Proceedings.

2497486 Ontario Ltd

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Active
Proceeding
Winding-up (provincial)Ontario Business Corporations Act, R.S.O., Chapter B-16
Court
Ontario Superior Court of Justice
File
CV-17-11740-00CL
Filings held22
Last activity15 Dec 2021
On the record3,384 days
Secured debt$817K
OverviewSummary updated

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.

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A claims procedure has been established — see the order for deadlines.

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Case updates22 dated entries
Parties

Debtor

File Documents

Liquidator

Albert Gelman

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice PattilloOntario Superior Court of Justice4 orders, Oct 2021 – Dec 202169 cases on record
Justice HaineyOntario Superior Court of Justice3 orders, Oct 2017 – Oct 2018196 cases on record
Justice ConwayOntario Superior Court of Justice2 orders, Jun 2017285 cases on record

Counsel of record

PartyCounselFirst seenSource
LiquidatorAlbert GelmanWeirFoulds LLP8 Feb 2021Order · 8 Feb 2021
Capital structureAs asserted in the filings
#Priority classCreditorAmountSource
4SecuredEquitable Bank · in 16 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$817KLiquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017)
8UnsecuredUnsecured creditors (aggregate as reported) · in 532 casesLiquidator believes all unsecured creditors (excluding any direct or indirect claims of the shareholders) will be paid 100% of their claims from proceeds of the Transaction; document does not state an aggregate dollar amount or name individual creditors. Claims of non-arm's length creditors (Shareholders and companies controlled by them) to be determined and reported to Court at a later date. — debtor: 2497486 Ontario Ltd.—Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017)

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

RecoveriesAs declared or paid

Unsecured creditors: $7.87K. Equitable Bank $839K.FinalMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 21 Oct 2021

ClassCreditorClaimsRecoveryBasisSource
SecuredEquitable Bank—$839KFinalper the liquidatorMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 21 Oct 2021
Unsecured——$7.87KFinalper the liquidatorMotion 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.

Fees and ratesAs stated in the filings

7 engagements · 4 firms — latest: Albert Gelman Inc., 25 Jan – 20 Oct 2021Motion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021

FirmPeriodHoursFeesRatesSource
Albert Gelman Inc.Liquidatorperiod 2 of 225 Jan – 20 Oct 202127.6—$195 – $4954 peopleMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021
4 people — Albert Gelman Inc., 25 Jan – 20 Oct 2021
NameTitleHoursRateFees
Bryan GelmanPrincipal0.8$495$396.00
Tom McElroyManager26.1$415$10,831.50
Suzette WarnerAssociate0.2$325$65.00
Daphna CherniakEstate Administrator0.5$195$97.50
——27.6$412.68stated average$11,390.00
Albert Gelman Inc.Liquidatorperiod 1 of 2—142.1$48,103.50$135 – $5509 peopleMotion Record of Liquidator (Returnable February 8, 2021 (2 of 2) · 8 Feb 2021
9 people — Albert Gelman Inc., —
NameTitleHoursRateFees
Joe AlbertPrincipal0.4$550$220.00
Bryan GelmanPrincipal0.7$495$346.50
Joe AlbertPrincipal0.5$490$245.00
Tom McElroyManager17.7$412.06stated average$7,293.50
Tom McElroyManager6.2$395$2,449.00
Tom McElroyManager4.5$375$1,687.50
Daphna CherniakEstate Administrator1.9$195$370.50
Daphna CherniakEstate Administrator2$185$370.00
Daphna CherniakEstate Administrator0.6$135$81.00
Kronis, Rotsztain, Margles, Cappel LLPCounselperiod 1 of 218 Oct 2017 – 30 Sep 2018Sought——$175 – $4503 peopleMotion Record of Liquidator · 29 Oct 2018
3 people — Kronis, Rotsztain, Margles, Cappel LLP, 18 Oct 2017 – 30 Sep 2018
NameYear of callHoursRateFees
Philip Cho200224.1$450—
Dov Tal200315.7$375—
Kelly BarrettLaw Clerk1$175—
Kronis, Rotsztain, Margles, Cappel LLPCounselperiod 1 of 2——$5,206.00ex. tax$185 – $4502 peopleMotion Record of Liquidator (Returnable February 8, 2021 (2 of 2) · 8 Feb 2021
2 people — Kronis, Rotsztain, Margles, Cappel LLP, —
NameTitleHoursRateFees
Philip Cho—10.5$450$4,725.00
Kelly BarrettLaw Clerk2.6$185$481.00
WeirFoulds LLPCounselperiod 2 of 2to 31 Mar 20212.3$1,037.50ex. tax$375 – $5002 peopleMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021
2 people — WeirFoulds LLP, to 31 Mar 2021
NameTitleHoursRateFees
Philip Cho—1.4$500$700.00
Shawn English—0.9$375$337.50
WeirFoulds LLPCounselperiod 1 of 2—32$12,235.00$275 – $7505 peopleMotion Record of Liquidator (returnable October 29, 2021 (2 of 2) · 29 Oct 2021
5 people — WeirFoulds LLP, —
NameTitleHoursRateFees
Ryan Morris—0.9$750$675.00
Philip Cho—6.9$500$3,450.00
Shawn English—4$375$1,500.00
Michael Ly—25.1$350$8,785.00
Kiran Waterhouse—4.2$275$1,155.00
WeirFoulds LLPCounselfirm not named in the heading—8.1$4,997.43incl. tax$350 – $7255 peopleMotion Record of Liquidator (Returnable February 8, 2021 (2 of 2) · 8 Feb 2021
5 people — WeirFoulds LLP, —
NameTitleHoursRateFees
Ryan Morris—1.4$725$1,015.00
Ryan Morris—2.6$725$1,885.00
Philip Cho—4.9$475$2,327.50
Philip Cho—5.3$475$2,517.50
Shawn English—0.6$350$210.00

