2497486 Ontario Ltd
- Proceeding
- Winding-up (provincial)Ontario Business Corporations Act, R.S.O., Chapter B-16
- File
- CV-17-11740-00CL
- Industry
- Real estate · Rental & income property
2497486 Ontario Ltd. has been before the Ontario Superior Court of Justice (Commercial List) since June 16, 2017, under court file CV-17-11740-00CL, with a liquidator appointed over the company. Equitable Bank holds a charge registered against title to the company's real property dated December 30, 2015 (Instrument No. AT4107054) in a registered principal amount of $900,000, together with a general assignment of rents and a PPSA registration over inventory, equipment and accounts. A payout statement dated October 16, 2017 puts the bank's balance at approximately $817,000, net of a holdback of about $75,000 and including an early mortgage break penalty of $29,766. On its review of the company's financial information, the liquidator believes unsecured creditors, excluding shareholder claims, will be paid in full from the proceeds of the Transaction; claims of the shareholders and companies they control are to be determined and reported to the Court later.
A claims procedure has been established — see the order for deadlines.
Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) — Application / notice of application
The officer filed report no. Fourth Report. The Real Property has been sold and the claims process completed; the Liquidator's remaining tasks are to dissolve the Company, obtain a CRA clearance certificate, and distribute remaining funds to the shareholders before seeking its discharge.
Source: Liquidator’s Fourth Report to Court dated October 21, 2021 (for motion returnable October 29, 2021)
Motion Record of Liquidator (Returnable February 8, 2021 (2 of 2) — Application / notice of application
The officer filed report no. Third Report. The Real Property was sold in November 2017 and the non-arm's length shareholder claims process is complete. The Liquidator is preparing a capital dividend, final tax filings and a CRA clearance certificate before distributing remaining funds and seeking dissolution of the Company and its own discharge.
Source: Liquidator’s Third Report to Court dated February 1, 2021 (for motion returnable February 8, 2021)
Motion Record of Liquidator (Returnable February 8, 2021 (1 of 2) — Application / notice of application
The officer filed report no. Second Report. The sole property of the Company was sold and the sale closed on November 24, 2017; the Liquidator has completed the claims process for arm's length creditors and now seeks approval of a process to determine the shareholders' non-arm's length claims before any distribution of the net proceeds.
Source: Liquidator’s Second Report to Court dated October 23, 2018 (for motion returnable October 29, 2018)
Motion Record of Liquidator (returnable October 29, 2018) — Application / notice of application
Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017) — Court officer report
Motion Record of Liquidator (returnable October 30, 2017) — Application / notice of application
Application filed, commencing the proceeding against 2497486 Ontario Ltd. on the Commercial List of the Ontario Superior Court of Justice under court file CV-17-11740-00CL.
Source: Motion Record to Appoint Liquidator (returnable June 20, 2017)
Debtor
File Documents
Liquidator
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Pattillo | Ontario Superior Court of Justice | 4 orders, Oct 2021 – Dec 2021 | 75 cases on record |
| Justice Hainey | Ontario Superior Court of Justice | 3 orders, Oct 2017 – Oct 2018 | 211 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Jun 2017 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| LiquidatorAlbert Gelman | WeirFoulds LLP | 8 Feb 2021 | Order · 8 Feb 2021 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Equitable Bank · in 18 casesCharge registered against title to Real Property dated December 30, 2015, Instrument No. AT4107054, registered principal amount $900,000; also Notice of Assignment of Rents - General, Instrument No. AT4107055; PPSA financing statement registered December 31, 2015 claiming security interest in inventory, equipment, accounts and other in the amount of $900,000 pursuant to General Assignment of Rents and General Security Agreement — Payout balance per payout statement dated October 16, 2017 is approximately $817,000, net of Holdback (~$75,000) and including early mortgage break penalty of $29,766 · as of 16 Oct 2017 | $817K | Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017) |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount.
