Margosa Credit Union Limited has been in bankruptcy in Ontario since 9 December 2011 under the Bankruptcy and Insolvency Act, court file 31-1570748, with Duff & Phelps Canada Restructuring Inc. as trustee and the Deposit Insurance Corporation of Ontario administering the entity. The proceeding remains active. The Statement of Affairs for the business bankruptcy, as stated and estimated by the officer as at the date of bankruptcy, reports total assets of $736,116.00 against total liabilities of $488,868.00, comprising unsecured claims of $475,371.00, preferred claims of $13,316.00 and secured claims of $1.00, and records a surplus of $247,428.00. Depositors account for $470,142.00 of the unsecured claims in aggregate. Central 1 Credit Union is listed as secured creditor at $1.00, reflecting a balance due that is undetermined. Other claims include the Deposit Insurance Corporation of Ontario at $4,500.00 and the Canada Revenue Agency at $728.00.
The officer filed a report. Margosa ceased normal operations after being placed under DICO administration and subsequently assigned into bankruptcy; the Trustee is now realizing on the estate's assets, with DICO acting as agent to collect outstanding loans on the estate's behalf.
Source: Report of the Trustee to Creditors on Preliminary Administration dated January 4, 2012
Claims process approved as at the date of bankruptcy, alongside a preliminary creditors list identifying depositors at $470,142.00 in aggregate and preferred claims of $13,316.00.
Source: Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011
Further court officer report recording the date and time of bankruptcy as December 9, 2011 at 15:17.
Debtor
Margosa Credit Union Limited
Trustee in bankruptcy
AlixPartners
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Central 1 Credit Union · in 3 casesPreliminary list of creditors as at date of bankruptcy; amount of $1.00 reflects that the balance due, if any, is undetermined or unknown — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Depositors - variousAggregate for depositors as reported; individual depositor names not itemised — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $470K | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Aldgate Construction (1988) Ltd. - Employees - variousListed under 'Preferred' category — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $12.1K | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Deposit Insurance Corporation of OntarioAlso acting as Administrator of the bankrupt entity — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $4.5K | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Aldgate Construction (1988) Ltd.Listed under 'Preferred' category — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1.19K | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesRegulatory/tax claim — debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $728 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Equifax · in 9 casesdebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $141 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | G4S Cash Solutions (Canada) Ltd.debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $85 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Infonancial Software Inc.debtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $25 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Elavon · in 3 casesdebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $14 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Myers Norris Pennydebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | BELL CANADA · in 298 casesdebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | Ricoh Canada Inc. · in 32 casesdebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
| 8 | Unsecured | ADP Canada · in 9 casesdebtor: Margosa Credit Union Limited · as of 9 Dec 2011 | $1 | Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011 |
As at 9 Dec 2011 · per Company's statement of affairs (SOA), approximate book value · entity - Margosa Credit Union Limited — Liabilities not summed by Trustee: preferred claims $22,568 and regular unsecured claims $412,395 filed as of report date; WEPPA priority claim of $1,190 and landlord preferred claim of $17,130 also possible. Asset components (C$000s): Cash 241, Liquidity reserve 100, Loans receivable 378, Shares/investment 11, Fixed assets 7, total 737.
| Date | Document | File |
|---|---|---|
Report of the Trustee to Creditors on Preliminary Administration dated January 4, 2012
| ||
Notice of Bankruptcy and First Meeting of Creditors dated December 15, 2011
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Certificate of Appointment dated December 9, 2011
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Margosa Credit Union Limited” (Bankruptcy). Retrieved 20 September 2026, https://proceedings.ca/case/margosa-credit-union-limited
Sources last checked · summary updated 20 August 2026 · Report a correction · Printed from proceedings.ca/case/margosa-credit-union-limited
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.