9052526 Canada Inc

9052526 Canada Inc has been under court-appointed receivership in Ontario since September 20, 2021, when the Ontario Superior Court of Justice appointed BDO Canada Limited as receiver and manager on the application of The Toronto-Dominion Bank under subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding is active on the Commercial List under court files CV-21-00667820-00CL and CV-22-00674747-00CL. TD is the debtor's only registered secured creditor, holding PPSA registrations over particular equipment, all personal property and accounts, together with a landlord waiver covering chattels at 760 Birchmount; a security opinion from Loopstra Nixon LLP confirms that security is valid and enforceable against the debtor's Ontario personal property. As at August 29, 2022, TD's facilities comprised an operating line of $372,220.64 including interest, an equipment financing term loan with a principal balance of $125,675.53 plus interest, and a $40,000 CEBA loan. The Receiver reported unsecured trade payables of approximately $50,000 based on the debtor's accounts payable summary dated July 15, 2022.