CNS Iron Fabrication Ltd.

CNS Iron Fabrication Ltd. is in court-appointed receivership before the Ontario Superior Court of Justice (file no. CV-22-00680668-00CL), ordered May 13, 2022 on the application of Royal Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, with MNP Ltd. appointed receiver over CNS Iron Fabrication Ltd. and Claeys Family Holdings Inc. together. At appointment, the receiver valued the companies' accounts receivable at $1,107,146, with inventory and machinery and equipment values unknown. Royal Bank of Canada held an estimated $5,050,000 as priority secured creditor, and Salvatore Cartelli and Congetta Bove held estimated security of $750,000. A revised creditor schedule dated May 25, 2022 listed more than 90 other creditors, led by Claeys Family Holdings itself at $450,000, Kimko Steel Sales Ltd. at $250,718, Crawford Metal at $158,493, and the Canada Revenue Agency's deemed trust claim of $63,629.