Proceedings.

BJSM Holdings Ltd. and Brent Massaro

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Proceeding
BankruptcyBIA
Court
Ontario Superior Court of Justice
File
BK-25-00000003-0021
Filings held17
Last activity24 Apr 2026
On the record571 days
Secured debt$211K
OverviewSummary updated

BJSM Holdings Ltd. and Brent Jason Scott Massaro have been in bankruptcy under the BIA in the Ontario Superior Court of Justice since an application for a bankruptcy order was issued February 27, 2025 (file BK-25-00000003-0021). The applicants, TGH Holdings Ltd. and Tyler Hogan, obtained the order; they hold a November 25, 2024 default judgement requiring BJSM and Massaro, jointly and severally, to purchase TGH's shares in Thunder Bay Broom & Chemicals Ltd. for $13,350,000 plus post-judgement interest and to pay $25,000 in costs, and have filed a proof of claim against Massaro totalling approximately $13.82 million. KSV Restructuring Inc., proposed trustee, reported on August 11, 2025 that the value of Massaro's assets is not expected to be material relative to the potential claims against the estate; Hogan has guaranteed the trustee's fees up to $50,000.

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Case updates17 dated entries
#Report

The officer filed report no. First Report. Massaro is unemployed and earning no income, with the Massaro Estate's realizable assets limited mainly to real property; BJSM's principal remaining asset is its 50% shareholding in TBB, which the Trustee is selling to TGH under the proposed Share Transaction.

Source: First Report of the Trustee dated April 15, 2026

Parties

Debtor

BJSM Holdings Ltd. and Brent Massaro

Trustee in bankruptcy

AlixPartners

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice WojciechowskiOntario Superior Court of Justice2 orders, Apr 20261 case on record

Counsel of record

PartyCounselFirst seenSource
Trustee in bankruptcyAlixPartnersFasken Martineau DuMoulin LLP7 Aug 2025Service list · 7 Aug 2025
ApplicantRothstein LLP22 Jul 2025Order · 22 Jul 2025
DebtorBJSM Holdings Ltd. and Brent MassaroBuset & Partners LLP7 Aug 2025Service list · 7 Aug 2025
CreditorBankruptcy, KSV Restructuring IncFasken Martineau DuMoulin LLP15 Apr 2026Factum · 15 Apr 2026
CreditorTyler Hogan and TGH Holdings LtdRothstein LLP7 Aug 2025Service list · 7 Aug 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 2 named without a figure
#Priority classCreditorAmountSource
4SecuredBank of Nova Scotia · in 71 casesTwo mortgages on Massaro's principal residence (the Oriole Property), jointly owned with his spouse — Per Massaro's Statement of Affairs sworn July 28, 2025. Reflected at 50% of the amount outstanding under each mortgage as the mortgages are joint obligations of Massaro and his wife. — debtor: Brent Jason Scott Massaro · as of 28 Jul 2025$211KMassaro -Trustee's Preliminary Report to Creditors dated August 11, 2025
8UnsecuredTyler Hogan and TGN Holdings Ltd.Judgment/litigation award creditor; care of Paliare Roland Rosenberg Rothstein LLP (Attn: Daniel Rosenbluth), Toronto. Reason for bankruptcy stated on Form 78 as 'Legal Matters — Judgement rendered company bankrupt.' · as of 22 Jul 2025$13.3MNotice to creditors dated July 29, 2025
8UnsecuredRBC Avion Visa · in 2 casesAttn: Steven Beaucage · as of 22 Jul 2025$11.7KNotice to creditors dated July 29, 2025
8UnsecuredBuset LLP · in 2 casesas of 22 Jul 2025$11.1KNotice to creditors dated July 29, 2025
8UnsecuredLedgersListed with $0.00 and marked in the 'values for notification only' (placeholder) column · as of 22 Jul 2025$0Notice to creditors dated July 29, 2025
8UnsecuredCanada Revenue Agency · in 926 casesCRA — deemed-trust class; listed with $0.00 and marked in the 'values for notification only' (placeholder) column · as of 22 Jul 2025$0Notice to creditors dated July 29, 2025
Sale processPer the transactions

2 transactions · 2 approvedSale Approval Order dated April 24, 2026 · 24 Apr 2026

