Prosysco Ltd., NOI

Prosysco Ltd., a Toronto, Ontario-based manufacturer, designer and supplier of highly specialized engineering process solutions, filed an NOI on April 1, listing approximately $7.8 million in liabilities, including approximately $2.8 million to RBC and $1.4 million to CRA. Established in 1988, Prosysco is the only supplier in Canada capable of providing a full spectrum of design / build / installation / commissioning services for high purity process equipment required for vaccine production. Commencing in 2018, Prosysco experienced rapid growth in its business, with sales growing from approximately $4.9 million in 2017 to approximately $14 million in 2020. This growth created working capital issues, and the company deferred payment to CRA of source deductions and HST collected. After RBC learned of the source deduction arrears, it notified the company of its intention to enforce its security. Prosysco then filed its NOI. Albert Gelman is the proposal trustee. Counsel is Reconstruct for the company, GSNH for the proposal trustee and Harrison Pensa for RBC.