#Order
Interim order granted on Owemanco's application under section 243(1) of the BIA and section 101 of the Courts of Justice Act, appointing MNP Ltd. receiver and manager.
2642988 Ontario Inc. Receivership
FollowActive
- Proceeding
- Receivership (court-appointed)SECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C. B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990 C. C.43, AS AMENDED
- File
- CV-23-00082809-0000
Filings held3
Last activity28 May 2024
On the record846 days
Secured debt$2.4M
OverviewSummary updated
2642988 Ontario Inc. is in court-appointed receivership before the Ontario Superior Court of Justice, with MNP Ltd. acting as receiver and manager under court file CV-23-00082809-0000. The proceeding began on May 28, 2024 on the application of Owemanco Mortgage Holding Corporation under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Owemanco's security consists of a first-ranking general security agreement over the debtor and a Land Titles charge against 2170 Ghent Avenue, Burlington, Ontario, securing an original $2,000,000 loan; the payout figure as of May 1, 2024 was $2,400,263.60, accruing at a per diem of $726.76. An independent opinion from Reconstruct LLP confirmed the security valid and enforceable, and PPSA and title searches disclosed no other registrations. A sale has been approved. The receivership remains active.
Proceedings AIAsk this case — answers cite the filings
Case updates4 dated entries
#Sale
Approval and vesting order granted, sanctioning a sale of the debtor's property at 2170 Ghent Avenue, Burlington, Ontario.
#Filing
Motion Record dated May 15 2024 was filed. Court file CV-23-00082809-0000.
Source: Motion Record dated May 15 2024
Parties
Debtor
2642988 Ontario Inc. Receivership
Receiver
MNP
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Owemanco Mortgage Holding Corporation · in 7 casesFirst-ranking general security agreement over the Debtor; Charge/Mortgage registered against the Property (2170 Ghent Avenue, Burlington, Ontario) under Land Titles; original loan amount $2,000,000 — Statement of account from Owemanco (payable to 'Ontario Wealth Management Corporation') dated April 30, 2024 detailing payout as of May 1, 2024: principal $2,000,000.00, protective advances $18,144.32, interest on principal $325,584.21, interest on protective advances $2,721.06, lender's info statement fee $500.00, NSF fees $2,000.00, renewal fee $28,000.00, legal fees on renewal $3,452.00, intere · as of 1 May 2024 | $2.4M | Motion Record dated May 15 2024 |
This 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.
Sale processPer the transactions
Sale approvedApproval and Vesting Order dated May 28 2024 · 28 May 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Argo Ghent Limitedthe Debtor's right title and interest in and to the Property · real property · agreement 29 Feb 2024 | not stated | Approved28 May 2024 | Approval and Vesting Order dated May 28 2024 |
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditionsApproval and Vesting Order dated May 28 2024
Fees and ratesAs stated in the filings
2 engagements · 2 firms — latest: Dickinson Wright LLP, to 30 Apr 2024, $28,253.96 incl. taxMotion Record · 15 May 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Dickinson Wright LLPCounsel to the receiver | to 30 Apr 2024 | — | $28,253.96incl. tax | not stated | Motion Record · 15 May 2024 |
| MNP Ltd.Receiver | to 30 Apr 2024 | — | — | $649.50stated average | Motion Record · 15 May 2024 |
Documents3 filings
| Date | Document | File |
|---|---|---|
Approval and Vesting Order dated May 28 2024
| ||
Motion Record dated May 15 2024
| ||
Receiver's Appointment Order dated
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “2642988 Ontario Inc. Receivership” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/2642988-ontario-inc-receivership