2589504 Ontario Inc. has been under court-appointed receivership since June 15, 2022, when the Ontario Superior Court of Justice (Commercial List) appointed BDO Canada Limited as receiver on the application of Grant Thornton Limited under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in court file CV-21-00660400-00CL. Working from the limited available books and records of the debtor, the Receiver identified assets of $5,382,463 at net book value, being the property at 100 Sheppard Avenue West, against secured liabilities stated at $7,673,557. Equitable Bank accounts for $4,012,977 of that figure, individual secured creditors Benjamin Kay, Iser Kay and Jack Kay for $3,210,580, and 2413974 Ontario Inc. for $450,000. Bank of Nova Scotia – DLAC, Canadian Dealer Lease Services Inc. and Direct Capital Investments Inc. are also listed as secured creditors, with the Canada Revenue Agency under preferred and unsecured liabilities.
The officer filed report no. Supplemental First Report. The Receiver closed the sale of the Real Property, resolved tenant rent defaults, wound down utilities and insurance on the property, and is finalizing outstanding HST/tax filings before making a final distribution to GTL and seeking its discharge. Court file CV-22-00687176-00CL.
4 earlier updates, back to 15 June 2022 — subscribers.
Debtor
2589504 Ontario Inc.
Receiver
BDO
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Jun 2022 – Sep 2022 | 288 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverBDO | Blaney McMurtry LLP | 16 Sep 2022 | Order · 16 Sep 2022 |
| CreditorGrant Thornton Limited | Chaitons LLP | 16 Sep 2022 | Order · 16 Sep 2022 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Equitable Bank · in 16 casesListed under “Secured Liabilities”. — Listed by the Receiver under “Secured Liabilities” in the Notice of Receiver and Receiver's Statement (ss.245(1) & 246(1) BIA), identified “based on the limited available books and records of the Debtor”. The document states a secured total of $7,673,557. — debtor: 2589504 Ontario Inc. | $4.01M | Notice of Receiver |
Sale closed — Sale Transaction closed following the Approval and Vesting OrderReceiver’s Supplemental First Report · 10 Nov 2022
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1000105943 Ontario Inc.the Purchased Assets described in the Sale Agreement as listed on Schedule 'B'... including the real property municipally known as 100 Sheppard Ave. West, Toronto, Ontario · real property · agreement 18 Aug 2022 | not stated | Closeddate not stated | Receiver’s Supplemental First Report |
2413974 Ontario Inc.: shortfall.Receiver’s Supplemental First Report · 10 Nov 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured241 (third mortgagee over the Real Property) | 2413974 Ontario Inc. | — | shortfall | per the receiver | Receiver’s Supplemental First Report · 10 Nov 2022 |
| Secured | DCI | — | no distribution | Estimatedper the receiver | Motion Record · 13 Sep 2022 |
| Secured | Equitable | — | paid in full | Estimatedper the receiver | Motion Record · 13 Sep 2022 |
| SecuredKay Indebtedness | Kays | — | shortfallconditional | Estimatedper the receiver | Motion Record · 13 Sep 2022 |
| UnsecuredGTL (as trustee for the Kays, subordinate secured creditor) | GTL / Kays | — | a distribution | per the receiver | Receiver’s Supplemental First Report · 10 Nov 2022 |
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.
4 engagements · 3 firms — latest: BDO Canada Limited, 9 Sep – 8 Nov 2022Receiver’s Supplemental First Report · 10 Nov 2022
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| BDO Canada LimitedReceiverperiod 2 of 2 | 9 Sep – 8 Nov 2022 | — | — | —3 people | Receiver’s Supplemental First Report · 10 Nov 2022 |
| BDO Canada LimitedReceiverperiod 1 of 2 | 9 May – 9 Sep 2022 | — | — | — | Motion Record · 13 Sep 2022 |
| Blaney McMurtry LLPCounsel | 30 May – 31 Aug 2022 | — | — | — | Motion Record · 13 Sep 2022 |
| Blaneyscapacity not stated | 1 Sep – 31 Oct 2022Sought | — | — | —7 people | Receiver’s Supplemental First Report · 10 Nov 2022 |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Cumulative receipts
$5.81M
As at 10 Nov 2022Receiver’s Supplemental First Report
| Date | Document | File |
|---|---|---|
Receiver’s Supplemental First Report
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Distribution and Approvals Order
| PDF · Subscribers | |
Grant Thornton Order
| PDF · Subscribers | |
Motion Record
| PDF · Subscribers | |
Notice of Receiver
| PDF · Subscribers | |
Receivership Order
| 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., “2589504 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/2589504-ontario-inc
Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/2589504-ontario-inc
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.