Drop Technologies Inc., Drop Technologies Holdings ULC, and Drop Technologies USA Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-25-00749775-00CL
Drop Technologies Inc., together with Drop Technologies Holdings ULC and Drop Technologies USA Inc., is in court-appointed receivership in Ontario, with KSV Restructuring Inc. appointed receiver and manager by order of the Ontario Superior Court of Justice (Commercial List) on December 11, 2025 in Court File No. CV-25-00749775-00CL. The appointment was sought by National Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The order granted a stay and created a Receiver's Charge over the Property for the receiver and its counsel, together with a Receiver's Borrowings Charge of $300,000. Days before the appointment, KSV reported on an Alberta opinion addressing the validity and enforceability of the bank's security and recommended that distributions be permitted to National Bank of Canada.
On National Bank of Canada's application, the court appointed KSV Restructuring Inc. receiver and manager over the three Drop entities, granted a stay, and imposed a first-ranking Receiver's Charge for the receiver and its counsel plus a subordinate $300,000 Receiver's Borrowings Charge.
Drop Technologies Inc., Drop Technologies Holdings ULC, and Drop Technologies USA Inc. — Receivership filed, Ontario.
Supplemental Application Record dated December 10, 2025 — Application / notice of application
KSV's First (Non-Confidential) Supplement to the Second Report updated the court on the Alberta Security Opinion from MLT Aikins LLP on the validity and enforceability of National Bank of Canada's security, and recommended permitting distributions to the bank from the Transaction consideration.
Motion Record of the Proposed Receiver dated December 8, 2025 — Application / notice of application
Compendium of the Applicant and Proposed Receiver dated December 7, 2025 — Application / notice of application
Motion Record of the Proposed Receiver dated December 3, 2025 — Application / notice of application
Compendium of the Applicant and Proposed Receiver dated August 26, 2025 — Application / notice of application
Motion Record of the Proposed Receiver dated August 22, 2025 — Application / notice of application
Application Record dated August 20, 2025 - Volume II of II — Application / notice of application
Application Record dated August 20, 2025 - Volume I of II was filed. Court file CV-25-00749775-00CL.
Source: Application Record dated August 20, 2025 - Volume I of II
Debtor
Drop Technologies Inc., Drop Technologies Holdings ULC, and Drop Technologies USA Inc.
Applicant
National Bank of Canada
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 3 orders, Dec 2025 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Aird & Berlis LLP | 26 Aug 2025 | Factum · 26 Aug 2025 |
| CreditorBrannan Riley | Blaney McMurtry LLP | 9 Dec 2025 | Endorsement · 9 Dec 2025 |
| CreditorPropose | Aird & Berlis LLP | 26 Aug 2025 | Application · 26 Aug 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Borrowings Charge — in priority to all security interests, trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subordinate in priority to the Receiver's Charge and the charges as set out in sections | $300K | Receivership Order dated December 11, 2025 |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
4 more claims in 2 classes The stack holds Court-ordered charges and Secured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansUnsecured creditors: not yet estimated. Nuance a distribution.Notice and Statement of Receiver · 17 Dec 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Other parties with registered security interests against the Company | — | no distribution | Estimatedper the receiver | Motion Record of the Proposed Receiver · 3 Dec 2025 |
| Secured | Nuance | — | per the receiver | Compendium of the Applicant and Proposed Receiver · 7 Dec 2025 | |
| Unsecured | — | — | not yet estimated | per the receiver | Notice and Statement of Receiver · 17 Dec 2025 |
| Equity | Existing equity holders | — | no distribution | Estimatedper the debtor | Motion Record of the Proposed Receiver · 3 Dec 2025 |
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.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansAs at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| List of Creditors as at December 17, 2025 | PDF · Subscribers | |
Notice and Statement of Receiver as at December 17, 2025
| PDF · Subscribers | |
Endorsement of Justice Steele dated December 11, 2025
| PDF · Subscribers | |
Receivership Order dated December 11, 2025
| PDF · Subscribers | |
| Supplemental Application Record dated December 10, 2025 | PDF · Subscribers | |
Endorsement of Justice Steele dated December 9, 2025
| PDF · Subscribers | |
First Non-Confidential Supplement to the Second Report of the Proposed Receiver dated December 8, 2025
| PDF · Subscribers | |
Motion Record of the Proposed Receiver dated December 8, 2025
| PDF · Subscribers | |
Compendium of the Applicant and Proposed Receiver dated December 7, 2025
| PDF · Subscribers | |
Factum of the Applicant and Proposed Receiver dated December 7, 2025
| PDF · Subscribers | |
Motion Record of the Proposed Receiver dated December 3, 2025
| PDF · Subscribers | |
| Second Pre-Filing Report of the Proposed Receiver dated December 3, 2025 | PDF · Subscribers | |
Endorsement of Justice Dietrich dated September 23, 2025
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated August 28, 2025
| PDF · Subscribers | |
Compendium of the Applicant and Proposed Receiver dated August 26, 2025
| PDF · Subscribers | |
Factum of the Applicant and Proposed Receiver dated August 26, 2025
| PDF · Subscribers | |
| Motion Record of the Proposed Receiver dated August 22, 2025 | PDF · Subscribers | |
Pre-Filing Report of the Proposed Receiver dated August 22, 2025
| PDF · Subscribers | |
Application Record dated August 20, 2025 - Volume I of II
| PDF · Subscribers | |
Application Record dated August 20, 2025 - Volume II of II
| 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., “Drop Technologies Inc., Drop Technologies Holdings ULC, and Drop Technologies USA Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/drop-technologies-inc-drop-technologies-holdings-ulc-and-drop-technologies-usa-i