Igloo Industries Group Ltd.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended (the "CJA")
- File
- BK-24-03046358-0031
IGLOO INDUSTRIES GROUP LTD. has been in the hands of msi Spergel inc. as receiver and manager since May 22, 2024, when the Ontario Superior Court of Justice made an order on the application of Royal Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act (court file BK-24-03046358-0031). RBC had issued demands and a section 244 notice on February 12, 2024, and froze the operating and credit card facilities on or around February 22, 2024, with its $6.5 million revolving demand facility fully drawn. Unaudited entity-level statements at December 31, 2023 showed total assets of $18,902,000 against total liabilities of $14,894,000, including roughly $6.7 million owing to RBC and about $1.3 million to BDC. The matter remains active.
Approval and Vesting Order of Justice Cavanagh dated December 11, 2024. — Approval and vesting order
10 earlier updates, back to 22 May 2024 — subscribers.
Debtor
Igloo Industries Group Ltd.
Receiver
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Dec 2024 | 288 cases on record |
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 2 orders, May 2024 | 104 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | Harrison Pensa LLP | 2 Dec 2024 | Factum · 2 Dec 2024 |
| CreditorAlbert Gelman Inc | Torkin Manes LLP | 22 May 2024 | Service list · 22 May 2024 |
| CreditorBusiness Development Bank of Canada | SimpsonWigle LAW LLP | 22 May 2024 | Service list · 22 May 2024 |
| CreditorRoyal Bank of Canada | Fogler, Rubinoff LLP | 22 May 2024 | Order · 22 May 2024 |
| CreditorSalva Industrial S.L.U | Kelly Santini LLP | 22 May 2024 | Service list · 22 May 2024 |
| CreditorStanislav Snieg and Maria Snieg | Everest Law | 22 May 2024 | Service list · 22 May 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Royal Bank of Canada (RBC) · in 556 casesRBC operating line & overdraft balance per unaudited balance sheet; RBC Facility is a $6.5 million revolving demand loan facility (fully drawn as at Filing Date) — General security agreement over all present and after-acquired personal property; guarantees and postponements of claim from Maria and Stan (~$5.5 million each); collateral mortgage (~$1.0 million) on Tecumseth Property; EDC guarantee to RBC (max $3.25 million); security interest in NDG Inventory. RBC issued demands and s.244 notice Feb 12, 2024 (Company 244 Notice / RBC Company Demands). — debtor: Igloo Industries Group Ltd. · as of 31 Dec 2023 | $6.68M | Second Report of the Proposal Trustee dated May 22, 2024 |
Sale approvedApproval and Vesting Order of Justice Cavanagh dated December 11, 2024. · 11 Dec 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Nella Toronto Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 30 Oct 2024 | not stated | Approved11 Dec 2024 | Approval and Vesting Order of Justice Cavanagh… |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
| Date | Document | File |
|---|---|---|
Ancillary Order of Justice Cavanagh dated December 11, 2024.
| PDF · Subscribers | |
Approval and Vesting Order of Justice Cavanagh dated December 11, 2024.
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated December 11, 2024.
| PDF · Subscribers | |
Book of Authorities of the Receiver dated December 2, 2024
| PDF · Subscribers | |
Factum of the Receiver dated December 2, 2024
| PDF · Subscribers | |
| Motion Record of the Receiver dated December 2, 2024 | PDF · Subscribers | |
Endorsement of The Honourable Justice Wilton-Siegel dated May 22, 2024
| PDF · Subscribers | |
Motion Record of RBC returnable May 22, 2024
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Sales Teaser Document
| PDF · Subscribers | |
Second Report of the Proposal Trustee dated May 22, 2024
| PDF · Subscribers | |
Service List as of May 22, 2024
| PDF · Subscribers | |
Material Adverse Change Report of the Proposal Trustee dated May 3, 2024
| 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.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/igloo-industries-group-ltd-bk