1404727 Ontario Inc. o/a Nissan of Muskoka

1404727 Ontario Inc. o/a Nissan of Muskoka has been under court-appointed receivership since July 9, 2020, when the Ontario Superior Court of Justice (Commercial List) appointed A. Farber and Partners Inc. as receiver on the application of Nissan Canada Inc., the dealership's senior secured lender, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding carries court file number CV-20-00643578-00CL. Nissan Canada Inc.'s security rests on an automotive wholesale financing and security agreement and a revolving credit and security agreement, and it was owed approximately $2,416,015 as at July 6, 2020, plus accrued interest and enforcement costs. Company records show approximately $85,000 in unremitted HST and approximately $35,000 in unremitted payroll source deductions owing to the Canada Revenue Agency, and $8,500 owing to employees for remuneration, to be paid through a Service Canada WEPPA claim. The receiver intends to assign the company into bankruptcy to reverse the CRA's HST priority. The matter remains active.