Proceedings.

13517985 Canada Inc. (Wholesale Express)

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
Court
Superior Court of Québec
File
500-11-063165-233
Filings held37
Last activity26 Nov 2025
On the record1,006 days
Secured debt$12M
OverviewSummary updated

13517985 Canada Inc., operating as Wholesale Express, is the subject of an active CCAA proceeding before the Superior Court of Québec (Commercial Division) under court file 500-11-063165-233. The proceeding dates from November 20, 2023, when Highcrest Lending Corporation filed an application for the issuance of a first day initial order. The application was brought by the lender rather than by the company itself. The record as it stands reflects that filing and the November 20, 2023 commencement date; no further steps in the Quebec proceeding are recorded.

Claims processIf you are owed money

The claims bar date has passed — claims were due by

Per the Claims Process Order dated 23 February 2024.

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Case updates35 dated entries · 2 undated
#Claims

Highcrest Lending Corporation, a creditor rather than the debtor, brought the application seeking a first day initial order, the step from which the CCAA proceeding's commencement date is taken.

Source: Notice of Case Management

Undated filings2 — no date appears on the document · show
—
Claims

List of creditors — Claims process approved

PDF

—
Claims

Proxy Form — Meeting of creditors

PDF

Parties

Debtor

13517985 Canada Inc. (Wholesale Express)

Monitor

KPMG

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice GouinSuperior Court of Québec2 orders, Apr 2024 – Jul 202419 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantHighcrest Lending Corporation)Stikeman Elliott LLP17 Jun 2024Service list · 17 Jun 2024
Creditor1309767 Ontario Ltd. and 2601658 Ontario LtdProfessional Corporation17 Jun 2024Service list · 17 Jun 2024
CreditorFTI )Goodmans LLP17 Jun 2024Service list · 17 Jun 2024
CreditorPost Road Specialty Lending Fund II LP & Post Road Specialty Lending Fund (Uminn) LPDavies Ward Phillips & Vineberg LLP17 Jun 2024Service list · 17 Jun 2024
Capital structureAs asserted in the filings
#Priority classCreditorAmountSource
4SecuredHighcrest Lending Corporation (HLC)as of November 20, 2023 (date of Application) — First-ranking universal hypothec on the universality of movable property of the Respondent, granted December 22, 2022, registered for $17,250,000 (registration ceiling, not balance owing); Securities Pledge Agreement dated December 23, 2022 by Trade X granting senior security interest in its shares of the Respondent; Guarantee by Trade X (parent/pledgor) of the Respondent's obligations under the LSA — Approx. $12 million stated in prose (para 2, 'closed to $12 million'); exact figure described as '~$12 million' total principal and interest outsta$12MPre-Filing report of the proposed Monitor
8UnsecuredJohn GrasslAmount not yet determined (TBD) in document; individual creditor — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredGucciardi Holdings Inc.Amount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredGroupe Gregor Inc.Amount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredDentons · in 6 casesAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredDenali Roadside Inc (Xpress Fin)Amount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredCanada Revenue Agency · in 926 casesAmount not yet determined (TBD) in document; potential deemed-trust class claim but amount not stated — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredAlston & BirdAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredAIMIA IncAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredVan Essen Pur. Cos.Amount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredWilson Vukelich LLP · in 4 casesAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredPost Road Specialty Lending Fund II LPAmount not yet determined (TBD) in document; no security described in this listing despite name suggesting a lending fund — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8Unsecured2053719 Ontario Inc. [Alex Gallacher]Amount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8Unsecured2314707 Ontario IncAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredUUU SoftwareAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredTrade X Group of CompaniesAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredSteven Christie (Xpress Fin)Amount not yet determined (TBD) in document; individual creditor — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredRyan DavidsonAmount not yet determined (TBD) in document; individual creditor — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredResilience RCSAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredMMO TechnoAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredMinistre du Revenu du Québec · in 15 casesAmount not yet determined (TBD) in document; potential deemed-trust class claim but amount not stated — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredJoshua Sammut (Xpress Fin)Amount not yet determined (TBD) in document; individual creditor — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors
8UnsecuredJames McManes Holdings Ltd., AlbertaAmount not yet determined (TBD) in document — debtor: 15695651 Canada Inc. (ResidualCo 2)—List of creditors

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

Sale processAs stated in the filings

4 transactions · 3 closed · 1 proposed — sale of all shares of Wholesale Express approved and closed pursuant to the RVOSeventh Report of the Monitor · 29 Apr 2025

