Update On XTM Inc. CCAA Proceedings and the Everyday Payments Platform

The Alberta Hospitality Association continues to monitor the ongoing proceedings involving XTM Inc. and the Everyday Payments Platform.

XTM remains under protection pursuant to the Companies’ Creditors Arrangement Act (CCAA). A hearing is scheduled before the Ontario Superior Court on June 29th, at which the Court is expected to consider approval of the proposed sale of XTM’s platform assets to Pateno Payments, an affiliate of DCGroup.

As with any court-supervised insolvency process, the proceedings involve a number of stakeholders and legal matters that will ultimately be determined by the Court. The outcome of the hearing may be of particular interest to operators who were directly affected by disruptions to the Everyday Payments Platform and any associated funds.

Members who were affected by the Everyday Payments Platform situation should continue to pay attention to updates regarding the CCAA proceedings. Although the court process is ongoing and no claims procedure has been established at this time, operators may find it helpful to retain records related to account balances, transactions, communications, and any other information associated with their use of the platform.

Operators who were affected by the XTM situation and have questions about how the proceedings may impact their specific circumstances should consider consulting their legal advisors regarding any available options or next steps.

The Alberta Hospitality Association will continue to monitor developments and share updates if there are significant developments that may be relevant to members.