Notice of Motion (Distribution and Dischage) dated October 11, 2024 — Application / notice of application
Cobalt Industries Ltd.
- Proceeding
- Receivership (court-appointed)Section 243 of the Bankruptcy and Insolvency Act and Section 55 of the Court of King's Bench Act
- File
- CI 23-01-44085
- Industry
- Manufacturing · Metals & fabrication
Cobalt Industries Ltd. has been under the court-appointed receivership of Grant Thornton Limited since December 11, 2023, when the Court of King's Bench of Manitoba appointed the receiver on the application of The Toronto-Dominion Bank under section 243 of the Bankruptcy and Insolvency Act and section 55 of the Court of King's Bench Act, in file CI 23-01-44085. TD, which holds registered security over all of the company's present and after-acquired property, was owed $7,200,652 as at November 30, 2023, plus further accrued and accruing interest, costs and expenses; its security has been confirmed valid and enforceable in an opinion from TM LLP. Cobalt's unaudited books showed total assets of $3,743,967 at the date of the order. Priority claims include $21,257 for Service Canada under WEPP and CRA deemed trust claims of $20,346 and $2,106. Unsecured claims of $1,585,168.98 were recorded; the receiver has not run a claims process, citing a significant shortfall to secured creditors. The proceeding remains active.
Debtor
Cobalt Industries Ltd.
Receiver
Doane Grant Thornton
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Taylor McCaffrey LLP | 9 Oct 2024 | Application · 9 Oct 2024 |
| Applicant | MLT Aikins LLP | 5 Dec 2023 | Application · 5 Dec 2023 |
| DebtorCobalt Industries Ltd. | Tapper Cuddy LLP | 5 Dec 2023 | Application · 5 Dec 2023 |
| CreditorAviva | Chaitons LLP | 9 Oct 2024 | Application · 9 Oct 2024 |
| CreditorFlextech Industries Ltd | Court Stults Johnson LLP | 9 Oct 2024 | Application · 9 Oct 2024 |
| CreditorIronworkers Local 728 | Kalloghlian Myers LLP | 9 Oct 2024 | Application · 9 Oct 2024 |
| CreditorJeremy Yu | Fillmore Riley LLP | 9 Oct 2024 | Application · 9 Oct 2024 |
| CreditorLandlord | Pitblado LLP | 5 Dec 2023 | Application · 5 Dec 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency - payroll source deductions · in 3 casesDeemed trust claim; preferred/priority ranking — debtor: Cobalt Industries Ltd. | $20.3K | Receiver's First & Final Report - Filed October 9, 2024 |
| 4 | Secured | |||
| 4 | Secured | |||
| 6 | Landlord preferred | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 more claims in 4 classes The stack holds Deemed trusts (CRA and other), Secured, Landlord preferred, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansCanada Revenue Agency: a distribution.Receiver's First & Final Report - Filed October 9, 2024 · 4 Oct 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trustCRA (deemed trust claim for unpaid employee source withholdings) | Canada Revenue Agency | — | per the receiver | Receiver's First & Final Report - Filed October 9, 2024 · 4 Oct 2024 | |
| Secured | Toronto-Dominion Bank | — | shortfall | Estimatedper the receiver | Receiver's First & Final Report - Filed October 9, 2024 · 4 Oct 2024 |
| Preferred | Service Canada | — | per the receiver | Receiver's First & Final Report - Filed October 9, 2024 · 4 Oct 2024 | |
| UnsecuredCRA (filed priority claim for unpaid GST remittances) | Canada Revenue Agency | — | per the receiver | Receiver's First & Final Report - Filed October 9, 2024 · 4 Oct 2024 |
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.
3 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansAs at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Notice of Motion (Distribution and Dischage) dated October 11, 2024
| PDF · Subscribers | |
| Motion Brief filed October 9, 2024 | PDF · Subscribers | |
Notice of Motion filed October 9, 2024
| PDF · Subscribers | |
Receiver's First & Final Report - Filed October 9, 2024
| PDF · Subscribers | |
| Brief of the Applicant dated December 8, 2023 | PDF · Subscribers | |
Notice of Application dated December 5, 2023
| PDF · Subscribers | |
| Affidavit of M. Holland dated December 4, 2023 | PDF · Subscribers | |
| Receiver's Consent dated December 4, 2023 | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Cobalt Industries Ltd.” (Receivership (court-appointed)), Court of King's Bench of Manitoba. Retrieved 4 November 2026, https://proceedings.ca/case/cobalt-industries-ltd