International Conduits Ltd
- Proceeding
- Receivership (court-appointed)section 47(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
- 08-CL-7394
- Industry
- Manufacturing
International Conduits Ltd is subject to insolvency proceedings in which a receiver has been administering claims from multiple creditors. CIT Financial Ltd, described as the senior secured lender under secured loan facilities, issued a demand and a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act. A default judgment obtained by GMB Installations Inc., asserting a non-possessory lien under the Repair and Storage Lien Act, was set aside by consent order, leaving the validity and amount of that claim to be determined, with the receiver reserving funds pending resolution. Disputed unsecured claims include one from NTD Precision Ltd., settled at $45,000 to allow disputed components into an auction, and one from MHR Hydraulics Limited for $18,020, which the receiver declined to pursue. Universal Security Instruments Inc., ICL's majority shareholder and a guarantor on the CIT loan, is also named as an unsecured creditor.
The officer filed report no. Second Report. ICL's inventory and fixed assets have all been sold via private sale and public auction, the Receiver has vacated the ICL premises, and remaining work involves collecting residual receivables, resolving the GMB lien claim, and winding down the receivership.
The court appointed Zeifman Partners Inc. as interim receiver and receiver, on the application of CIT FINANCIAL LTD.. Court file 08-CL-7394.
Source: Court Order – February 11, 2008
Debtor
International Conduits Ltd
Receiver
Zeifmans
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Pepall | Ontario Superior Court of Justice | 2 orders, Feb 2008 – Jul 2009 | 22 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Miller Thomson LLP | 11 Feb 2008 | Order · 11 Feb 2008 |
| CreditorZEIFMAN PARTNERS INC | Torkin Manes Cohen Arbus LLP | 25 Jun 2008 | Order · 25 Jun 2008 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | GMB Installations Inc.Non-possessory lien under the Repair and Storage Lien Act (RSLA), per default judgment (Snowie Judgment) dated January 29, 2008 — Snowie Judgment set aside by consent order (Tab 7); validity and quantum of lien claim remain unresolved and to be determined in receivership; Receiver reserving funds pending determination — debtor: International Conduits Ltd. | — | Court Report – June 12, 2008 |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
4 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
CIT Financial Ltd.: shortfall.EstimatedCourt Report – September 09, 2008 · 9 Sep 2008
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | CIT Financial Ltd. | — | short by | Estimatedper the receiver | Court Report – September 09, 2008 · 9 Sep 2008 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansProfessional fees
$54.4K
As at 31 Aug 2008Court Report – September 09, 2008
| Date | Document | File |
|---|---|---|
Court Order – July 08, 2009
| PDF · Subscribers | |
| Court Order – September 22, 2008 | PDF · Subscribers | |
Court Report – September 09, 2008
| PDF · Subscribers | |
| Court Order – July 30, 2008 | PDF · Subscribers | |
Court Order – June 25, 2008
| PDF · Subscribers | |
Court Report – June 12, 2008
| PDF · Subscribers | |
Court Order – February 11, 2008
| 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., “International Conduits Ltd” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/international-conduits-ltd