On June 11, 2019, the Court of Queen’s Bench of Alberta (the “Court”) issued an Order (the “Receivership Order”) appointing Hardie & Kelly Inc. as receiver (the “Receiver”) of Clarocity Corporation (the “Company”).
Status Update as of July 10, 2019 – The Court granted two Orders on July 10, 2019 approving of the sale of substantially all of the assets of Clarocity and discharging the Receiver thereby concluding the proceedings. There were no funds available for distribution to unsecured creditors or by extension shareholders.
Sale of Assets
On July 10, 2019, the Court granted an Order approving the acceptance of a Purchase and Sale Agreement (the “PSA”) entered into between the Receiver as vendor and iLOOKABOUT Corp. (“iLA”) as purchaser providing for iLA to acquire all of the known assets of the Company which principally included the 100% interest in the shares of the Company’s United States subsidiary Clarocity Inc., a patent, bank accounts and receivables.
- Originating Application – filed June 5, 2019
- Affidavit of Colin Fisher – filed June 6, 2019
- Application by Receiver re: Approval of Sale and Vesting Order – filed June 13, 2019
- Bench Brief of Receiver re: Application for Approval of Sale and Vesting Order- filed June 13, 2019
- Affidavit of Colin Fisher – filed July 8, 2019
- Affidavit of David Guebert – filed July 8, 2019
- Affidavit of Jennifer Gorrie – filed July 10, 2019
- Affidavit of S. Kim – filed July 10, 2019
- Receivership Order – June 11, 2019
- Approval and Vesting Order (Sale by Receiver ) – July 10, 2019
- Order (Discharge of Receiver) – July 10, 2019