#Report
Supplemental Report to the Third Report of the Receiver dated November 3, 2026 — Court officer report
Giftcraft Holdings, Inc., Ripskirt Hawaii, LLC et al.
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-25-00742864-00CL
Filings held46
Last activity3 Nov 2026
On the record540 days
OverviewSummary updated
Giftcraft Holdings, Inc. and six related debtors — Giftcraft Ltd., Giftcraft Midco, Inc., Giftcraft Holdings USA Inc., Giftcraft Inc., Ripskirt Hawaii, LLC and Yosox USA Inc. — were placed in court-appointed receivership on May 14, 2025 under BIA s. 243, on the application of Royal Bank of Canada. The Receiver puts combined book assets at $103,538,318 as at March 31, 2025 and liabilities at $54,043,153 as at the date of appointment, including an estimated $49,662,712 owed to RBC. Harrison Pensa LLP has confirmed the validity of RBC's Canadian security; a US opinion was instructed but not confirmed as at the report date. FedEx Supply Chain, LLC asserts a USD 580,000 lien over Ripskirt inventory in Greenwood, Indiana ranking ahead of RBC, and suspended post-filing services; on June 10, 2025 the Receiver agreed to post a security deposit and hold the estimated pre-filing amount in trust for six weeks pending a further order on validity and priority.
Proceedings AIOpen Proceedings AI
Case updates47 dated entries
#Report
The officer filed report no. Third Report. The Giftcraft and Ripskirt businesses were sold via court-approved transactions that have both closed, and the Receiver is now working to complete administration of the estate, including resolving the FedEx warehouse lien claim and the Elsasser Holding subordination claim before making further distributions.
#Report
The officer filed report no. Fifth Report. The receivership has completed the Giftcraft sale transaction and post-closing purchase price adjustment process; the report focuses on resolving a dispute over CTG Disputed Proceeds and seeking authority to distribute them to RBC, with no ongoing business operations described.
#Report
The officer filed report no. Fourth Report. The Receiver reports that it has realized on substantially all of the Debtors' assets, having completed both the Giftcraft and Ripskirt sale transactions, and does not expect any further material realizations going forward.
#Report
Certificate of Appointment dated May 27, 2026 - 5009013 Ontario Ltd — Court officer certificate
#Report
Certificate of Appointment dated May 27, 2026 - GCI Liquidating Inc. — Court officer certificate
#Report
Certificate of Appointment dated May 27, 2026 - RHI Liquidating, LLC — Court officer certificate
#Report
Certificate of Appointment dated May 27, 2026 - YSX Liquidating Inc. — Court officer certificate
#Sale
Approval and Vesting Order of Justice Cavanagh dated January 22, 2026 — Approval and vesting order
#Sale
The court granted an approval and vesting order. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Source: Approval and Vesting Order of Justice Cavanagh dated July 14, 2025
#Filing
Notice and Statement of the Receiver dated May 21, 2025 — Notice of receiver (s. 245 / Form 87)
#Order
The court appointed KPMG Inc. as receiver, on the application of ROYAL BANK OF CANADA. Court file CV-25-00742864-00CL.
#Filing
Application Record dated May 9, 2025 - Part 1 of 4 was filed. Court file CV-25-00742864-00CL.
AnalysisAll insights
Guide
What to do when a company that owes you money goes bankrupt in Canada
When a Canadian company that owes you money goes bankrupt or into creditor protection, what you actually get back is usually a fraction of the debt, often nothing, and only if your claim is in on time. How to find the case, file a claim, meet a bar date, vote on a plan, take back goods and get paid, drawn from the court record.
Case update
Giftcraft: the seller's note and the buyer's receivables
With both businesses sold and $8.4 million paid to RBC, KPMG is holding reserves against three disputed claims, and on September 11 RBC and the receiver answered two of them — Elsasser Holding's claim to a pro rata share of the US$2,397,170 Ripskirt proceeds under a 2024 subordination agreement, and CTG Brands' demand for $961,952.84 over receivables it bought with the Giftcraft business.
