Integrobuilding

Integro Building Systems Inc. has been in bankruptcy under the Bankruptcy and Insolvency Act since August 31, 2023, with MNP Ltd. acting as licensed insolvency trustee before the Ontario Superior Court of Justice (Commercial List) in Bankruptcy and Insolvency under court files 31-459641 and BK-23-00459641-0031. Royal Bank of Canada has filed a claim of $9,328,316.00, asserting secured status only to $500,000.00 on its own valuation of its security, with $8,828,316.00 unsecured. The Canada Revenue Agency asserts a deemed trust claim for unremitted employee source deductions that ranks ahead of the secured claims; the trustee estimates it at no less than $3 million and possibly greater, with the trust examination ongoing. The State Machine, a CNC machine leased to the bankrupt, is being sold despite the security interest of State Window Corporation, a related party. The List of Proven Creditors dated January 18, 2024 also records Hi-Tech Machining & Maintenance Inc., Orbis Facade Inc., Vault Credit Corporation and Keymark Corporation as secured creditors.