InKan Limited
Follow- Proceeding
- Receivership (court-appointed)section 101 of the Courts of Justice Act and section 243 of the Bankruptcy and Insolvency Act
- File
- CV-26-00007503-0000
- Industry
- Manufacturing · Metals & fabrication
InKan Limited is the respondent to a receivership application brought by HD Newco Limited in the Ontario Superior Court of Justice on September 29, 2026 under section 101 of the Courts of Justice Act and section 243 of the Bankruptcy and Insolvency Act, court file CV-26-00007503-0000. HD Newco relies on a June 30, 2007 promissory note of $2,000,000 principal secured against InKan's assets and undertakings and perfected by PPSA registration 665371944; the demand payout as at May 21, 2026 was $2,011,609.59, including $7,500 of interest due April 1, 2026 and per diem of $82.1918. The application states InKan cannot meet its obligations as they become due, has defaulted on the HD Newco demands, and that its property at fair valuation is insufficient to cover $5,000,000 of related-party notes. The proceeding is active.
HD Newco Limited issued its Notice of Application seeking a court-appointed receiver over InKan, with a draft order capping the receiver's borrowing authority at $500,000.
Filing brief
InKan: a deadlocked board, its shareholders' notes and a receiver on consent
HD Newco Limited, which owns 40% of a Brampton custom-glass maker founded in 1976, demanded repayment of its notes in May and applied in September for a receiver, saying InKan's directors are deadlocked. InKan consented. Albert Gelman Inc., appointed October 9, lists the company's property at $5.5 million of unaudited net book value.
Debtor
InKan Limited
Receiver
Albert Gelman
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Inkan Corporate Group Ltd.Amount reported as owed; principal only, excludes interest, costs and other charges, subject to change. Security validity/enforceability not yet opined on by the Receiver; no acknowledgement of quantum. Name suggests a related-party/affiliate creditor, but the document does not say so. — debtor: InKan Limited | $3M | Notice of the Receiver - October 17, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
51 more claims in 2 classes The stack holds Secured and Unsecured claims.
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The total the debtor stated at filing
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See all plans| Date | Document | File |
|---|---|---|
Notice of the Receiver - October 17, 2026
| PDF · Subscribers | |
Order of Justice Stewart - October 9, 2026
| PDF · Subscribers | |
Endorsement of Justice Agarwal - October 1, 2026
| PDF · Subscribers | |
Application Record - September 29, 2026
| 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., “InKan Limited” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 25 October 2026, https://proceedings.ca/case/inkan-limited