Navigating Complex Bankruptcy and Insolvency Proceedings

Spanning multiple jurisdictions and involving high-value intellectual property, the Companies’ Creditors Arrangement Act (CCAA) process of Medipure Pharmaceutical is one example of a complex insolvency file.

Formed in 2014, Medipure was a biopharmaceutical incubator researching and developing innovative treatments for pain management, mood disorders and anxiety, as well arthritis and more. At the heart of Medipure’s research was intellectual property, namely a proprietary endocannabinoid system-based prescription drugs for targeted diseases by regulating specific molecular mechanisms. The potential market value of this novel research was estimated by some to be over a billion dollars.

In May 2022, however, the company was forced to seek protection from creditors—based in Canada and abroad. The Boughton team successfully filed a Notice of Intention (“NOI”) to File a Proposal under the Bankruptcy and Insolvency Act(“BIA”), and obtained numerous extensions from the court, effectively allowing Medipure to continue operating as it restructured its finances.

In August 2022, the company—based on Boughton’s submissions in the Supreme Court of B.C.—was granted creditor protection and Deloitte Restructuring Inc. was appointed as monitor.

Despite immense obstacles and an aggressive secured creditor, Medipure was given every opportunity to restructure through the efforts of Boughton. However, near the end of the year, in November 2022, Medipure’s assets—including its intellectual property—were sold to the secured creditor, Apogee Pharmaceuticals Inc.


To engage Boughton’s team to support your company through restructuring, please contact the Boughton Law Insolvency & Restructuring team.