Assure Wind-Down Brief

Running summary for Talha and Shawndeep. Updated as the situation develops.

Last updated: Sept 14, 2026 (Monday afternoon)

The bottom line

The sale is dead, and we've moved to plan B: keep working the book so nobody gets burnt. Brandon walked away amicably on Sept 9 over the non-compete wording. GMF has formally reserved legal recourse and Flovver suspended the Assure software on Sept 10. None of that changes the protections: every obligation sits with the corporation 9543-4213, no personal guarantees exist anywhere, and nothing personal will be signed. On Sept 10 Shaw sent Pierre a good-faith proposal to keep servicing the book for GMF. On Sept 12 Pierre replied privately with his full numbers. Shaw replied on Sept 14 (text below). We're waiting on Pierre.

Where each party stands

GMF (Pierre / Yvan) lender partner

Pierre's position as of Sept 12: the realized deficit is $218K (losses billed to date, net of the fees GMF still owes us), plus a projected $217K of losses on the ~1,300 loans still paying, for a total of about $435K. We decoded his workbook: the $218K ties out; the $217K is a projection that assumes the live loans run off with nobody working them and no recoveries at all. That is the part our proposal addresses. He wrote to Shaw alone, in English, with his workbook attached and "I do not expect a response." He has not accepted or rejected the proposal. Read: he is explaining himself, not escalating. WealthIQ came up once in his Sept 10 email as a trust point; there is no exclusivity clause in the Convention, so it is a narrative, not a breach, and we are not engaging on it.

Brandon (Jet Loans / Crédit Instant) buyer, out

Sept 9: "No hard feeling we just wont be able to make a deal!" Deal dead, amicably. Not coming back.

Flovver (Jimmy / JP) platform vendor, owed $27.8K

Their Sept 2 statement shows $27,775.83 across five invoices (March to August). Monthly billing has dropped from $14K in May to $3.9K in August as usage fell. On Sept 10 they demanded $9,344.93 same-day; we declined in writing and asked for the itemized statement, which they sent. They suspended the instance that evening and will restore it on a $7,344.93 payment "depending on Pierre's response." We did not pay: the full loan-book archive was already complete, and paying one creditor under ultimatum is exactly what a wind-down must not do. Whether the instance comes back is now tied to what Pierre decides.

Timeline

Aug 10–26
GMF's projected deficit rises from $283K to $414K. GMF introduces Brandon as a buyer.
Sept 4–8
Brandon's draft contract reviewed (corporate seller, GMF release, narrow non-compete required). Deal stalls on covenant wording. GMF sends formal notice; written correction of the record sent to Pierre Sept 8.
Sept 9
Brandon confirms no deal. Full evidence archive of the loan book completes: 2,071 of 2,071 defaulted accounts, every contract, notice, statement and payment ledger, 14 GB, independent of any vendor.
Sept 10
Pierre maintains his decision, demands we stop co-borrowing on new loans (already true) and settle the full deficit. Flovver demands $9,344.93 by 4 PM. We decline same-day payment. Shaw sends Pierre the runoff proposal (below). Consultation requests sent by email to Raymond Chabot (insolvency trustees) and the Barreau de Montréal referral service, with a document pack. Flovver suspends the instance that evening.
Sept 12
Pierre replies privately with his numbers ($218K realized + $217K projected = $435K) and his workbook. Reply drafted (below).
Sept 14 (Mon)
Reply sent to Pierre (below). Ball is in his court.
Sept 14–28
Trustee and lawyer consultations by email: requests with a document pack are out to Raymond Chabot (partner away to Sept 28, colleague has it), MNP corporate recovery, Lemieux Nolet, Lavery, and the Barreau referral service. More firms being added. These price the fallback paths; they are not the plan.
Through early 2027
Either GMF engages on the runoff plan and the book is worked down with monthly reporting, or we move to the formal paths below. In every case the corporation's collections fund it, not us personally.

What Shaw proposed to GMF (Sept 10)

Sent as a reply on Pierre's Notice thread, Yvan and Jimmy copied. The idea: instead of litigation against a corporation with no assets, we keep working the book so GMF actually recovers money.

Hi Pierre, I've read your email and I'm not going to go back and forth on it. Whatever happened happened, my only focus now is keeping the losses as low as possible for everyone, you guys included. Here's what I'm thinking. New loans are done, that's already the case. The only thing worth keeping alive is renewals on clients with a clean payment history, and only if you guys want them. On those, GMF keeps the co-borrower fee and it goes against the balance. We keep working the active book like we do today, follow ups, payments, collections, at no cost to you. The instance staying up is what keeps that money coming in. On the collections side, we're still bringing in money on the defaulted accounts every month. We can send GMF a portion of that as it comes in. I'm not saying this covers the deficit, it doesn't. But it's the option where GMF actually gets money back instead of everything just stopping. Open to discuss whenever works for you, call or email. Shahid Rana

Why this is the right play

Renewals are the good loans: on seasoned vintages 28% of renewals go bad versus 53% of first loans (our own data, pulled Sept 10).
The $217K Pierre projects assumes nobody services the live loans. With the instance suspended, that is now literally happening. Our servicing is the only thing that moves that number.
The defaulted book (1,756 accounts, $1.41M face) belongs to the corporation and brings in roughly $10K a month. A share of that goes to GMF; the rest covers Flovver, the card and Google Ads.
No demands were made. No standstill or release was asked for yet. Shaw chose to test the waters first; the ask comes once Pierre engages.

