Formula Solutions Inc.
Follow- 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
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.
5 earlier updates, back to 13 May 2025 — subscribers.
Debtor
Formula Solutions Inc.
Receiver
Bricks Damiani
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, May 2025 | 89 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Blaney McMurtry LLP | 13 May 2025 | Order · 13 May 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | ARK Capital Ltd.Applicant/petitioning secured creditor per Receiver appointment application — debtor: Formula Solutions Inc. | $5.5M | Notice and Statement of Receiver – Dated May 23, 2025 |
Sale approved — Transaction approvedCourt Order – Approval and Vesting Order – Dated May 13, 2025 · 13 May 2025
| 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 | not stated | Approved13 May 2025 | Court Order – Ancillary Order – Dated May 13,… |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
| Date | Document | File |
|---|---|---|
| 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 20 September 2026, https://proceedings.ca/case/formula-solutions-inc