PurchaserPriceStatusSource
referred to only as 'Potential Investor'; name not disclosed in unsealed textsubscribe to shares of the Company representing 100% of the post-restructuring equity · share subscription$6M (mixed consideration)Cash Subscription Price includes issuance of a zero-interest promissory note in the amount of $6,000,000 (the 'Promissory Note') payable in full over a term of 3.5 years; full sources & uses sealed in Appendix CProposedFirst Monitor's Report
15449189 Canada inc.the Subscribed Shares issued by the Company, pursuant to the reverse structure transaction, together with the Pre-Closing Reorganization involving Excluded Assets, Excluded Contracts and Excluded Liabilities transferred to ResidualCo. 1 and ResidualCo. 2 · share sale · agreement 11 Jan 2024$6MThe Subscription Price referenced is $6,000,000 to be transferred to the Company under the Pre-Closing Reorganization Steps; the full Agreement is sealed.Closed23 Jan 2024Monitor's Certificate
purchaser of all shares of Wholesale Express under the RVO, unnamed in this reportall of the shares of Wholesale Express · share salenot statedbalance of the cash purchase price referenced; total price not stated in this reportClosed23 Jan 2024Sixth report of the Monitor
unnamedthe sale transaction pursuant to the RVOnot statedClosed23 Jan 2024Seventh Report of the Monitor
AdvisorsCanaccord (financial advisor)First Monitor's Report
Closing termsVesting and transfers occur upon issuance of the Monitor's Certificate, following completion of Pre-Closing Reorganization Steps described in timed sequence on the Closing Date.Approval and Reverse Vesting Order
Sealed materialsThe Agreement and Exhibit P-2; Appendices B, C and D to the Monitor's Report dated January 10, 2024Approval and Reverse Vesting Order
Documents
37 filings
DateDocumentFile
Notice of Case Management
  • Commencement date 20 November 2023
  • Court SUPERIOR COURT
  • Court file no 500-11-063165-233
  • Province QUEBEC
PDF
Stay Period Extension Order and Other Relief
  • Order date 26 November 2025
  • Presiding officer Justice Michel A. Pinsonnault
  • Stay extended to 1 May 2026
PDF
Seventh Report of the Monitor
  • Closing confirmed Closed · 23 Jan 2024
  • Purchaser purchaser of all shares of Wholesale Express under the RVO, unnamed in this report · all of the shares of Wholesale Express · share sale · closed
  • Sale outcome Sale closed — sale of all shares of Wholesale Express approved and closed pursuant to the RVO
PDF
Application to Extend the Stay Period and Other ReliefPDF
Order Settlement AgreementPDF
Order to authorizes Post Road Group to file its Proof of Claim after the Claims Bar DatePDF
Application for the Authorization to File a Proof of Claim After the Claims Bar DatePDF
Sixth report of the Monitor
  • Closing confirmed Closed · 23 Jan 2024
  • Purchaser purchaser under RVO sale of all shares of Wholesale Express, unnamed in this report · all of the shares of Wholesale Express · share sale · closed
  • Sale outcome Sale closed — Sale of all shares of Wholesale Express pursuant to the RVO has closed
PDF
Amended Application for (I) advice and directions, (II) to void a transfer at undervalue or, In the alternative (III) to void a preferential transactionPDF
AMENDED Fifth report of the MonitorPDF
Joint Compendium - Application for Direction - 2024- 07-16PDF
Minutes of hearing (In French only)
  • Presiding officer Justice Louis Joseph Gouin
PDF
Fifth report of the MonitorPDF
Service List
  • Counsel Rosemount Law Professional Corporation
PDF
Application for an Extension of the Stay Period
  • Secured creditors Note: Named as Secured Creditor in the style of cause of this CCAA stay-extension application, and the original CCAA applicant. No claim amount is stated in this document; this is a procedural application (extension of stay period to Sept 20, 2024 and authorization to pay professional fees). · Page: 10 · Debtor: 13517985 Canada Inc. (dba Wholesale Express) - the "Former Debtor" · Creditor: Highcrest Lending Corporation · Currency: CAD
PDF
Fourth report of the MonitorPDF
Order authorizing the filing of claim after the claims bar date (In French only)
  • Presiding officer Justice Louis Joseph Gouin
PDF
Third report of the MonitorPDF
Application for the authorization to file a proof of claim after the claims bar date (In French only)PDF
Notice to creditors for the filing of ClaimsPDF
Claims Process Order
  • Claims bar date 25 March 2024
  • Order date 23 February 2024
PDF
Instructions LetterPDF
Proof of ClaimsPDF
Stay Period Extension Order
  • Order date 23 February 2024
  • Stay extended to 13 June 2024
PDF
Application for (I) an order Extending the Stay Period and (II) the Issuance of a Claim Process Order
  • Applicant KPMG Inc.
  • Appointee KPMG Inc.
  • Appointee role Monitor
  • Claims bar date 25 March 2024
  • + 4 more extracted facts
PDF
Second report of the Monitor
  • Closing confirmed Closed · 23 Jan 2024
  • Purchaser referred to as 'the Investor' in the share subscription agreement · all of the shares of Wholesale Express · share sale · closed
