James Gault Holdings Inc. and 1606077 Ontario Inc.

James Gault Holdings Inc. and 1606077 Ontario Inc. have been under court-appointed receivership since August 8, 2023, when the Ontario Superior Court of Justice appointed MNP Ltd. as receiver on the application of Equitable Bank, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in Court File No. CV-23-00700642-00CL. Equitable Bank is the senior secured creditor, holding a first-ranking mortgage on the real property, a first-ranking assignment of leases and rents, and a first-ranking charge on personal property, against total financing advanced of $20,580,000. Indebtedness stood at $21,674,000 as of April 20, 2023, with interest and other charges continuing to accrue after that date. Counsel to the receiver has delivered a security opinion confirming the validity of that security, subject to qualifications. The proceeding remains active.