2723324 Ontario Limited and 2551205 Ontario Inc.
Follow- 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
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
Debtor
2723324 Ontario Limited and 2551205 Ontario Inc.
Receiver
Doane Grant Thornton
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Royal Bank of Canada · in 556 casesGeneral Security Agreement dated April 20, 2023 (272 GSA); Guarantee and Postponement of Claim from 255 Ontario dated April 20, 2023 limited to $705,000, supported by 255 GSA; Charge/Mortgage of Land, principal sum $980,000.00, instrument PR4194826 registered May 1, 2023, first charge over Real Property — Term Facility $700,000 limit, $708,604.69 owing as at Aug 16, 2024; Credit Card Facility $5,000 limit, $6,309.15 owing as at Aug 16, 2024; demand letter dated Aug 22, 2024 confirms same total $715,189.51 (Demand Loan $708,604.69 + Visa $6,309.15 + Overdraft $275.67) — debtor: 2723324 Ontario · as of 16 Aug 2024 | $715K | Application Record of the Applicant Returnable December 10, 2024.pdf |
| Secured | 255 Ontario (2551205 Ontario Inc.)Guarantee and Postponement of Claim from 255 Ontario dated April 20, 2023, limited to $705,000, supported by 255 GSA — 255 Ontario as related-party guarantor/secured creditor of 272 Ontario obligations; amount is guarantee limit, not a stated balance — debtor: 272 Ontario (2723324 Ontario Limited) · as of 20 Apr 2023 | $705K | Application Record of the Applicant Returnable December 10, 2024.pdf |
| Secured | Royal Bank of Canada · in 556 cases255 General Security Agreement dated April 20, 2023; Guarantee and Postponement of Claim from 272 Ontario dated April 20, 2023, limited to $275,000 — Operating Facility maximum credit limit $250,000, $251,395.40 owing as at Aug 16, 2024; Credit Card Facility $25,000 limit, $30,163.82 owing as at Aug 16, 2024 — debtor: 2551205 Ontario Inc. · as of 16 Aug 2024 | $283K | Application Record of the Applicant Returnable December 10, 2024.pdf |
| Secured | 272 Ontario (2723324 Ontario Limited)Guarantee and Postponement of Claim from 272 Ontario dated April 20, 2023, limited to $275,000 — 272 Ontario as related-party guarantor/secured creditor of 255 Ontario obligations; amount is guarantee limit, not a stated balance — debtor: 255 Ontario (2551205 Ontario Inc.) · as of 20 Apr 2023 | $275K | Application Record of the Applicant Returnable December 10, 2024.pdf |
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.
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 | $77.6Kasserted | 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.
| Date | Document | File |
|---|---|---|
Motion Record Returnable September 25, 2026.pdf
| ||
| Factum returnable January 8, 2026.pdf | ||
Motion Record returnable January 8, 2026.pdf
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Endorsement of Justice Trimble dated March 27, 2025.pdf
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Order of Justice Trimble dated March 27, 2025.pdf
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Application Record of the Applicant Returnable December 10, 2024.pdf
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “2723324 Ontario Limited and 2551205 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/2723324-ontario-limited-and-2551205-ontario-inc