2581150 Ontario Inc

2581150 Ontario Inc. has been under court-appointed receivership since April 18, 2024, when the Ontario Superior Court of Justice (Commercial List) appointed MNP Ltd. as receiver and manager under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, on the application of PricewaterhouseCoopers Inc. in its capacity as receiver of Bridging Finance Inc. The secured debt originated with Skymark Finance Corporation, whose loans to the company — aggregate principal originally $21 million, secured by a July 7, 2017 general security agreement and a charge over the Maidstone Property in the principal amount of $3,005,000 — were assigned to Bridging under a February 15, 2024 assignment agreement approved by court order dated February 22, 2024. The loans are in default, a BIA notice and demand letter having issued December 22, 2022. As at March 31, 2024, Bridging claimed $32,091,959.39 under the loans and a further $6,750,594.10 under a July 7, 2017 assumption agreement covering $3,005,000 of Thomas Canning's former debt, bearing interest at 10% per annum. The proceeding is active under court file CV-24-00718057-00CL.