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See all plansUnsecured creditors: a distribution. Equitable Bank a distribution.FinalMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 21 Oct 2021
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Equitable Bank | — | Finalper the liquidator | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 21 Oct 2021 | |
| Unsecured | — | — | Finalper the liquidator | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 21 Oct 2021 |
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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans9 engagements · 3 firms — latest: Albert Gelman Inc., 25 Jan – 20 Oct 2021Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Albert Gelman Inc.Liquidatorperiod 2 of 2 | 25 Jan – 20 Oct 2021 | — | 4 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
4 people — Albert Gelman Inc., 25 Jan – 20 Oct 2021 · 15 blurred figures
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| Albert Gelman Inc.Liquidatorperiod 1 of 2 | — | 9 people | Motion Record of Liquidator (Returnable February 8, 2021 (2 of 2) · 8 Feb 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9 people — Albert Gelman Inc. · 27 blurred figures
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| Kronis, Rotsztain, Margles, Cappel LLPCounselperiod 1 of 2 | 18 Oct 2017 – 30 Sep 2018Sought | — | — | 3 people | Motion Record of Liquidator · 23 Oct 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 people — Kronis, Rotsztain, Margles, Cappel LLP, 18 Oct 2017 – 30 Sep 2018 · 6 blurred figures
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| Kronis, Rotsztain, Margles, Cappel LLPCounselperiod 1 of 2 | — | — | 2 people | Motion Record of Liquidator (Returnable February 8, 2021 (2 of 2) · 8 Feb 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — Kronis, Rotsztain, Margles, Cappel LLP · 6 blurred figures
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| WeirFoulds LLPCounselperiod 5 of 5 | to 31 Mar 2021 | 2 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — WeirFoulds LLP, to 31 Mar 2021 · 6 blurred figures
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| WeirFoulds LLPCounselperiod 4 of 5 | — | 2 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — WeirFoulds LLP · 6 blurred figures
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| WeirFoulds LLPCounselperiod 4 of 5 | — | 3 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3 people — WeirFoulds LLP · 9 blurred figures
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| WeirFoulds LLPCounselperiod 4 of 5 | — | 2 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — WeirFoulds LLP · 6 blurred figures
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| WeirFoulds LLPCounselperiod 4 of 5 | — | 7 people | Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7 people — WeirFoulds LLP · 21 blurred figures
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125 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCash on hand
$691K
As at 21 Oct 2021Liquidator’s Fourth Report to Court dated October 21, 2021 (for motion returnable October 29, 2021)
| Date | Document | File |
|---|---|---|
Court Order of Justice Pattillo dated December 15, 2021
| PDF · Subscribers | |
Endorsement of Justice Pattillo dated December 15, 2021
| PDF · Subscribers | |
Court Order of Justice Pattillo dated October 29, 2021
| PDF · Subscribers | |
Endorsement of Justice Pattillo dated October 29, 2021
| PDF · Subscribers | |
Motion Record of Liquidator (returnable October 29, 2021 (2 of 2)
| PDF · Subscribers | |
Liquidator’s Fourth Report to Court dated October 21, 2021 (for motion returnable October 29, 2021)
| PDF · Subscribers | |
Court Order of Justice Koehnen dated February 8, 2021
| PDF · Subscribers | |
Motion Record of Liquidator (Returnable February 8, 2021 (2 of 2)
| PDF · Subscribers | |
Liquidator’s Third Report to Court dated February 1, 2021 (for motion returnable February 8, 2021)
| PDF · Subscribers | |
| Motion Record of Liquidator (Returnable February 8, 2021 (1 of 2) | PDF · Subscribers | |
Court Order of Justice Hainey dated October 29, 2018
| PDF · Subscribers | |
Endorsement of Justice Hainey dated October 29, 2018
| PDF · Subscribers | |
Liquidator’s Second Report to Court dated October 23, 2018 (for motion returnable October 29, 2018)
| PDF · Subscribers | |
Motion Record of Liquidator (returnable October 29, 2018)
| PDF · Subscribers | |
Court Order of Justice Hainey dated October 30, 2017
| PDF · Subscribers | |
| Proof of Claim Document Package | PDF · Subscribers | |
Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017)
| PDF · Subscribers | |
Motion Record of Liquidator (returnable October 30, 2017)
| PDF · Subscribers | |
Court Order of Justice Conway dated June 20, 2017
| PDF · Subscribers | |
Endorsement of Justice Conway dated June 20, 2017
| PDF · Subscribers | |
Motion Record to Appoint Liquidator (returnable June 20, 2017)
| PDF · Subscribers | |
| Liquidator’s Pre-Filing Report dated June 15, 2017 (for motion returnable June 20, 2017) | 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., “2497486 Ontario Ltd” (Winding-up (provincial)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/2497486-ontario-ltd