#Order
Receivership-order-May-23-2025 was filed. Court file CV-25-00743600-00CL.
Source: Receivership-order-May-23-2025
DAYMAK Inc.
FollowActive
- 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 record486 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 AIAsk this case — answers cite the filings
Case updates5 dated entries
2 earlier updates, back to 23 May 2025 — subscribers.
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 | 288 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 |
|---|---|---|---|
| Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 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 |
5 more claims across lower-ranking classesSubscribe to view
Estate financialsReported figures — never derived
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Documents4 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 20 September 2026, https://proceedings.ca/case/daymak-inc