Bids to be submitted has been set for September 29, 2023 , at 12:00 p.m EST (the "Bid Deadline"). Datatax was granted an extension of the time to file a proposal up to and including October 28, 2023.

On October 17, 2023, the company filed Articles of Amendment under the Business Corporations Act amending the corporatation name from Datatax Business Services Limited to Old DBSL Ltd.


On October 24, 2023, Old DBSL Ltd. was deemed to have made an assignment in bankruptcy pursuant to section 50.4(8)(a) of the Act as the proposal was not filed. The Proposal Trustee was appointed as the trustee-in-bankruptcy (the “Trustee”) of the Estate of the Bankrupt by the Official Receiver, subject to affirmation by the creditors of Trustee’s appointment or substitution of another Trustee by the creditors.

The First Meeting of Creditors of Old DBSL Ltd. will be held by video/teleconference on the 10th day of November, 2023 at 10:00 AM Eastern Time. Conferencing details will be made available upon request.

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