#Sale
Approval, Vesting and Discharge Order of the Honourable Justice Bezaire dated September 25, 2026 — Approval and vesting order
2444877 Ontario Inc.
ClosedFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-24-00003695-0000
- Industry
- Real estate · Rental & income property
OverviewSummary updated
2444877 Ontario Inc. is the subject of a court-appointed receivership sought under BIA s.243 and the provincial Judicature Act. Meridian Credit Union Limited holds first-ranking security over the company's property at 212 Main Street West, Palmerston, Ontario, comprising a collateral mortgage, general security agreement, assignment of rents and a personal guarantee from Gurmit Singh, with an outstanding balance of $2,616,578.99 as of October 14, 2024, accruing at 6.00% per annum. Default was triggered in part by the company's registration of a subsequent mortgage in favour of 2654231 Ontario Inc. in the principal amount of $350,492.00, contrary to Meridian's credit agreement covenants. The Town of Minto holds a prior-ranking property tax lien of $6,219.51 as of November 18, 2024.
Proceedings AIOpen Proceedings AI
Case updates6 dated entries
#Order
Endorsement of the Honourable Justice Bezaire dated September 25, 2026 — Endorsement / reasons
#Order
Endorsement of The Honourable Justice ten Cate dated December 13, 2024 — Endorsement / reasons
#Filing
Application Record of the Applicant dated December 3, 2024 was filed. Court file CV-24-00003695-0000.
Source: Application Record of the Applicant dated December 3, 2024
Parties
Debtor
2444877 Ontario Inc.
Receiver
msi Spergel inc.
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Bezaire | Ontario Superior Court of Justice | 2 orders, Sep 2026 | 4 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | SimpsonWigle LAW LLP | 25 Sep 2026 | Order · 25 Sep 2026 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Meridian Credit Union Limited · in 20 casesFirst-ranking Collateral Mortgage/Charge (registered principal $2,511,500.00) registered June 18, 2024 as Instrument No. WC732223 against 212 Main Street West, Palmerston, Ontario (LRO No. 61); Notice of Assignment of Rents registered June 18, 2024 as Instrument No. WC732224 (General Assignment of Leases and Rents dated March 7, 2024); General Security Agreement dated March 7, 2024 over all present and after-acquired personal property, perfected by PPSA registration March 4, 2024; unlimited personal guarantee from Gurmit Singh — Exact balance per Meridian payout statement dated October 14, 202 · as of 14 Oct 2024 | $2.62M | Application Record of the Applicant dated December 3, 2024 |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
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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.
RecoveriesAs stated in the filings
Closed · the record states no distribution outcome.
Documents6 filings
| Date | Document | File |
|---|---|---|
Approval, Vesting and Discharge Order of the Honourable Justice Bezaire dated September 25, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Bezaire dated September 25, 2026
| PDF · Subscribers | |
| Endorsement of The Honourable Justice ten Cate dated December 13, 2024 | PDF · Subscribers | |
Receivership Order dated December 13, 2024
| PDF · Subscribers | |
Application Record of the Applicant dated December 3, 2024
| PDF · Subscribers | |
| Factum of the Applicant dated December 3, 2024 | 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., “2444877 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/2444877-ontario-inc