Igloo Industries Group Ltd.
- 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.
The court granted an approval and vesting order for the sale to Nella Toronto Inc. Closing terms, as extracted: Vesting effective upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of Article 4 conditions, and completion of the Transaction.
Source: Approval and Vesting Order of Justice Cavanagh dated December 11, 2024.
Book of Authorities of the Receiver dated December 2, 2024 — Application / notice of application
Court appointed msi Spergel inc. receiver and manager of Igloo on RBC's application, invoking section 243(1) of the BIA and section 101 of the Courts of Justice Act.
Source: Receivership Order
Endorsement of The Honourable Justice Wilton-Siegel dated May 22, 2024 — Endorsement / reasons
Material Adverse Change Report of the Proposal Trustee dated May 3, 2024 — Court officer report
Outcome brief
Igloo Industries: the factory clearance sale and the tax shield
On October 16, 2026, Justice Steele approved msi Spergel's final distributions from about $4.8 million in receipts, $2.8 million of it from a clearance sale worked by former employees, and declared the receiver free of liability under the tax statutes for facilitating them. BDC gets about $97,700; RBC, the net remainder, up to its debt.
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 | 3 orders, Dec 2024 | 318 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Oct 2026 | 245 cases on record |
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 2 orders, May 2024 | 111 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 |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency - source deductions · in 9 casesas of NOI filing date — Deemed trust class - pre-filing source deductions — debtor: Igloo Industries Group Ltd. | $400K | Second Report of the Proposal Trustee dated May 22, 2024 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
13 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale 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… |
As at ·
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 |
|---|---|---|
Endorsement of the Honourable Justice Steele dated October 16, 2026
| PDF · Subscribers | |
Order of the Honourable Justice Steele dated October 16, 2026
| PDF · Subscribers | |
Book of Authorities of the Receiver dated October 14, 2026
| PDF · Subscribers | |
Factum of the Receiver dated October 13, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated October 8, 2026
| PDF · Subscribers | |
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 | |
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 | |
Motion Record of RBC returnable 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 4 November 2026, https://proceedings.ca/case/igloo-industries-group-ltd-bk