Parties solicited

53

First Report of the Trustee dated April 15, 2026

NDAs signed

7

First Report of the Trustee dated April 15, 2026

PurchaserPriceStatusSource
Lisa MassaroRelated partythe sale transaction (the ' Oriole Transaction ') contemplated by an agreement of purchase and sale dated as of April 13, 2026 · real property · agreement 13 Apr 2026$250KApproved24 Apr 2026Sale Approval Order dated April 24, 2026
TGH Holdings Ltd.the sale transaction (the ' Share Transaction ') contemplated by a share purchase agreement dated as of April 13, 2026 · share sale · agreement 13 Apr 2026not statedApproved24 Apr 2026Sale Approval Order dated April 24, 2026
AdvisorsKSV Restructuring Inc. (sale agent)First Report of the Trustee dated April 15, 2026
Closing termsOrder effective as of 12:01 a.m. Thunder Bay time on the date of this OrderSale Approval Order dated April 24, 2026
RecoveriesAs stated in the filings

Unsecured creditors: 2 %.Form 82 - Report of Trustee on Bankrupt’s Application for Discharge · 22 Jul 2025

ClassCreditorClaimsRecoveryBasisSource
Unsecured——2 %per the trusteeForm 82 - Report of Trustee on Bankrupt’s Application for Discharge · 22 Jul 2025

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.

Estate financialsReported figures — never derived
Total assets at filing$7.61M
Total liabilities at filing$13.4M

As at 22 Jul 2025 · per Statement of Affairs (Form 78, Corporate Bankruptcy) as stated and estimated by debtor; marked Amended · Entity — BJSM Holdings Ltd. — Liabilities per Form 78 summary: secured $0.00, preferred $0.00, unsecured $13,372,812.00, contingent/trust $0.00, total $13,372,812.00; deficiency $5,764,394.41. Assets $7,608,417.59 = deposits in financial institutions $6,298.00 (RBC chequing), securities $7,250,000.00 (100% shares of Thunder Bay Broom & Chemicals Ltd.), and other property $352,119.59 (London Life RRSPs/policies $147,229.79 + $204,889.80). Bankruptcy Order made 22 July 2025 (Court No. BK-25-00000003-00, Estate No. 21-3250594, Thunder Bay, Ontario); trustee KSV Restructuring Inc.; designated person Brent Massaro. Amended SOA

