Formula Solutions Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00742063-00CL
- Industry
- Manufacturing · Vehicles, parts & aerospace
Formula Solutions Inc. was placed in court-appointed receivership by order of the Ontario Superior Court of Justice (Commercial List) on May 13, 2025, under BIA s. 243 and provincial Judicature Act authority, in Court File No. CV-25-00742063-00CL. The application was brought by secured creditor ARK Capital Ltd., owed $5,498,370. The receiver has since compiled a creditor listing recording further secured claims by Temperature Corporation, Xerox Canada Ltd., Citibank, N.A., Rohr, Inc., Toyota Industries and Vault Credit Corporation, each in an amount denoted unknown, and roughly a hundred unsecured trade, employee and lender claims with amounts to be determined, among them the Federal Development Agency for Southern Ontario. Assets were carried at a book value of $17,337,806 as at September 30, 2023, drawn from audited statements the receiver has not verified; no liability figure has been reported. The proceeding is active.
Receiver reported closing cash of approximately $1,705,098 as at October 9, 2026, proposed a final distribution to ARK Capital Ltd. and its own discharge, and stated unsecured creditors will recover nothing.
Source: First Report of the Receiver (without appendices) – Dated October 14, 2026
Motion Record – Dated October 14, 2026 – Returnable October 22, 2026 — Application / notice of application
Notice and Statement of Receiver – Dated May 23, 2025 — Notice of receiver (s. 245 / Form 87)
Order made under s. 243(1) of the Bankruptcy and Insolvency Act and s. 101 of the Courts of Justice Act appointed Bricks Damiani Inc. receiver over the debtor's property.
Approved the auction transaction with Corporate Assets Inc. under the April 17, 2025 Auction Services Agreement over the machinery and equipment at the Plant Facility, closing on delivery of the Receiver's Certificate.
Source: Court Order – Approval and Vesting Order – Dated May 13, 2025
Court appointed a receiver over Formula Solutions Inc. on Tuesday, May 13, 2025, on the application of secured creditor ARK Capital Ltd., owed $5,498,370.
Source: Court Order – Receivership Order – Dated May 13, 2025
Outcome brief
Formula Solutions: a waterfall that stops at ARK, after the molds went for scrap
On October 22, 2026, Justice W.D. Black directed the receiver of the Burlington aerospace-parts maker to pay its court-ordered charges and then ARK Capital Ltd., owed more than $7,199,078 at September 30, from approximately $1,705,098 on hand. The receiver reports no recovery for unsecured creditors; the distributions bind it as trustee in bankruptcy.
Debtor
Formula Solutions Inc.
Receiver
Bricks Damiani
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 4 orders, May 2025 | 132 cases on record |
| Justice Black | Ontario Superior Court of Justice | 3 orders, Oct 2026 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverBricks Damiani | Aird & Berlis LLP | 22 Oct 2026 | Order · 22 Oct 2026 |
| Applicant | Blaney McMurtry LLP | 13 May 2025 | Order · 13 May 2025 |
| ApplicantArk Capital Ltd | Blaney McMurtry LLP | 12 May 2026 | Order · 12 May 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | ARK Capital Ltd.General Security Agreement under Loan Agreement dated October 14, 2023, assigned by Service365 Inc. to ARK by Assignment dated January 18, 2025; PPSA registrations 20221013 and 20250220 (Service365 as assignor). Independent Security Opinion confirms security valid and enforceable, subject to customary assumptions and qualifications. — Senior secured lender. Stated as 'in excess of $7,199,078' — a floor, operative words 'in excess of'; continues to accrue costs and interest. ARK also invested in excess of $1.9 million in FSI common shares (equity, not debt). Receiver states realizations will no · as of 30 Sep 2026 | $7.2M | First Report of the Receiver (without appendices) – Dated October 14, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
104 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale closed — The Transaction under the Auction Services Agreement closed; the auction was held on June 25, 2025, and machinery and equipment were removed by mid-August 2025.First Report of the Receiver (without appendices) – Dated October 14,… · 14 Oct 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Corporate Assets Inc.all of the assets, undertakings and properties (the 'Property') of Formula Solutions Inc. · auction · agreement 17 Apr 2025 | Subscribers | Closeddate not stated | First Report of the Receiver (without… |
Unsecured creditors: no recovery.EstimatedFirst Report of the Receiver (without appendices) · 14 Oct 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | unsecured creditors of FSI | — | no recovery | Estimatedper the receiver | First Report of the Receiver (without appendices) · 14 Oct 2026 |
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.
As at ·
Cash on hand
$1.71M
As at 9 Oct 2026First Report of the Receiver (without appendices) – Dated October 14, 2026
Professional fees
As at
1 more reported figure, and the 2 totals 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 |
|---|---|---|
Ancillary Order – Dated October 22, 2026
| PDF · Subscribers | |
Distribution and Discharge Order – Dated October 22, 2026
| PDF · Subscribers | |
Endorsement of Justice W. D. Black – Dated October 22, 2026
| PDF · Subscribers | |
First Report of the Receiver (without appendices) – Dated October 14, 2026
| PDF · Subscribers | |
Motion Record – Dated October 14, 2026 – Returnable October 22, 2026
| PDF · Subscribers | |
| Certificate of Filing of a Bankruptcy Order – Dated May 19, 2026 | PDF · Subscribers | |
Notice of Bankruptcy – Dated May 15, 2026
| PDF · Subscribers | |
Bankruptcy Order – Dated May 12, 2026
| PDF · Subscribers | |
Notice and Statement of Receiver – Dated May 23, 2025
| PDF · Subscribers | |
Court Order – Ancillary Order – Dated May 13, 2025
| PDF · Subscribers | |
Court Order – Approval and Vesting Order – Dated May 13, 2025
| PDF · Subscribers | |
Court Order – Receivership Order – Dated May 13, 2025
| PDF · Subscribers | |
Endorsement – Justice Dietrich – Dated May 13, 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., “Formula Solutions Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/formula-solutions-inc