NextPoint Financial and 29 subsidiaries file for CCAA proceedings

NextPoint Financial Inc. and 29 subsidiaries commenced CCAA proceedings on July 25, 2023 and subsequently obtained recognition in the U.S. Bankruptcy Court under Chapter 15 of the US Bankruptcy Code. The proceedings included a stalking horse bid to sell two business lines to the primary secured creditors as a going concern, which was implemented as a reverse vesting order (recognized by the US Bankruptcy Court in December 2023).