J2ASM Inc
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-24-00731538-00CL
J2ASM Inc. has been in court-appointed receivership under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority since December 2, 2024, before the Ontario Superior Court of Justice. Business Development Bank of Canada holds secured claims of $15,468,734 as at the receivership date, supported by a mortgage, an assignment of rents and a general security agreement under a loan agreement dated July 30, 2021, as amended, together with personal property registrations. The Receiver reports that the current book value of the company's assets is unknown to it because the company has not provided books and records; building, furniture and fixtures, cash and accounts receivable are each carried as unknown. A creditor listing compiled from the limited records available shows property taxes owing to the City of Mississauga of $611,496.55, described in the Receiver's narrative as approximately $612,000, alongside smaller trade, utility and service claims including Focus Flooring & Construction Inc. at $30,510.00, Security Smart Systems Inc at $18,532.00 and Alectra Utilities (Hydro-Peel) at $17,442.95. The proceeding remains active.
Endorsement of J Steele (re Broker Agreement & Ancillary Relief Order and Axiom Rent Funds Order) — Endorsement / reasons
The officer filed report no. Third Report. The receivership is continuing to market and maintain the commercial property for sale; no offers have been received to date, and the Receiver is seeking increased borrowing authority to fund ongoing holding costs through mid-2026.
Source: Third Report of the Receiver
Motion Record of the Receiver (re Broker Agreement & Ancillary Relief Order and the Axiom Rent Funds Order) — Application / notice of application
The officer filed report no. Second Report. The Receiver continues to maintain the vacant Commercial Property and market it for sale through its broker, having received no offers to date, while also pursuing a court order to recover post-receivership occupation rent from a former tenant.
Source: Second Report of the Receiver
The officer filed report no. First Report. The Company operated as a landlord of a single tenant at the Commercial Property; the tenant vacated as of December 31, 2024, leaving the property vacant, and the Receiver is now focused on maintaining the property and conducting a sale process rather than ongoing operations.
Source: First Report of the Receiver
The court appointed PricewaterhouseCoopers Inc. as receiver and manager, on the application of Business Development Bank of Canada. Court file CV-24-00731538-00CL.
Source: Receivership Order
Debtor
J2ASM Inc
Receiver
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jan 2025 – Sep 2025 | 220 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Dec 2024 – May 2025 | 288 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverPwC | Cassels Brock & Blackwell LLP | 21 May 2025 | Endorsement · 21 May 2025 |
| Applicant | Thornton Grout Finnigan LLP | 21 May 2025 | Endorsement · 21 May 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Business Development Bank of Canada · in 241 casesas of Receivership Date — Mortgage, assignment of rents and general security agreement pursuant to loan agreement dated July 30, 2021 (as amended); PPRO registrations — debtor: J2ASM Inc. | $15.5M | Notice and Statement of Receiver |
| 8 | Unsecured | Mississauga Property Tax (City of Mississauga)Prose approximation; Schedule A lists an exact figure of $611,496.55 for the same creditor ('Mississauga Property Tax') - see separate entry — debtor: J2ASM Inc. | $612K | Notice and Statement of Receiver |
| 8 | Unsecured | Mississauga Property TaxExact dated figure from Schedule A; corresponds to the ~$612,000 approximation stated in body text — debtor: J2ASM Inc. | $611K | Notice and Statement of Receiver |
| 8 | Unsecured | Focus Flooring & Construction Inc.debtor: J2ASM Inc. | $30.5K | Notice and Statement of Receiver |
| 8 | Unsecured | Security Smart Systems Incdebtor: J2ASM Inc. | $18.5K | Notice and Statement of Receiver |
| 8 | Unsecured | Alectra Utilities (Hydro-Peel) · in 39 casesdebtor: J2ASM Inc. | $17.4K | Notice and Statement of Receiver |
| 8 | Unsecured | Premium Maintenance Services Ltddebtor: J2ASM Inc. | $11K | Notice and Statement of Receiver |
| 8 | Unsecured | Region of Peel · in 11 casesdebtor: J2ASM Inc. | $8.27K | Notice and Statement of Receiver |
| 8 | Unsecured | KFA Architects + Planners Incdebtor: J2ASM Inc. | $5.37K | Notice and Statement of Receiver |
| 8 | Unsecured | T.O. Cool Mechanicaldebtor: J2ASM Inc. | $4.9K | Notice and Statement of Receiver |
| 8 | Unsecured | Debonaire Heating & Air Conditioningdebtor: J2ASM Inc. | $4.39K | Notice and Statement of Receiver |
| 8 | Unsecured | Maxguard Alarm and Security Company Ltd.debtor: J2ASM Inc. | $2.41K | Notice and Statement of Receiver |
| 8 | Unsecured | Fossil Landscapesdebtor: J2ASM Inc. | $1.41K | Notice and Statement of Receiver |
| 8 | Unsecured | Viking Fire Protection Inc. · in 5 casesdebtor: J2ASM Inc. | $955 | Notice and Statement of Receiver |
| 8 | Unsecured | Myko Mechanicaldebtor: J2ASM Inc. | $554 | Notice and Statement of Receiver |
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.
Liquidation in progress — The Receiver has not received any offers for the purchase of the Commercial Property, and continues to market it via a new broker.Third Report of the Receiver · 9 Sep 2025
Cumulative receipts
$455K
As at 19 Sep 2025Third Report of the Receiver
| Date | Document | File |
|---|---|---|
| Axiom Rent Funds Order | ||
| Broker Agreement & Ancillary Relief Order | ||
Endorsement of J Steele (re Broker Agreement & Ancillary Relief Order and Axiom Rent Funds Order)
| ||
| Motion Record of the Receiver (re Broker Agreement & Ancillary Relief Order and the Axiom Rent Funds Order) | ||
Third Report of the Receiver
| ||
Endorsement of J Cavanagh (re Timetable)
| ||
| Motion Record of the Receiver (re Axiom Payment Order) | ||
Second Report of the Receiver
| ||
| Service List | ||
Endorsement of J. Steele (re Sale Process Order)
| ||
Sales Process Order
| ||
First Report of the Receiver
| ||
Notice and Statement of Receiver
| ||
Endorsement of J. Cavanagh (Re Receivership Order)
| ||
Receivership Order
| ||
| Factum of the Applicant | ||
Application Record of the Applicant
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “J2ASM Inc” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/j2asm-inc