International Conduits Ltd
Follow- 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
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.
4 earlier updates, back to 11 February 2008 — subscribers.
Debtor
International Conduits Ltd
Receiver
Zeifmans
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | CIT Financial Ltd. · in 14 casesSenior secured lender under secured loan facilities; PPSA search (effective June 3, 2008, at Tab 2) shows collateral claimed but amount not stated in report text — Issued demand and Notice of Intention to Enforce Security under s.244 BIA; referred to as 'First Secured Creditor' — debtor: International Conduits Ltd. | — | Court Report – June 12, 2008 |
“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. | — | shortfall | 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.
Professional fees to date
$54.4K
As at 9 Sep 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 20 September 2026, https://proceedings.ca/case/international-conduits-ltd