11157353 Canada Corporation
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00694886-00CL
11157353 Canada Corporation is in active court-appointed receivership under BIA s. 243 and provincial Judicature Act provisions. Secured claims include €309,089 owed to Germany Purchaser ReFlourish Capital Ltd., as assignee of Alastair Crawford, secured only by a German-law share pledge over the Materia Germany Shares, as of January 30, 2023. Ela Capital Inc. and Kanabo Group Plc. hold general security over substantially all of the Company's property, claiming CAD $3,251,214 and CAD $1,000,000 respectively as of the First Report dated April 3, 2023. A priority dispute between Ela and Kanabo was resolved on September 13, 2023 by agreement to split Available Proceeds 50/50 up to €200,000 (approx. C$284,000), with division of any excess reserved. Unsecured creditors' aggregate accounts payable stood at CAD $320,000 as of January 31, 2023, per both the First and Second Reports.
Motion Record of the Receiver returnable October 11, 2023 — Application / notice of application
The court granted an approval and vesting order for the sale to JMCC (Canada) Corp. Closing terms, as extracted: Vesting effective upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of Article 6 conditions, and completion of the Transaction.
Source: Approval and Vesting Order re JMCC dated April 12, 2023
The court granted an approval and vesting order for the sale to Reflourish Capital Limited. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment and satisfaction of closing conditions.
Source: Approval and Vesting Order re Reflourish dated April 12, 2023
Motion Record of the Receiver returnable April 12, 2023 — Application / notice of application
The court approved a sale and investment solicitation process. A bid deadline of 2023-03-23.
Source: Approval Order re Sale Process, Stalking Horse SPA and KERP dated February 21, 2023
Motion Record of the Proposed Receiver dated February 17, 2023 — Application / notice of application
Debtor
11157353 Canada Corporation
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Osborne | Ontario Superior Court of Justice | 7 orders, Feb 2023 – Oct 2023 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Miller Thomson LLP | 12 Apr 2023 | Order · 12 Apr 2023 |
| Applicant | Reconstruct LLP | 15 Feb 2023 | Application · 15 Feb 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Ela Capital Inc. · in 2 casesas of First Report date (April 3, 2023) — General security agreement and other Security Documents over substantially all of the Company's Property — Related party: Mr. Sappani is Ela's sole director and officer and also a director of the Company. Amount is approximate; interest and costs continue to accrue (per First Report). Same figure repeated unchanged in Second Report dated October 5, 2023. Priority dispute with Kanabo over their respective security resolved September 13, 2023 via agreement to split Available Proceeds 50/50 up to €200,000 (approx. C$284,000), with division of any excess r | $3.25M | Second Report of the Receiver dated October 5, 2023 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
3 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
4 transactions · 3 closed · 1 not completed — Sale Process resulted in bids and transactions for the Germany Shares and the Malta Shares; UK Shares bid insufficientSecond Report of the Receiver dated October 5, 2023 · 5 Oct 2023
| Purchaser | Price | Status | Source |
|---|---|---|---|
| JMCC (Canada) Corp.the right, title and interest of the Debtor and the Receiver in and to the Purchased Shares · share sale · nominee/assignee: such other person as it may designate · agreement 31 Mar 2023 | Sealed | Closed | Approval and Vesting Order re JMCC dated April… |
| Reflourish Capital LimitedStalking horsethe Debtor's right, title and interest in and to Purchased Shares · share sale · agreement 14 Feb 2023 | Subscribers | Closed | Approval and Vesting Order re Reflourish dated… |
| bidder for the UK Shares, unnamed; bid insufficient to form basis of a transactionthe UK Shares · share sale | Subscribers | Not completed | Second Report of the Receiver dated October 5,… |
| unnamedthe Transactions approved through the Germany AVO and the Malta AVO | not stated | Closed18 Apr 2023 | Second Report of the Receiver dated October 5,… |
Secured creditors: not yet estimated.Motion Record of the Receiver · 3 Apr 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | not yet estimatedconditional | per the receiver | Motion Record of the Receiver · 3 Apr 2023 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
| Date | Document | File |
|---|---|---|
Order of Justice Osborne dated October 11, 2023
| PDF · Subscribers | |
| Motion Record of the Receiver returnable October 11, 2023 | PDF · Subscribers | |
Second Report of the Receiver dated October 5, 2023
| PDF · Subscribers | |
Ancillary Order dated April 12, 2023
| PDF · Subscribers | |
Approval and Vesting Order re JMCC dated April 12, 2023
| PDF · Subscribers | |
Approval and Vesting Order re Reflourish dated April 12, 2023
| PDF · Subscribers | |
Motion Record of the Receiver returnable April 12, 2023
| PDF · Subscribers | |
Approval Order re Sale Process, Stalking Horse SPA and KERP dated February 21, 2023
| PDF · Subscribers | |
Endorsement of Justice Osborne dated February 21, 2023
| PDF · Subscribers | |
Receivership Order dated February 21, 2023
| PDF · Subscribers | |
| Factum of the Applicant dated February 17, 2023 | PDF · Subscribers | |
| Motion Record of the Proposed Receiver dated February 17, 2023 | PDF · Subscribers | |
| Report of the Proposed Receiver dated February 17, 2023 | PDF · Subscribers | |
| Application Record returnable February 21, 2023 | PDF · Subscribers | |
Notice of Application dated February 15, 2023
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “11157353 Canada Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/11157353-canada-corporation