Cooper Professional Corporation
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00002368-0000
Cooper Professional Corporation was placed in court-appointed receivership on November 3, 2023 under s. 243 of the BIA and provincial Judicature Act authority, in the Ontario Superior Court of Justice under file 2368/23. The proceeding remains active. The Toronto-Dominion Bank, which holds a General Security Agreement dated December 3, 2020 perfected by PPSA registrations against the Debtor, put its indebtedness at $1,947,360.10 as of October 19, 2023, comprising an operating loan of $202,116.28, term loans of $1,397,637.03 and $201,455.29, Visa balances of $86,151.50 and a $60,000.00 CEBA loan. The Bank cited among the defaults a Canada Revenue Agency deemed-trust claim of $144,970.92 for unremitted HST, with a Requirement to Pay issued to the Bank dated October 11, 2023. James Arnold Professional Corporation, an unlimited guarantor and grantor of its own GSA, was demanded for $1,887,360.10 on October 20, 2023.
Receivership order made, commencing the court-appointed receivership of Cooper Professional Corporation in the Ontario Superior Court of Justice, two weeks after TD's demands on the Debtor and its guarantors.
Source: Receivership Appointment Order made by Justice Grace dated November 3, 2023
Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023) was filed. Court file CV-23-00002368-0000.
Source: Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023)
Debtor
File Documents
Receiver
Albert Gelman
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesStatutory deemed-trust claim for unremitted HST; Requirement to Pay issued to the Bank dated October 11, 2023 — Deemed trust claim (unremitted HST/RT) cited by the Bank as one of the Debtor's defaults; ranks as a quasi-governmental deemed-trust class claim. — debtor: Cooper Professional Corporation · as of 11 Oct 2023 | $145K | Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023) |
| 4 | Secured | The Toronto-Dominion Bank · in 111 casesGeneral Security Agreement dated December 3, 2020 (Debtor GSA), perfected by PPSA financing statement registrations against the Debtor — Total Indebtedness comprised of: Operating Loan $202,116.28 (limit $200,000.00); Term Loan 1 $1,397,637.03 (limit $1,384,362.00); Term Loan 2 $201,455.29 (limit $205,929.00); TD Business Visa $86,151.50 (limit $80,000.00); CEBA loan $60,000.00. Exact dated balance confirmed in demand letter of October 20, 2023 (Exhibit J). Also secured by unlimited personal guarantees from James Arnold and Kelly McDonnell (individuals - related parties/principals) and a guara · as of 19 Oct 2023 | $1.95M | Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023) |
| 4 | Secured | The Toronto-Dominion Bank · in 111 casesGeneral Security Agreement dated December 3, 2020 (JAPC GSA), perfected by PPSA financing statement registrations against James Arnold PC — James Arnold PC is both a guarantor (unlimited guarantee dated December 3, 2020) and a grantor of its own GSA securing the Debtor's obligations to the Bank; amount excludes the CEBA loan and is per the Guarantor Demand dated October 20, 2023 (Exhibit K). James Arnold PC amalgamated with the Debtor effective February 1, 2022 per corporate profile, though treated as a distinct security grantor in the pleadings. — debtor: James Arnold Professional Corporation · as of 19 Oct 2023 | $1.89M | Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023) |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
| Date | Document | File |
|---|---|---|
| Notice of Receiver (dated November 10, 2023) | ||
Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023)
| ||
| Endorsement of Justice Grace dated November 3, 2023 | ||
Receivership Appointment Order made by Justice Grace dated November 3, 2023
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Cooper Professional Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/cooper-professional-corporation