Igloo Industries Group Ltd. filed a Notice of Intention to make a proposal on February 21, 2024, days after Royal Bank of Canada issued demands and a section 244 BIA notice on February 12, 2024 and froze the company's $6,681,000 revolving operating facility around February 22, 2024. Unaudited financial statements as at December 31, 2023 showed total assets of $18,902,000 against total liabilities of $14,894,000. RBC's security also extends to personal guarantees and a collateral mortgage from Maria and Stanislaw Snieg, each facing an RBC demand of $3,300,000. Other secured claims include three BDC facilities totalling $1,300,000 and subordinated security held by Chef Choice Equipment Rentals and Merchant Growth. Unsecured exposure includes CRA deemed-trust claims of $400,000 each for HST and source deductions, $300,000 in corporate income tax, $1,700,000 in related-party loans, $300,000 in unpaid employee compensation, and rent arrears across four leased premises.
The officer filed report no. Third Report. Following a material adverse cash-flow shortfall, the Company's NOI was withdrawn and a receiver (Spergel) was appointed to conduct a sale/realization process over Igloo's assets; the Individuals continue their own NOI proceedings, seeking a further stay extension while actively marketing the matrimonial home and a development property for sale to fund a potential proposal.
The officer filed report no. Second Report. Igloo's sales and collections fell well short of forecast during the NOI period, leaving it with limited liquidity and deferring some post-filing payments. Having lost faith in a viable proposal, RBC proposed a receivership with a 45-day sale process for the Company's assets (going-concern or liquidation) and a factory-clearance sale, while the Individuals' NOI proceedings continue.
A receivership order was granted. Court file BK-24-03046358-0031.
Source: Endorsement and Receivership Order of Justice Wilton-Siegel – May 22, 2024
Responding Motion Record – Creditor – Royal Bank of Canada – 19-MAR-2024 — Application / notice of application
Debtor
Igloo Industries Group Ltd.
Proposal trustee
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 4 orders, Mar 2024 – Apr 2024 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| DebtorIgloo Industries Group Ltd. | Reconstruct LLP | 14 Mar 2024 | Factum · 14 Mar 2024 |
| CreditorRoyal Bank of Canada | Fogler, Rubinoff LLP | 19 Mar 2024 | Application · 19 Mar 2024 |
| CreditorStanislaw Snieg and Maria Snieg | Everest Law | 22 May 2024 | Order · 22 May 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency - source deductions · in 9 casesas of NOI filing date — Deemed trust class claim (unremitted source deductions). — debtor: Igloo Industries Group Ltd. | $400K | First Report to Court dated March 15, 2024 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured |
17 more claims in 3 classes The stack holds Deemed trusts (CRA and other), Secured, PMSI / lessors and Unsecured claims.
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The 2 totals the debtor stated at filing
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See all plans| Date | Document | File |
|---|---|---|
Third Report to Court dated June 27, 2024
| PDF · Subscribers | |
Endorsement and Receivership Order of Justice Wilton-Siegel – May 22, 2024
| PDF · Subscribers | |
Second Report to Court dated May 22, 2024
| PDF · Subscribers | |
MAC Report dated May 3, 2024
| PDF · Subscribers | |
Endorsement – Dated Apr 08-2024 Igloo Industries Group Ltd. et al;
| PDF · Subscribers | |
Order – Dated Apr 08-2024 as endorsed by W.D. Black J re Igloo Industries Group Ltd.
| PDF · Subscribers | |
Endorsement 1 of Justice Black – March 22, 2024
| PDF · Subscribers | |
Endorsement 2 of Justice Black – March 22, 2024
| PDF · Subscribers | |
| Responding Factum – Creditor – Royal Bank of Canada – 22-MAR-2024 | PDF · Subscribers | |
Responding Motion Record – Creditor – Royal Bank of Canada – 19-MAR-2024
| PDF · Subscribers | |
First Report to Court dated March 15, 2024
| PDF · Subscribers | |
| Service List – Igloo – 15-MAR-2024 | PDF · Subscribers | |
Factum – Moving Party – Igloo Industries Group Inc. – 14-MAR-2024
| PDF · Subscribers | |
Creditors Package re Notice of NOI – IGLOO
| PDF · Subscribers | |
| Certificate for the Notice of Intention – 31-3046358 | 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., “Igloo Industries Group Ltd.” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/igloo-industries-group-ltd
Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/igloo-industries-group-ltd
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.