#Filing
Ital Steel Application for Receiver Discharge June 8 2026 — Application / notice of application
Ital Steel Inc.
FollowActive
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act
- File
- 1701-15107
- Industry
- Manufacturing · Metals & fabrication
Filings held9
Last activity8 Jun 2026
On the record3,263 days
OverviewSummary updated
Ital Steel Inc. has been in court-appointed receivership since November 10, 2017, when the Court of King's Bench of Alberta appointed PricewaterhouseCoopers Inc. as receiver on the application of Canadian Imperial Bank of Commerce under section 243(1) of the Bankruptcy and Insolvency Act, court file 1701-15107. The appointment covers the company's accounts receivable, inventory, equipment and books and records. Financial statements dated September 30, 2017 provided to the Bank by Mr. Spadafora cited $4 million in debt, $5.5 million in accounts receivable, $1.5 million in inventory and $3.8 million in hold backs/deposits; the Receiver obtained no support for those figures and found the records lacked the level of detail expected. Assets carried at cost of $764,200 were unverified as to existence and location, a listing of open invoices at November 9, 2017 showed $483,441, and customers dispute amounts allegedly owing to the company.
Proceedings AIAsk this case — answers cite the filings
Case updates9 dated entries
#Report
The officer filed report no. Second Report. The Receiver of Ital Steel Inc. responds to a brief filed by Vectus disputing the Receiver's refusal of Vectus's ownership claim to steel (the "Disputed Steel") that was sold at auction for $20,000. The Receiver maintains that Vectus's materials do not link the steel to its purchases. Court file 1701-15107.
#Report
The officer filed report no. First Report. The company, a steel fabrication and welding business, appears to have ceased operations; the Receiver sold the remaining assets at auction, collected no accounts receivable, and seeks discharge after the principal failed to provide books and records.
Source: First Report of Receiver to Court Feb 21 Final Including Schedules
#Order
Order pronounced on CIBC's section 243(1) application placing Ital Steel's accounts receivable, inventory, equipment and books and records under PricewaterhouseCoopers Inc. as receiver.
Parties
Debtor
Ital Steel Inc.
Receiver
PwC
Bench and counselPer the orders and service lists on the record
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Secured creditorCIBC | Blake, Cassels & Graydon LLP | 11 Jun 2018 | Service list · 11 Jun 2018 |
| CreditorJoseph Spadafora and Ital Steel (2016) Inc | Llewellyn Law | 11 Jun 2018 | Service list · 11 Jun 2018 |
| CreditorPCL CONSTRUCTION MANAGEMENT INC | Reynolds Mirth Richards & Farmer LLP | 11 Jun 2018 | Service list · 11 Jun 2018 |
| CreditorPPSS | Miller Thomson LLP | 11 Jun 2018 | Service list · 11 Jun 2018 |
| CreditorVectus Inc | Carscallen Leitch LLP | 11 Jun 2018 | Service list · 11 Jun 2018 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Canadian Imperial Bank of Commerce · in 71 casesNamed as a secured creditor in the Notice of Receiver; no amount or security details stated. — debtor: Ital Steel Inc. | — | 245 246 Report Final |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
27 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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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.
RecoveriesAs stated in the filings
Unsecured creditors: no distribution.Ital Steel Receiver Report for Discharge Filed June 8 2026 · 8 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | per the receiver | Ital Steel Receiver Report for Discharge Filed June 8 2026 · 8 Jun 2026 |
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.
Estate financialsReported figures — never derived
Cumulative receipts
$73.2K
As at 31 Jan 2018First Report of Receiver to Court Feb 21 Final Including Schedules
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plansDocuments
9 filings
| Date | Document | File |
|---|---|---|
Ital Steel Application for Receiver Discharge June 8 2026
| PDF · Subscribers | |
Ital Steel Receiver Report for Discharge Filed June 8 2026
| PDF · Subscribers | |
First Report of Receiver to Court Feb 21 Final Including Schedules
| PDF · Subscribers | |
Service List re Supplement to Second Report of Receiver June 11 2018
| PDF · Subscribers | |
Supplement to the Second Report of the Receiver (filed) June 11 2018
| PDF · Subscribers | |
Filed Receivers Second Report June 4 2018
| PDF · Subscribers | |
| Filed Supplemental Brief (June 4, 2018) | PDF · Subscribers | |
245 246 Report Final
| PDF · Subscribers | |
Receivership Order dated November 10, 2017
| 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., “Ital Steel Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 16 October 2026, https://proceedings.ca/case/ital-steel-inc