Parties
Debtor
Giftcraft Holdings, Inc., Ripskirt Hawaii, LLC et al.
Applicant
RBC
Receiver
KPMG
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 6 orders, Jul 2025 – Jan 2026 | 318 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 2 orders, May 2025 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKPMG | Dentons Canada LLP · Chipman Brown Cicero & Cole, LLP | 9 Jul 2025 | Service list · 9 Jul 2025 |
| ApplicantRBC | Borden Ladner Gervais LLP | 9 May 2025 | Factum · 9 May 2025 |
| Foreign representative | Chipman Brown Cicero & Cole, LLP | 22 May 2025 | Factum · 22 May 2025 |
| Purchaser | Pallett Valo LLP | 9 Jul 2025 | Service list · 9 Jul 2025 |
| CreditorLender in connection with the above-captioned matter | Borden Ladner Gervais LLP | 9 May 2025 | Application · 9 May 2025 |
| CreditorRodenbury Investments Group | Aird & Berlis LLP | 9 Jul 2025 | Service list · 9 Jul 2025 |
| CreditorRoyal Bank of Canada | Perkins Coie LLP | 9 Jul 2025 | Service list · 9 Jul 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Revenu Québec · in 41 casesPre-filing QST for April 2025 (deemed trust class); potential priority claim ranking ahead of the RBC Secured Debt. — debtor: Giftcraft Ltd. (Giftcraft Canada) · as of 14 May 2025 | $8.3K | First Report of the Receiver dated July 8, 2025 |
| 3 | Deemed trusts (CRA and other) | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
7 more claims in 2 classes The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
3 transactions · 3 closed — The Ripskirt Transaction closed on May 4, 2026, resulting in gross proceeds of US$2,380,470.81 after adjustments and holdback release; the Receiver is addressing Elsasser Holding's claimed entitlement to a portion of the proceeds.Supplemental Report to the Third Report of the Receiver dated November… · 3 Nov 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Giftcraft 2025 Inc.substantially all of the assets of Debtors Giftcraft Canada, Giftcraft US, and Yosox · asset sale · agreement 7 Jul 2025 | Subscribers | Closed2 Sep 2025 | Third Report of the Receiver dated August 14,… |
| Sierra Brands Group LLCsubstantially all of the assets of Debtor Ripskirt Hawaii, LLC · asset sale · agreement 18 Jan 2026 | not stated | Closed4 May 2026 | Third Report of the Receiver dated August 14,… |
| purchaser of the Ripskirt Transaction is not named in this reportthe Ripskirt Transaction (sale of the Ripskirt business/assets) · asset sale | Subscribers | Closed4 May 2026 | Supplemental Report to the Third Report of the… |
Closing termsVesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions.Ripskirt Sale Order
RecoveriesAs declared or paid
Royal Bank of Canada: a distribution.FinalFifth Report of the Receiver · 14 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredRBC | Royal Bank of Canada | — | interim | Finalper the receiver | Fifth Report of the Receiver · 14 Aug 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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansFees and ratesAs stated in the filings
1 engagement · 1 firm — KPMG Inc., the PeriodFourth Report of the Receiver · 14 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| KPMG Inc.Receiver | the Period | — | — | Fourth Report of the Receiver · 14 Aug 2026 |
1 blurred figure above
What the firm billed — each as the filing states it, with its source.