Pierre's reply (Sept 12) and Shaw's response (sent Sept 14)

Shaw, I do not expect to receive a response to this email, but we find we have a duty to let you know the current state of things. As of September 11th, the total cumulated deficit (including the losses know until that date and the end October Co-Borrower fee to be paid), we come to an accumulated deficit of (218 512 $). To that number, we have to add the losses to come on active Loans (1279 => 584 570 $), that we project to be around 217 000 $, for a global deficit of 435 K $, that is never heard of for us. We share these numbers out of transparency and to point out the severity of the situation and to justify our latest decision. Respectfully. Pierre St-Onge

Sent Monday Sept 14, 3:20 PM, to Pierre only (he wrote to Shaw alone, so Shaw answered the same way). Text below is exactly what went out.

Hi Pierre, I know you said you dont expect a reply but i wanted to respond anyways. Honestly i feel bad about how this played out. You rooted for us from the start and gave us a real shot and i havent forgotten that. This is not what we planned, we wanted to be one of your biggest clients and we failed plain and simple. I dont want to leave you in the hole on this and i dont want to burn any bridges, thats really why i keep replying. I went through the numbers and i appreciate you being clear about it. The 218 is what it is. The 217 on the active loans is the part we can still do something about and thats what i want to work on with you. We know this book better than anyone and we already have a proper collections setup running on it. If we run a real collections effort on the defaulted accounts and whatever defaults during the run off, i really think we can get you a good portion of this back. Not all of it and not fast but real money coming in every month and you'd see the numbers. On flovver im honestly not sure what works best on your end for the run off, we can manage either way so ill follow your lead on that. We'll cover the work on our side at our cost and send you a cut of whats coming in every month. Our debts are you, flovver, a credit card and google ads thats it, and we intend to work all of that down over time. You see every loan on your side so you dont have to take my word for it. I'd really like to sit down and figure out how we can work together on this. Whenever your back and available let me know. Shahid Rana

Why this wording: it thanks him for backing us, says plainly that the business failed, accepts his numbers, offers a real collections effort on the defaulted accounts with a monthly cut to GMF, leaves the Flovver question to him, names the whole creditor list, and asks to sit down and work together. No demands, nothing personal, no promises on amounts.

What's protected

No personal exposure on the debt. The Convention was signed by 9543-4213 Québec Inc. only. No personal guarantee, no bank guarantee, was ever given by anyone. This has been verified line by line against the signed contract.
Nothing personal gets signed going forward either — no personal non-competes, guarantees, or admissions, in any version of any deal.
The defaulted book stays with the corporation (2,071 archived accounts; 1,756 currently in collection, $1.41M face) and its collections are earmarked for the company's creditors — Flovver ($27.8K), one credit card (~$24K), Google Ads (~$10K) — handled transparently and by the rules.
The evidence is preserved. The full archive completed Sept 9: 2,071 of 2,071 accounts, 14 GB, verified file by file. Flovver's suspension changes nothing.
The record is clean and in writing. Every offer we made was honest and generous on the things that mattered to the buyer; every mischaracterization has been answered in writing within a day. Tax and payroll remittances are current and stay current.

The paths from here

Path	What it looks like	Cost & who pays
Runoff plan with GMF (proposed Sept 10)	We keep servicing the book (or GMF takes the live loans and we run collections), renewal fees net to GMF, GMF gets a monthly cut of collections with reporting. Best remaining outcome for everyone.	~$0; the book pays the running costs
Voluntary workout	The corporation collects the book and distributes to creditors with monthly reporting, in exchange for a standstill.	~$0–5K, paid by the corporation
Formal proposal (BIA Div. I)	Same plan, court-supervised: filing freezes all lawsuits, a creditor vote makes it binding, remaining balances are discharged when it completes.	~$15–30K, paid out of the book's collections before creditors
Last resort: assignment	A trustee takes the book and winds the corporation up. Clean and final.	~$10–20K, paid from the estate

In every path, the book pays the costs — not Shaw, not Talha, not Shawndeep. Directors of a corporation in proposal or bankruptcy sign documents and cooperate; the company's debts never become theirs, their credit isn't affected, and there is no restriction on being involved in other companies.

What we need from you

Both: the reply to Pierre is sent (above). If he, Yvan, Jimmy or JP contacts you directly, don't respond, forward to Shaw.
Both: if Pierre, Yvan, Brandon, Jimmy, or anyone connected to this contacts you directly — don't respond. Forward it to Shaw. One voice, one consistent record.
Shawndeep: at some point the corporation will need your signature as director (a sale, a creditor agreement, or a filing). You'll get a full briefing before anything needs signing. Remittances are current and will stay that way — that's the one item that matters for you personally, and it's handled.
Talha: nothing in any path requires a personal commitment from you. If any document ever suggests otherwise, it doesn't get signed.

Maintained by Shaw. This page is updated as conversations with GMF, Brandon and Flovver develop — check the "last updated" stamp at the top. Questions: call Shaw directly, don't email them.