Iplayco Corporation Ltd., Iplayco Canada Inc., and International Play Company Inc., NOI

Iplayco Corporation Ltd., Iplayco Canada Inc., and International Play Company Inc., British Columbia-based companies in the business of designing, producing and selling indoor play areas and amusement facilities, filed an NOI on December 9 listing approximately $26.1 million in liabilities.

Iplayco’s revenue had been trending steadily upward since its inception in 1999, reaching a peak in 2019 of over $17 million.

In 2020, the company put in place a plan to downsize its facilities in Canada and Europe and to transition additional manufacturing and distribution to the Philippines, taking advantage of major labour and overhead savings. However, this transition plan had associated costs in the millions of dollars.

In addition, new sales dried up for the first three quarters of 2020 as a result of Covid anxieties from Iplayco’s client base, and much of the company’s cash reserves were consumed to complete existing orders. The pandemic created a significant drop in requests for the company’s products until 2022 when interest from clients increased. Unfortunately, during this time, Iplayco began to experience dramatic increases in materials and shipping costs and interest rates, resulting in some projects being put on hold and turnaround timelines increasing to over one year in some cases.

In late November 2024, RBC, the company’s secured creditor, issued a demand for the over $6 million owing to it, necessitating the filing of the NOI.

Crowe MacKay is the proposal trustee.

Counsel is Owen Bird for Iplayco.