Top rate $500 · 12th percentile of counsel rates, 2021 · of 44

Estate financialsReported figures — never derived

Cash on hand

$691K

As at 21 Oct 2021Liquidator’s Fourth Report to Court dated October 21, 2021 (for motion returnable October 29, 2021)

Documents
22 filings
DateDocumentFile
Court Order of Justice Pattillo dated December 15, 2021
  • Counsel WeirFoulds LLP
  • Presiding officer Justice Pattillo
PDF
Endorsement of Justice Pattillo dated December 15, 2021
  • Presiding officer Justice Pattillo
PDF
Court Order of Justice Pattillo dated October 29, 2021
  • Presiding officer Justice Pattillo
PDF
Endorsement of Justice Pattillo dated October 29, 2021
  • Presiding officer Justice Pattillo
PDF
Motion Record of Liquidator (returnable October 29, 2021 (2 of 2)
  • Fee schedule Engagements: Form: time_summary · Rows: Bryan Gelman; Tom McElroy; Suzette Warner; Daphna Cherniak; Fees: 11390 · Rate: 412.68 · Hours: 27.6 · Quote: 27.6 | 412.68 | 11,390.00 · Row kind: subtotal · Rate kind: average · Money: Approximate: false · Period: End: 2021-10-20 · Kind: invoice · Quote: An account dated May 26, 2021 for the period of January 25 to April 30, 2021 of $4,478.50, plus HST thereon; and, · Start: 2021-01-25 · Approval: State: unstated · Averages: · Currency: · Invoices: Date: 2021-05-26 · Fees: 4478.5 · Quote: An account dated May 26, 2021 for the period of January 25 to April 30, 2021 of $4,478.50, plus HST thereon; and, · Period end: 2021-04-30 · Period start: 2021-01-25; Date: 2021-10-21 · Fees: 6911.5 · Quote: An account dated October 21, 2021 for the period of May 1 to October 20, 2021 of $6,911.50, plus HST thereon. · Period end: 2021-10-20 · Period start: 2021-05-01 · Firm text: Albert Gelman Inc. · Firm quote: SECOND REPORT OF ALBERT GELMAN INC. in its capacity as court-appointed liquidator · Hours total: Quote: 27.6 · Value: 27.6 · Context quote: in its capacity as court-appointed liquidator; Form: time_summary · Rows: Michael Ly; Philip Cho · Money: Fees: $12.2K · Quote: $12,235.00 · Approximate: false · Period: Kind: invoice · Quote: For Professional Services through March 31, 2021 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 · Hours total: Quote: 32.00 · Value: 32 · Context quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 accompanied by the supporting time dockets.; Form: time_summary · Rows: Kiran Waterhouse; Philip Cho · Money: Fees: $3.25K · Quote: $3,255.00 · Approximate: false · Period: Kind: invoice · Quote: February 9, 2021 Invoice 317278 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 · Hours total: Quote: 8.40 · Value: 8.4 · Context quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 accompanied by the supporting time dockets.; Form: time_summary · Rows: Philip Cho; Ryan Morris; Shawn English · Money: Fees: $4.67K · Quote: $4,675.00 · Approximate: false · Period: Kind: invoice · Quote: March 12, 2021 Invoice 318664 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 · Hours total: Quote: 9.90 · Value: 9.9 · Context quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 accompanied by the supporting time dockets.; Form: time_summary · Rows: Philip Cho; Shawn English · Money: Tax: $135 · Label: HST · Quote: HST $134.88 · Fees: $1.04K · Quote: FEES $1,037.50 · Approximate: false · Period: End: 2021-03-31 · Kind: invoice · Quote: For Professional Services through March 31, 2021 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 · Hours total: Quote: 2.30 · Value: 2.3 · Context quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 accompanied by the supporting time dockets.; Form: time_summary · Rows: Philip Cho; Ryan Morris · Money: Fees: $1.6K · Quote: $1,600.00 · Approximate: false · Period: Kind: invoice · Quote: July 20, 2021 Invoice 324144 · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 · Hours total: Quote: 2.90 · Value: 2.9 · Context quote: Affidavit of Philip Cho regarding the fees and disbursements of WeirFoulds LLP for the period from December 18, 2018 to December 24, 2020 accompanied by the supporting time dockets.
