#Order
Receivership-order-May-23-2025 was filed. Court file CV-25-00743600-00CL.
Source: Receivership-order-May-23-2025
DAYMAK Inc.
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00743600-00CL
Filings held4
Last activity23 May 2025
On the record532 days
OverviewSummary updated
DAYMAK Inc. has been in court-appointed receivership in Ontario since May 23, 2025, following an application by The Toronto-Dominion Bank under BIA s. 243. TD claimed a total payout of $16,008,449.73 CAD plus $506.99 USD as at April 7, 2025, secured by a perfected general security agreement dated December 19, 2022 over all of the Debtor's present and after-acquired property, together with guarantees from Daymak International Inc., Daymak Holdings Limited and Daymak USA Inc. and a $500,000-capped personal guarantee from Aldo Baiocchi. That debt is approximately 72% of the $22,257,265 in liabilities shown on the Debtor's unaudited NOI creditor list. The Bank also flagged CRA deemed trust arrears of $709,928.29 as at March 18, 2025 and shareholder debt reported back up to $3,088,206.86 by April 24, 2025 despite a postponement in its favour.
Proceedings AIOpen Proceedings AI
Case updates5 dated entries
Parties
Debtor
DAYMAK Inc.
Applicant
TD
Receiver
Albert Gelman
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, May 2025 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorToronto-Dominion Bank | Miller Thomson LLP | 22 May 2025 | Factum · 22 May 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesDeemed trust class - unremitted source deductions/HST. Figure per CRA's own statement of arrears dated March 18, 2025. Other reported figures for the same obligation: $882,996 per Debtor's February 28, 2025 trial balance/borrowing base reporting (cited in TD's March 11, 2025 default notice and April 15, 2025 demand letter) - Daymak disputed the HST component of this figure ('We do not have HST in arrears'); and approximately $930,000 per an April 24, 2025 trial balance (a ~$220,000 one-month increase); and 'approx. $710,000' cited in a May 9, 2025 email regarding proposed Proposal terms. — deb · as of 18 Mar 2025 | $710K | Application Record – Applicants 22-MAY-2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured |
5 more claims in 3 classes The stack holds Deemed trusts (CRA and other), Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansEstate financialsReported figures — never derived
Total liabilities at filing
As at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansDocuments4 filings
| Date | Document | File |
|---|---|---|
Endorsement May 23 2025
| PDF · Subscribers | |
Receivership-order-May-23-2025
| PDF · Subscribers | |
Application Record – Applicants 22-MAY-2025
| PDF · Subscribers | |
Factum- APPLICANT – 22-MAY-2025
| 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., “DAYMAK Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/daymak-inc