#Order
The court appointed msi Spergel Inc. as receiver and manager, on the application of The Toronto-Dominion Bank. Court file CV-25-00750251-00CL.
Source: Order of the Honourable Justice Osborne dated August 27, 2025
Everest Toys
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-25-00750251-00CL
OverviewSummary updated
Everest Toys, the business of 1322297 Ontario Inc., has been in court-appointed receivership under section 243 of the Bankruptcy and Insolvency Act since August 27, 2025. The Toronto-Dominion Bank lends under a demand operating credit agreement dated February 29, 2024, secured by general security agreements dated August 17, 2018 and October 31, 2022. As of August 20, 2025 the Bank reported indebtedness of USD 16,015,726 and CAD 2,760,133.23, exclusive of accruing interest and professional fees. A May 2025 borrowing base certificate showed the Bank undercollateralized by approximately $12.6 million. The Bank also claims CAD 3,183,417.44 as of May 26, 2025 against 1322297 as guarantor of related company 11572288 Canada Inc., following a demand letter and section 244 notice dated June 3, 2025. The Bank describes itself as second-ranking, subject only to a De Lage Landen motor-vehicle registration; Roynat Inc. appears as a PPSA registrant on the service list.
Proceedings AIAsk this case — answers cite the filings
Case updates5 dated entries
2 earlier updates, back to 27 August 2025 — subscribers.
Parties
Debtor
Everest Toys
Applicant
TD Bank
Receiver
msi Spergel inc.
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Osborne | Ontario Superior Court of Justice | 2 orders, Aug 2025 | 146 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorToronto-Dominion Bank | Miller Thomson LLP | 26 Aug 2025 | Factum · 26 Aug 2025 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Toronto-Dominion Bank · in 111 casesGuarantee dated January 31, 2020 by 1322297 Ontario Inc. of 11572288 Canada Inc.'s obligations to the Bank; secured by General Security Agreements dated August 17, 2018 and October 31, 2022 (the 'Guarantor GSAs') - the same GSAs securing 1322297 Ontario Inc.'s own direct Indebtedness — Distinct facility/debt of related company 11572288 Canada Inc. under a demand operating facility agreement dated November 12, 2019; 1322297 Ontario Inc. is guarantor, not primary obligor; demand for payment and s.244 notice delivered June 3, 2025 restated the same $3,183,417.44 figure as the amount secured 'at t · as of 26 May 2025 | $3.18M | Application of TD Bank dated August 26, 2025 |
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.
5 more claims across lower-ranking classesSubscribe to view
Documents4 filings
| Date | Document | File |
|---|---|---|
Endorsement of the Honourable Justice Osborne dated August 27, 2025
| PDF · Subscribers | |
Order of the Honourable Justice Osborne dated August 27, 2025
| PDF · Subscribers | |
Application of TD Bank dated August 26, 2025
| PDF · Subscribers | |
Factum of the Applicant dated August 26, 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., “Everest Toys” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/everest-toys