Cutting Edge Precision Services ULC, Proper Windsor Holdings ULC and SGM Real Estate Holdings ULC
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-22-00688427-00CL
- Industry
- Manufacturing · Metals & fabrication
Cutting Edge Precision Services ULC, Proper Windsor Holdings ULC and SGM Real Estate Holdings ULC were placed in receivership by order of the Ontario Superior Court of Justice on October 12, 2022, on the application of The Toronto-Dominion Bank, under court file CV-22-00688427-00CL. TD holds a charge registered September 1, 2022 against SGM's real property at 3230 Moynahan Street, Oldcastle, securing $2,500,000, alongside blanket PPSA registrations; the Business Development Bank of Canada holds an earlier $2,500,000 charge on the same property, registered September 28, 2020, and blanket PPSA registrations against Proper Windsor. An approval and vesting order provides for both charges to be discharged from title on closing of the sale of the SGM property, and the related purchase agreement carves out equipment subject to Meridian's security. The proceeding remains active.
The officer filed report no. Second Report. The Companies' operations have ceased; substantially all assets of CEPS and SGM, including the Real Property, have been sold, secured creditors repaid, and the Receiver is winding down remaining administrative matters including tax filings, a CRA reassessment, and final distributions before seeking discharge.
Source: Second Report of the Receiver (for motion returnable July 29, 2024)
Motion Record of the Receiver (for motion returnable July 29, 2024) — Application / notice of application
The court granted an approval and vesting order for the sale to 3305 Deziel Inc. and Arlen Tool Co. Ltd. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of conditions.
The court granted an approval and vesting order for the sale to 3305 Deziel Inc. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Source: Approval and Vesting Order of Justice Cavanagh to 3305 Deziel Inc. dated November 23, 2022
The officer filed report no. First Report. The Receiver took possession of CEPS's property and continued operating the business in the ordinary course while negotiating a going-concern sale to the Purchasers, rather than shutting down for a forced liquidation.
Source: First Report of the Receiver (for motion returnable November 23, 2022) (1 of 2)
First Report of the Receiver (for motion returnable November 23, 2022) (2 of 2) — Court officer report
Motion Record Record of the Receiver (for motion returnable November 23, 2022) (2 of 2) — Application / notice of application
Motion Record of the Receiver (for motion returnable November 23, 2022) (1 of 2) — Application / notice of application
The court appointed Albert Gelman Inc. as receiver, on the application of THE TORONTO-DOMINION BANK. Court file CV-22-00688427-00CL.
Source: Amended and Restated Receivership Appointment Order of Justice Kimmel dated October 21, 2022
Court appointed a receiver over all three companies on The Toronto-Dominion Bank's application, opening the Ontario Superior Court of Justice proceeding under file CV-22-00688427-00CL.
Source: Receivership Appointment Order of Justice Kimmel dated October 12, 2022
Application Record of the Toronto-Dominion Bank (for motion returnable October 12, 2022) — Application / notice of application
Debtor
File Documents
Receiver
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Nov 2022 | 318 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 4 orders, Oct 2022 | 198 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jul 2024 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlbert Gelman | Aird & Berlis LLP | 23 Nov 2022 | Factum · 18 Nov 2022 |
| ApplicantToronto-Dominion Bank | Chaitons LLP | 12 Oct 2022 | Order · 12 Oct 2022 |
| CreditorToronto-Dominion Bank | Kestenberg Siegal Lipkus LLP | 21 Oct 2022 | Order · 21 Oct 2022 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Business Development Bank of Canada · in 251 casesCharge registered September 28, 2020 (Land Registry Instrument No. CE965703) against 3230 Moynahan Street, Oldcastle, Ontario, securing the sum of $2,500,000 (registered principal, not stated as an outstanding balance); related Notice of Assignment of Rents General (Instrument No. CE965710); also PPSA registrations (Ontario) covering all present and after-acquired personal property (File No. 718351623, registered July 6, 2016, renewed August 17, 2020) and a General Assignment of Rents re the same real property (File No. 718351677, registered July 6, 2016, renewed August 18, 2020) — Charge list | — | First Report of the Receiver (for motion returnable November 23, 2022) (2 of 2) |
| 4 | Secured | |||
| 5 | PMSI / lessors |
2 more claims in 2 classes The stack holds Secured and PMSI / lessors claims.
Every creditor and every amount.
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See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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.
