Syscan International Inc., a provider of RFID-enabled supply chain solutions, has announced a move toward bankruptcy protection in the Canadian courts.
Officially, the company has has resolved to make assignment pursuant to the Bankruptcy and Insolvency Act to a Trustee to handle matters with its creditors. The move comes after Syscan was notified that Swiss firm Bluehill ID had gained court enforcement of efforts to collect a bridge loan to Syscan earlier this year.
Payment on the loan in the amount of $207,520 (Canadian dollars) was demanded on November 21, 2008. Syscan reports that failed efforts to secure financing or complete a sale or merger of the company have made it unable to pay back the loan.
Without the means to pay the lender and with the institution of proceedings to seize all the company assets, Syscan’s board of directors decided to petition the court to appoint a Trustee to manage the affairs of the company with its creditors in accordance statutory requirements.