2723324 Ontario Limited and 2551205 Ontario Inc.
- Proceeding
- Receivership (court-appointed)subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-24-00005068-0000
- Industry
- Real estate · Rental & income property
2723324 Ontario Limited and 2551205 Ontario Inc., which had guaranteed each other's obligations to Royal Bank of Canada, were placed in court-appointed receivership on March 27, 2025, by order of Justice Trimble of the Ontario Superior Court of Justice, on an application RBC filed November 1, 2024, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Grant Thornton Limited was appointed receiver of both companies. RBC reported 2723324 Ontario Limited's indebtedness at $715,189.51 as at August 16, 2024, secured by a general security agreement, a $980,000.00 mortgage on real property registered May 1, 2023, and a guarantee from 2551205 Ontario Inc. limited to $705,000. RBC reported 2551205 Ontario Inc.'s indebtedness at $283,282.27 as at the same date, secured by its own general security agreement and a guarantee from 2723324 Ontario Limited limited to $275,000.
Justice Trimble of the Ontario Superior Court of Justice granted the receivership order, appointing Grant Thornton Limited receiver of both companies.
Royal Bank of Canada filed its application for the appointment of a receiver over 2723324 Ontario Limited and 2551205 Ontario Inc.
Source: Application Record of the Applicant Returnable December 10, 2024.pdf
Outcome brief
Ongo Logistics: the unit sold without a listing, for $975,000
The receiver sold the courier business's Mississauga unit without a listing, at a price it said beat its appraisal and three brokers' estimates; now disclosed as $975,000, the proceeds go to RBC, owed about $1.14 million, on a discharge motion heard September 25.
Debtor
2723324 Ontario Limited and 2551205 Ontario Inc.
Receiver
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Trimble | Ontario Superior Court of Justice | 2 orders, Mar 2025 | 8 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Aird & Berlis LLP | 8 Jan 2026 | Factum · 29 Dec 2025 |
| ApplicantRoyal Bank of Canada | Harrison Pensa LLP | 27 Mar 2025 | Order · 27 Mar 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (employee source deductions, 255) · in 985 casesDeemed-trust class claim as asserted by CRA. No distribution will be made on it because realizations in the 255 receivership are nominal ($579.46 available, allocated to the Receiver's Charge). CRA advised 272 has filed no payroll returns and neither Debtor has filed HST returns since incorporation; CRA has submitted no claim for 272 source deductions or for HST against either Debtor, and the Receiver is not aware of any such amounts. No WEPPA/employee claims are known. — debtor: 2551205 Ontario Inc. · as of 28 May 2025 | $77.6K | Motion Record Returnable September 25, 2026.pdf |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
4 more claims in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis 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.
Canada Revenue Agency: no distribution.Motion Record Returnable September 25, 2026.pdf · 15 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trustCRA (255 Source Deduction Claim) | Canada Revenue Agency | asserted | no distribution | per the receiver | Motion Record Returnable September 25, 2026.pdf · 15 Sep 2026 |
| SecuredRBC Indebtedness (272 receivership) | Royal Bank of Canada | — | shortfall | per the receiver | Motion Record Returnable September 25, 2026.pdf · 15 Sep 2026 |
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.
1 blurred figure 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 plans| Date | Document | File |
|---|---|---|
Motion Record Returnable September 25, 2026.pdf
| PDF · Subscribers | |
Factum returnable January 8, 2026.pdf
| PDF · Subscribers | |
Motion Record returnable January 8, 2026.pdf
| PDF · Subscribers | |
Endorsement of Justice Trimble dated March 27, 2025.pdf
| PDF · Subscribers | |
Order of Justice Trimble dated March 27, 2025.pdf
| PDF · Subscribers | |
Application Record of the Applicant Returnable December 10, 2024.pdf
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Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “2723324 Ontario Limited and 2551205 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/2723324-ontario-limited-and-2551205-ontario-inc