3 transactions · 2 closed · 1 approved — Sale transactions completed and closedSecond Report of the Receiver (for motion returnable July 29, 2024) · 17 Jul 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 3305 Deziel Inc.the real property municipally known as 3230 Moynahan Street, Oldcastle, Ontario and legally described in Schedule B hereto · real property · agreement 4 Nov 2022 | Subscribers | Approved23 Nov 2022 | Approval and Vesting Order of Justice Cavanagh… |
| 3305 Deziel Inc. and Arlen Tool Co. Ltd.the Purchased Assets (other than the Real Property) · real property · nominee/assignee: a corporation to be incorporated · agreement 4 Nov 2022 | Subscribers | Closed25 Nov 2022 | Second Report of the Receiver (for motion… |
| Arlen Tool Co. Ltdthe Purchased Assets (as defined in the CEPS Sale Agreement) · asset sale · agreement 4 Nov 2022 | Subscribers | Closed | Second Report of the Receiver (for motion… |
BDC: paid in full.EstimatedFirst Report of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | BDC | — | paid in full | Estimatedper the receiver | First Report of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
| SecuredBDC | Business Development Bank of Canada | — | a distribution | Estimatedper the receiver | Motion Record of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
| Secured | CWB National Leasing Inc. | — | a distribution | Estimatedper the receiver | Motion Record of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
| Secured | TD Bank | — | not yet estimatedconditional | Estimatedper the receiver | First Report of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
| SecuredTD Bank | Toronto-Dominion Bank | — | a distribution | Estimatedper the receiver | Motion Record of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
| UnsecuredSGM: HST deemed trust | CRA | — | Estimatedper the receiver | Motion Record of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans5 engagements · 3 firms — latest: A&B, in feesSecond Report of the Receiver (for motion · 17 Jul 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| A&BCounselperiod 2 of 2 | — | Second Report of the Receiver (for motion · 17 Jul 2024 | |||
| A&BCounselperiod 2 of 2 | — | Second Report of the Receiver (for motion · 17 Jul 2024 | |||
| Aird & Berlis LLPCounsel to the receiver | —Sought | First Report of the Receiver (for motion returnable November 23, 2022)… · 14 Nov 2022 | |||
| Albert Gelman Inc.Receiverperiod 2 of 2 | —Sought | Second Report of the Receiver (for motion · 17 Jul 2024 | |||
| Albert Gelman Inc.Receiverperiod 2 of 2 | — | Second Report of the Receiver (for motion · 17 Jul 2024 |
15 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansCash on hand
$52.6K
As at 17 Jul 2024Second Report of the Receiver (for motion returnable July 29, 2024)
Professional fees
As at
1 more reported figure
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Court Order of Justice Steele dated July 29, 2024
| PDF · Subscribers | |
Endorsement of Justice Steele dated July 29, 2024
| PDF · Subscribers | |
| Motion Record of the Receiver (for motion returnable July 29, 2024) | PDF · Subscribers | |
Second Report of the Receiver (for motion returnable July 29, 2024)
| PDF · Subscribers | |
Ancillary Order of Justice Cavanagh dated November 23, 2022
| PDF · Subscribers | |
Approval and Vesting Order of Justice Cavanagh to 3305 Deziel Inc. and Arlen Tool Co. Ltd. dated November 23, 2022
| PDF · Subscribers | |
Approval and Vesting Order of Justice Cavanagh to 3305 Deziel Inc. dated November 23, 2022
| PDF · Subscribers | |
Counsel Slip TD v. Cutting Edge dated November 23, 2022
| PDF · Subscribers | |
Factum of the Receiver (for motion returnable November 23, 2022)
| PDF · Subscribers | |
| Service List as of November 18, 2022 | PDF · Subscribers | |
First Report of the Receiver (for motion returnable November 23, 2022) (1 of 2)
| PDF · Subscribers | |
First Report of the Receiver (for motion returnable November 23, 2022) (2 of 2)
| PDF · Subscribers | |
Motion Record Record of the Receiver (for motion returnable November 23, 2022) (2 of 2)
| PDF · Subscribers | |
Motion Record of the Receiver (for motion returnable November 23, 2022) (1 of 2)
| PDF · Subscribers | |
Amended and Restated Receivership Appointment Order of Justice Kimmel dated October 21, 2022
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated October 21, 2022
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated October 12, 2022
| PDF · Subscribers | |
Receivership Appointment Order of Justice Kimmel dated October 12, 2022
| PDF · Subscribers | |
| Application Record of the Toronto-Dominion Bank (for motion returnable October 12, 2022) | 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., “Cutting Edge Precision Services ULC, Proper Windsor Holdings ULC and SGM Real Estate Holdings ULC” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/cutting-edge-precision-services-ulc-proper-windsor-holdings-ulc-and-sgm-real-est