  • Recovery outcome Entries: per actual; per actual · Stated on: 2021-10-21 · Table missing:
PDF
Liquidator’s Fourth Report to Court dated October 21, 2021 (for motion returnable October 29, 2021)
  • Cash on hand $691K · Note: Remaining Funds held in an interest-bearing term deposit maturing November 17, 2021 · As at: 2021-10-21 · Qualifier: estimated, after accounting for the Estimated Final Accruals
  • Operational summary 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.
  • Report date 21 October 2021
  • Report no Fourth Report
PDF
Court Order of Justice Koehnen dated February 8, 2021
  • Counsel WeirFoulds LLP
  • Presiding officer Justice Koehnen
PDF
Motion Record of Liquidator (Returnable February 8, 2021 (1 of 2)PDF
Motion Record of Liquidator (Returnable February 8, 2021 (2 of 2)
  • Fee schedule Engagements: Form: time_summary · Rows: Daphna Cherniak; Joe E. Albert; Tom McElroy; Daphna Cherniak; Tom McElroy; Bryan A. Gelman; Daphna Cherniak; Joe E. Albert; Tom McElroy · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: · Currency: · Invoices: Fees: 3526.5 · Quote: An account dated May 31, 2019 for the period of March 18 to May 31, 2019 of $3,526.50, plus HST thereon; · Period end: 2019-05-31 · Period start: 2019-03-18; Fees: 2013.5 · Quote: An account dated November 29, 2019 for the period of June 1 to November 29, 2019 of $2,013.50, plus HST thereon; · Period end: 2019-11-29 · Period start: 2019-06-01; Fees: 2137.5 · Quote: An account dated December 31, 2019 for the period of November 30 to December 31, 2019 of $2,137.50, plus HST thereon; · Period end: 2019-12-31 · Period start: 2019-11-30 · Firm text: Albert Gelman Inc. · Firm quote: Albert Gelman Inc., in its capacity as court-appointed liquidator · Context quote: Albert Gelman Inc., in its capacity as court-appointed liquidator (the 'Liquidator'); Form: time_summary · Rows: Philip Cho; Kelly Barrett · Money: Tax: $677 · Label: HST on Fees · Quote: HST on Fees TOTAL FEES AND HST | $676.78 · Fees: $5.21K · Quote: Our Fee | $5,206.00 · Total: $6.35K · Quote: TOTAL FEES, DISBURSEMENTS, AND HST | $6,353.25 · includes tax · includes disbursements · Approximate: false · Disbursements: $435 · Quote: Subtotal | $434.75 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: Kronis, Rotsztain, Margles, Cappel LLP · Firm quote: THIS IS OUR ACCOUNT HEREIN KRONIS, ROTSZTAIN, MARGLES, CAPPEL LLP · Context quote: THIS IS OUR ACCOUNT HEREIN KRONIS, ROTSZTAIN, MARGLES, CAPPEL LLP; Form: time_summary · Rows: Philip Cho; Ryan Morris; Shawn English; Philip Cho; Ryan Morris · Money: Total: $5K · Quote: Total Fees and Disbursements Including HST.................................................................. | $4,997.43 · includes tax · includes disbursements · Approximate: false · Disbursements: $0 · Quote: Total Disbursements Including HST.................................................................................. | $0.00 · Period: Kind: invoice · Approval: State: unstated · Averages: · Currency: · Invoices: · Firm text: WeirFoulds LLP · Firm quote: I am a partner in the law firm of WeirFoulds LLP ('WeirFoulds'), lawyers for Albert Gelman Inc. · Hours total: Quote: Total Summary | 8.10 · Value: 8.1 · Context quote: I am a partner in the law firm of WeirFoulds LLP ('WeirFoulds'), lawyers for Albert Gelman Inc. in its capacity as court-appointed liquidator (the 'Liquidator') of 2497486 Ontario Ltd. · Firm unverified: true · Context unverified: true
