Marina Commodities
- Proceeding
- Receivership (court-appointed)SECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C. C.43
- File
- CL-26-00000358-0000
Marina Commodities Inc. has been in court-appointed receivership since August 14, 2026, when the Ontario Superior Court of Justice appointed KPMG Inc. receiver and manager on the application of Canadian Imperial Bank of Commerce under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in Commercial List file CL-26-00000358-0000. CIBC, as agent and Australian security trustee for the lenders, put the outstanding indebtedness under a September 6, 2023 credit agreement — a revolving facility with a maximum commitment of US$50,000,000 — at US$48,819,966.74 as at August 10, 2026, alongside CAD$64,277.14, exclusive of accruing interest, legal and professional fees and bank charges. CIBC issued its demand and section 244 notice on August 11, 2026, and the debtors consented to immediate enforcement the following day. The receivership remains active.
The court appointed KPMG Inc. receiver and manager under section 243(1) of the BIA and section 101 of the Courts of Justice Act.
Source: Order - 2026.08.14
CIBC filed its application for the appointment of a receiver in the Commercial List, file CL-26-00000358-0000, a day after the debtors consented to immediate enforcement.
Filing brief
Marina Commodities: thirty-six million short
CIBC advanced about US$50 million on a revolving asset-backed facility to a Mississauga trading house that sells lentils and pulses into more than twenty countries. On August 14 it told the Commercial List it had recently found that the borrowing base certificates included inventory and receivables that did not exist, and that the loan was undercollateralized by at least US$36 million. The debtors consented to a receiver while reserving the right to dispute the facts.
Debtor
Marina Commodities
Receiver
KPMG
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 2 orders, Aug 2026 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Blake, Cassels & Graydon LLP | 14 Aug 2026 | Order · 14 Aug 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Canadian Imperial Bank of Commerce (as Agent and Australian Security Trustee, for the Lenders) · in 72 casesComprehensive first-ranking security package: Guarantee Agreement (MCI, Ausican, MCA); General Security Agreement (MCI, Ausican) over all present and after-acquired personal property; Australian Security Trust Deed, Australian General Security Deed, Australian Specific Security Deed (MCA/Ausican); Bank Act s.427 security (MCI); Blocked Account Agreements; PPSA registrations against all present and after-acquired personal property of MCI, Ausican and MCA in ON, BC, AB, MB, SK — Also owed CAD$64,277.14 as of same date (separate currency component, not to be summed); credit agreement dated Septem · as of 10 Aug 2026 | $48.8M USD | Application Record - 2026.08.13 (Part 1 of 2) |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured |
5 more claims in 3 classes The stack holds Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansAs at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
| Order - 2026.10.26 | PDF · Subscribers | |
Notice and statement of the Receiver - 2026.08.24
| PDF · Subscribers | |
Endorsement - 2026.08.14
| PDF · Subscribers | |
Order - 2026.08.14
| PDF · Subscribers | |
Application Record - 2026.08.13 (Part 1 of 2)
| PDF · Subscribers | |
Application Record - 2026.08.13 (Part 2 of 2)
| PDF · Subscribers | |
| Factum of the Applicant - 2026.08.13 | 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., “Marina Commodities” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/marina-commodities