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See all plansEstate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
Cumulative receipts
$2.38M USD
As at 3 Nov 2026Supplemental Report to the Third Report of the Receiver dated November 3, 2026
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, 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 plansDocuments
46 filings
| Date | Document | File |
|---|---|---|
Supplemental Report to the Third Report of the Receiver dated November 3, 2026
| PDF · Subscribers | |
| Claimant's Reply Factum of Elsasser Holding Company, Inc dated October 30, 2026 | PDF · Subscribers | |
| Supplementary Brief of RBC dated October 13, 2026 | PDF · Subscribers | |
| Factum of Elsasser Holding Company Inc dated October 9, 2026 | PDF · Subscribers | |
| Responding Record of RBC dated September 11, 2026 | PDF · Subscribers | |
| Responding and Reply Motion Record dated September 11, 2026 | PDF · Subscribers | |
Fifth Report of the Receiver dated August 14, 2026
| PDF · Subscribers | |
Fourth Report of the Receiver dated August 14, 2026
| PDF · Subscribers | |
Third Report of the Receiver dated August 14, 2026
| PDF · Subscribers | |
Notice to Creditors - Bankruptcy of 5009013 Ontario Ltd
| PDF · Subscribers | |
Notice to Creditors - Bankruptcy of GCI Liquidating Inc
| PDF · Subscribers | |
Notice to Creditors - Bankruptcy of RHI Liquidating, LLC
| PDF · Subscribers | |
Notice to Creditors - Bankruptcy of YSX Liquidating Inc
| PDF · Subscribers | |
| Certificate of Appointment dated May 27, 2026 - 5009013 Ontario Ltd | PDF · Subscribers | |
| Certificate of Appointment dated May 27, 2026 - GCI Liquidating Inc. | PDF · Subscribers | |
| Certificate of Appointment dated May 27, 2026 - RHI Liquidating, LLC | PDF · Subscribers | |
| Certificate of Appointment dated May 27, 2026 - YSX Liquidating Inc. | PDF · Subscribers | |
Ripskirt Sale Order
| PDF · Subscribers | |
Ancillary Order of Justice Cavanagh dated January 22, 2026
| PDF · Subscribers | |
Approval and Vesting Order of Justice Cavanagh dated January 22, 2026
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated January 22, 2026
| PDF · Subscribers | |
Book of Authorities dated January 19, 2026
| PDF · Subscribers | |
Factum of the Receiver dated January 19, 2026
| PDF · Subscribers | |
| Motion Record dated January 19, 2026 | PDF · Subscribers | |
| Second Report of the Receiver dated January 19, 2026 | PDF · Subscribers | |
| Giftcraft Opinion | PDF · Subscribers | |
Ancillary Order of Justice Cavanagh dated July 14, 2025
| PDF · Subscribers | |
Approval and Vesting Order of Justice Cavanagh dated July 14, 2025
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated July 14, 2025
| PDF · Subscribers | |
Motion Record dated July 9, 2025
| PDF · Subscribers | |
Service List as of July 9, 2025
| PDF · Subscribers | |
First Report of the Receiver dated July 8, 2025
| PDF · Subscribers | |
Giftcraft Sale Order
| PDF · Subscribers | |
| Giftcraft - Final Provisional Relief Order | PDF · Subscribers | |
| Giftcraft - Order on Provisional Relief | PDF · Subscribers | |
Giftcraft Supplemental Memorandum of Law
| PDF · Subscribers | |
| Notice and Statement of the Receiver dated May 21, 2025 | PDF · Subscribers | |
Giftcraft Supplemental Declaration
| PDF · Subscribers | |
Endorsement of J. Osborne dated May 14, 2025
| PDF · Subscribers | |
Receivership Appointment Order dated May 14, 2025
| PDF · Subscribers | |
Application Record dated May 9, 2025 - Part 1 of 4
| PDF · Subscribers | |
Application Record dated May 9, 2025 - Part 2 of 4
| PDF · Subscribers | |
Application Record dated May 9, 2025 - Part 3 of 4
| PDF · Subscribers | |
Application Record dated May 9, 2025 - Part 4 of 4
| PDF · Subscribers | |
Book of Authorities dated May 9, 2025
| PDF · Subscribers | |
Statement of Law dated May 9, 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., “Giftcraft Holdings, Inc., Ripskirt Hawaii, LLC et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/giftcraft-holdings-inc-ripskirt-hawaii-llc-et-al