  • Recovery outcome Entries: per actual; per actual · Stated on: 2021-01-25 · Table missing:
PDF
Liquidator’s Third Report to Court dated February 1, 2021 (for motion returnable February 8, 2021)PDF
Court Order of Justice Hainey dated October 29, 2018
  • Presiding officer Justice Hainey
PDF
Endorsement of Justice Hainey dated October 29, 2018
  • Presiding officer Justice Hainey
PDF
Motion Record of Liquidator (returnable October 29, 2018)
  • Fee schedule Engagements: Form: rate_chart · Rows: Philip Cho; Dov Tal; Kelly Barrett · Money: Approximate: false · Period: End: 2018-09-30 · Kind: invoice · Quote: the period from October 18, 2017 to September 30, 2018 · Start: 2017-10-18 · Approval: Quote: approving the fees and disbursements of KRMC for the period from October 18, 2017 to September 30, 2018; and, · State: sought · Averages: · Currency: · Invoices: · Firm text: Kronis, Rotsztain, Margles, Cappel LLP · Firm quote: I am a partner in the law firm of Kronis, Rotsztain, Mangles, Cappel LLP ("KRMC") · Context quote: As permitted by the Appointment Order, Albert Gelman Inc. retained our firm to act as its counsel in carrying out its mandate as Liquidator.
  • Recovery outcome Entries: per unstated; per unstated · Table missing:
PDF
Liquidator’s Second Report to Court dated October 23, 2018 (for motion returnable October 29, 2018)PDF
Court Order of Justice Hainey dated October 30, 2017
  • Presiding officer Justice Hainey
PDF
Motion Record of Liquidator (returnable October 30, 2017)
  • Applicant ABBAS MOHAMMAD
  • Appointee Albert Gelman Inc.
  • Appointee role Liquidator
  • Court SUPERIOR COURT OF JUSTICE
  • + 4 more extracted facts
PDF
Proof of Claim Document PackagePDF
Liquidator’s First Report to Court dated October 18, 2017 (for motion returnable October 30, 2017)
  • Recovery outcome Entries: per estimated · Stated on: 2017-10-18 · Table missing:
  • Secured creditors $817K · Note: 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. Registered charge amount of $900,000 is the original registered principal, not the outstanding balance. · Page: 9 · As of: 2017-10-16 · Debtor: 2497486 Ontario Ltd. · Creditor: Equitable Bank · Security: Charge 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
  • Unsecured creditors per Liquidator's review of the Company's financial information — Liquidator believes all unsecured creditors (excluding any direct or indirect claims of the shareholders) will be paid 100% of their claims from proceeds of the Transaction; document does not state an aggregate dollar amount or name individual creditors. Claims of non-arm's length creditors (Shareholders and companies controlled by them) to be determined and reported to Court at a later date.
PDF
Court Order of Justice Conway dated June 20, 2017
  • Presiding officer Justice Conway
PDF
Endorsement of Justice Conway dated June 20, 2017
  • Presiding officer Justice Conway
PDF
Motion Record to Appoint Liquidator (returnable June 20, 2017)
  • Applicant ABBAS MOHAMMAD
  • Commencement date 16 June 2017
  • Court ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-17-11740-00CL
  • + 2 more extracted facts
PDF
Liquidator’s Pre-Filing Report dated June 15, 2017 (for motion returnable June 20, 2017)PDF

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

CiteProceedings., “2497486 Ontario Ltd” (Winding-up (provincial)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/2497486-ontario-ltd

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Sources last checked · summary updated 11 August 2026 · Report a correction · Printed from proceedings.ca/case/2497486-ontario-ltd

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.