Cobalt Industries Ltd.

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.