  • Sale outcome Sale closed — The Transaction, being the sale of all shares of Wholesale Express pursuant to the RVO, has closed.
PDF
Monitor's Certificate
  • Closing confirmed Closed · 23 Jan 2024 · 15449189 Canada inc.
PDF
Approval and Reverse Vesting Order
  • Closing terms Vesting and transfers occur upon issuance of the Monitor's Certificate, following completion of Pre-Closing Reorganization Steps described in timed sequence on the Closing Date.
  • Order date 12 January 2024
  • Purchaser 15449189 Canada inc. · the Subscribed Shares issued by the Company, pursuant to the reverse structure transaction, together with the Pre-Closing Reorganization involving Excluded Assets, Excluded Contracts and Excluded Liabilities transferred to ResidualCo. 1 and ResidualCo. 2 · share sale · $6M · approved
  • Sale outcome Sale approved — The Court approved the Purchase and Sale Transactions and Pre-Closing Reorganization as described in the Amended Investment Agreement.
  • + 1 more extracted fact
PDF
First Monitor's Report
  • Purchaser referred to only as 'Potential Investor'; name not disclosed in unsealed text · subscribe to shares of the Company representing 100% of the post-restructuring equity · share subscription · $6M · proposed
  • Sale advisor Canaccord (financial advisor)
  • Sale outcome Approval pending — Proposed Transaction pending Court approval via RVO Application
PDF
Application for the Issuance of an Approval and Reverse Vesting OrderPDF
Notices to creditors of the Initial OrderPDF
Amended and Restated Initial Order
  • Order date 28 December 2023
  • Stay expiry 28 February 2024
PDF
First Day Initial Order
  • Applicant HIGHCREST LENDING CORPORATION
  • Appointee KPMG INC.
  • Appointee role Monitor
  • Commencement date 20 December 2023
  • + 4 more extracted facts
PDF
Pre-Filing report of the proposed Monitor
  • Financial position as at 30 Sep 2023 · per Unaudited, internally prepared financial statements compiled by the Company (no supplemental information, disclosures or notes); not audited or reviewed by an independent accountant; balance sheet and income statement filed under seal as Appendix A/B · 13517985 Canada Inc. (d/b/a Wholesale Express) standalone unaudited balance sheet as at December 31, 2022 and September 30, 2023; Wholesale Express's financial statements are otherwise consolidated within parent Trade X Group of Companies Inc.'s consolidated financial statements — Balance sheet (Appendix A) and income statement (Appendix B) filed under seal; underlying figures not disclosed in this report - existence only. Disclosed items: intercompany receivable owing from Trade X to Wholesale Express of $7,543,000; an 'Advance to McGregor' considered unlikely to be collected; assets primarily comprised of intangible assets and goodwill. Monitor notes HLC's ~$12M loan is recorded on Trade X's books rather than the Respondent's despite Respondent being borrower, and that key information regarding historical transactions and related-party dealings is unclear.
  • Secured creditors $12M · Note: Approx. $12 million stated in prose (para 2, 'closed to $12 million'); exact figure described as '~$12 million' total principal and interest outstanding under the LSA as of the Application date, excluding costs. Debt originally due June 23, 2023; forbearance agreement extended repayment deadline to October 31, 2023. Amended and Restated Intercreditor Agreement (Dec 23, 2022) confirms HLC as sole senior secured lender re: Respondent's assets. Monitor states HLC's loan was recorded in Trade X's (parent's) financial statements, not the Respondent's, despite Respondent being the borrower. HLC identified as the Respondent's sole secured creditor. · Page: 7 · As of: November 20, 2023 (date of Application) · Debtor: 13517985 Canada Inc. (d/b/a Wholesale Express) · Creditor: Highcrest Lending Corporation (HLC) · Security: First-ranking universal hypothec on the universality of movable property of the Respondent, granted December 22, 2022, registered for $17,250,000 (registration ceiling, not balance owing); Securities Pledge Agreement dated December 23, 2022 by Trade X granting senior security interest in its shares of the Respondent; Guarantee by Trade X (parent/pledgor) of the Respondent's obligations under the LSA
PDF
Application for the Issuance of a first-day Initial order and amended and restated Initial order
  • Order date 20 November 2023
  • Stay expiry 30 November 2023
  • Stay extended to 10 February 2024
PDF
List of creditors
  • Unsecured creditors per Creditor Listing as reported; amount stated as 'TBD' — Amount not yet determined (TBD) in document
PDF
Proxy FormPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “13517985 Canada Inc. (Wholesale Express)” (CCAA), Superior Court of Québec. Retrieved 20 September 2026, https://proceedings.ca/case/13517985-canada-inc-wholesale-express

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/13517985-canada-inc-wholesale-express

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.