Documents
17 filings
DateDocumentFile
Endorsement of Justice Wojciechowski dated April 24, 2026
  • Presiding officer Justice Wojciechowski
PDF
Sale Approval Order dated April 24, 2026
  • Closing terms Order effective as of 12:01 a.m. Thunder Bay time on the date of this Order
  • Order date 24 April 2026
  • Presiding officer Justice S. Wojciechowski
  • Purchaser TGH Holdings Ltd. · the sale transaction (the ' Share Transaction ') contemplated by a share purchase agreement dated as of April 13, 2026 · share sale · approved; Lisa Massaro · the sale transaction (the ' Oriole Transaction ') contemplated by an agreement of purchase and sale dated as of April 13, 2026 · real property · approved
PDF
Form 80 - Notice of Intended Opposition to Discharge of BankruptPDF
Book of Authorities of the Trustee dated April 15, 2026PDF
Factum of the Trustee dated April 15, 2026
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
PDF
First Report of the Trustee dated April 15, 2026
  • Cash on hand Note: Massaro Estate: approximately $18,728 before costs and accruals; BJSM Estate: approximately $215,623 before costs and accruals. · As at: 2026-04-15 · Currency: CAD · Qualifier: approximate, before costs and accruals, reported separately for each estate
  • Operational summary Massaro is unemployed and earning no income, with the Massaro Estate's realizable assets limited mainly to real property; BJSM's principal remaining asset is its 50% shareholding in TBB, which the Trustee is selling to TGH under the proposed Share Transaction.
  • Process results 53 solicited · 7 NDAs
  • Purchaser TGH Holdings Ltd. · the Shares and the Seller Dividend Note · share sale · approved; Lisa Massaro (related party) · the Massaro Estate's one-half interest in the real property municipally known as 3101 Oriole Street, Thunder Bay, Ontario · real property · $250K · approved
  • + 3 more extracted facts
PDF
Motion Record of the Trustee dated April 15, 2026
  • Applicant KSV Restructuring Inc.
  • Appointee KSV Restructuring Inc.
  • Appointee role Trustee in Bankruptcy
  • Commencement date 15 April 2026
  • + 3 more extracted facts
PDF
BJSM - Trustee's Preliminary Report to Creditors dated August 11, 2025PDF
Massaro -Trustee's Preliminary Report to Creditors dated August 11, 2025
  • Financial position as at 28 Jul 2025 · per Statement of Affairs sworn July 28, 2025; estimated net realizable values according to Massaro; Trustee has not audited or verified the financial information (no CAS assurance) · Brent Jason Scott Massaro personally (the Estate); a separate report addresses the bankruptcy of BJSM Holdings Ltd. — No totals are stated; asset components per the SOA (not summed): Oriole Property approximately $215,000 (Estate's 50% interest, net of mortgage); Syndicate Property approximately $9,300 (net of mortgage); personal furniture and effects $10,000; cash surrender value of life insurance policies $28,691 (stated on p. 4 as approximately $28,691 as at May 14, 2025); BNS trading account $6,821 (stated on p. 4 as $6,831 as at the date of bankruptcy). No liabilities side or total is stated. Trustee states the value of Massaro's assets is not expected to be material relative to the potential claims against the Estate (p. 5).
  • Secured creditors $211K · Note: Per Massaro's Statement of Affairs sworn July 28, 2025. Reflected at 50% of the amount outstanding under each mortgage as the mortgages are joint obligations of Massaro and his wife. · Page: 2 · As of: 2025-07-28 · Debtor: Brent Jason Scott Massaro · Creditor: Bank of Nova Scotia · Security: Two mortgages on Massaro's principal residence (the Oriole Property), jointly owned with his spouse
  • Unsecured creditors $13.4M · Note: Largest creditor of Massaro and BJSM. Judgement obtained in the context of Court findings of oppressive conduct and breach of fiduciary duty (p. 3). As at the date of the Report (August 11, 2025), one proof of claim has been filed against Massaro by TGH and Hogan totaling approximately $13.82 million — proofs-filed figure, not the reported amount (p. 3). TGH and Hogan are also the applicants who obtained the Bankruptcy Order and Hogan has guaranteed the Trustee's fees up to $50,000 (p. 5). · Page: 2 · As of: default judgement issued on November 25, 2024 · Basis: Approximately $13,375,000 owed pursuant to a default judgement issued November 25, 2024 by the Ontario Superior Court of Justice, ordering BJSM and Massaro, jointly and severally, to (i) purchase TGH's shares in Thunder Bay Broom & Chemicals Ltd. for the total sum of $13,350,000 plus post-judgement interest and (ii) pay TGH and Hogan $25,000 in costs. · Debtor: Brent Jason Scott Massaro (jointly and severally with BJSM Holdings Ltd.) · Creditor: TGH Holdings Ltd. and Tyler Hogan (jointly and severally)
PDF
Service List as at August 7, 2025
  • Counsel Paliare Roland Rosenberg Rothstein LLP
PDF
Notice to creditors dated July 29, 2025
  • Financial position Assets $7.61M · Liabilities $13.4M · as at 22 Jul 2025 · per Statement of Affairs (Form 78, Corporate Bankruptcy) as stated and estimated by debtor; marked Amended · Entity — BJSM Holdings Ltd. — Liabilities per Form 78 summary: secured $0.00, preferred $0.00, unsecured $13,372,812.00, contingent/trust $0.00, total $13,372,812.00; deficiency $5,764,394.41. Assets $7,608,417.59 = deposits in financial institutions $6,298.00 (RBC chequing), securities $7,250,000.00 (100% shares of Thunder Bay Broom & Chemicals Ltd.), and other property $352,119.59 (London Life RRSPs/policies $147,229.79 + $204,889.80). Bankruptcy Order made 22 July 2025 (Court No. BK-25-00000003-00, Estate No. 21-3250594, Thunder Bay, Ontario); trustee KSV Restructuring Inc.; designated person Brent Massaro. Amended SOA sworn 28 July 2025 by Brent Jason Scott Massaro. secured_creditors returned as empty array because the Form 78 affirmatively records $0.00 secured with no creditor in the secured column.
  • Secured creditors
  • Unsecured creditors $11.7K · Note: Attn: Steven Beaucage · Page: 5 · As of: 2025-07-22 · Basis: Statement of Affairs (Form 78) as stated by debtor; nature: bank loans except real property mortgage · Creditor: RBC Avion Visa
PDF
Amended Certificate of Appointment dated July 22, 2025PDF
Bankruptcy Order dated July 22, 2025
  • Counsel Paliare Roland Rosenberg Rothstein LLP
  • Presiding officer Justice Fitzpatrick
PDF
Certificate of Appointment dated July 22, 2025PDF
Form 82 - Report of Trustee on Bankrupt’s Application for Discharge
  • Recovery outcome Entries: per unstated · Table missing:
PDF
Factum of Applicant Creditors dated July 11, 2025PDF
Application Record of the Applicant Creditor dated July 9, 2025
  • Appointee KSV Restructuring Inc.
  • Appointee role Proposed Trustee
  • Commencement date 27 February 2025
  • Court SUPERIOR COURT OF JUSTICE
  • + 2 more extracted facts
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “BJSM Holdings Ltd. and Brent Massaro” (Bankruptcy), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/bjsm-holdings-ltd-and-brent-massaro

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/bjsm-holdings-ltd-and-brent-massaro

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.