Fermetco Inc.
- Proceeding
- Receivership (court-appointed)Section 243 of the Bankruptcy and Insolvency Act
- File
- 500-11-064885-243
Fermetco Inc. entered receivership under BIA s. 243 and Quebec's Judicature Acts on 2024-11-12, in Quebec Superior Court (file 500-11-064885-243). At commencement, the company reported book-value assets of $13.2 million against secured claims estimated at $19,535,897 and unsecured claims of $2,272,605, with realizable value expected to fall well short of book value. Royal Bank of Canada, successor to HSBC, held the principal secured position, an aggregate CAD/USD indebtedness of $14,604,369.26 as of 2024-11-04, guaranteed personally by director Gary Richman to $1 million. By a trustee's preliminary report dated 2025-11-19, Fermetco was described as inoperative with no realizable assets; its security exhausted through a December 2024 receivership distribution, RBC's remaining $15,456,084.63 balance was recorded as an unsecured, unproved claim, and the unsecured claims register totalled $23,640,117.24 in claimed amounts against $3,506,542.09 filed.
The court granted an approval and vesting order for the sale to 9431-0927 Québec inc. Closing terms, as extracted: délivrance du Certificat du Séquestre confirmant le paiement du Prix d'achat et la satisfaction des conditions de clôture. Sealed: Convention d'Achat et Annexe B du Rapport.
Placed Fermetco Inc. into receivership on November 12, 2024, opening the Québec Superior Court file and setting the commencement date for the proceeding.
Source: Order Appointing a Receiver
Debtor
Fermetco Inc.
Receiver
EY
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 584 casesSecurity on the Property — Separate CAD-denominated facility from the USD facility listed above — debtor: Fermetco Inc. · as of 12 Nov 2024 | $7.4M | Notice and Statement of the Receiver |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
41 more claims in 3 classes The stack holds Secured, PMSI / lessors and Unsecured claims.
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See all plans2 transactions · 2 closed — The Transaction closed and proceeds were remitted to RBC; the company is now inoperative with no realizable assets.Trustee's Report to Creditors on Preliminary Administration · 19 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 9431-0927 Québec inc.les actifs décrits à l'Annexe A de la Convention d'achat et définis comme étant les Sale Assets (les « Actifs achetés ») · asset sale | Sealed | Closed19 Jan 2025 | Receiver Certificate (Groupe Eldorado) (in… |
| buyer identified via Call for tenders, unnamedthe totality of the inventory and fixed assets of Fermetco · asset sale | not stated | Closeddate not stated | Trustee's Report to Creditors on Preliminary… |
As at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Trustee's Report to Creditors on Preliminary Administration
| PDF · Subscribers | |
| Notice of Bankruptcy and First Meeting of Creditors | PDF · Subscribers | |
| Certificate of Appointment | PDF · Subscribers | |
Receiver Certificate (Groupe Eldorado) (in French)
| PDF · Subscribers | |
Approval and Vesting Order (in French)
| PDF · Subscribers | |
| Motion for the Issuance of an Approval and Vesting Order | PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
Call for tenders – information package (english)
| PDF · Subscribers | |
Order Appointing a Receiver
| PDF · Subscribers | |
Motion to Appoint a Receiver
| 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., “Fermetco Inc.” (Receivership (court-appointed)), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/fermetco-inc