Marina Commodities
Follow- 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 Ontario Superior Court of Justice granted an interim order on the hearing of CIBC's application, the day after it was filed.
Source: Order - 2026.08.14
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
4 earlier updates, back to 14 August 2026 — subscribers.
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
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Farhan Adam and Faheem Adam (as subordinate lenders / shareholder loans)Postponed and subordinated shareholder debt pursuant to Omnibus Subordination Agreement made as of September 6, 2023 — Related party (directors/shareholders of MCI); subordinated to the Outstanding Indebtedness owing to CIBC/Lenders. — debtor: Marina Commodities Inc. | $1.9M USD | Application Record - 2026.08.13 (Part 1 of 2) |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
| Date | Document | File |
|---|---|---|
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 20 September 2026, https://proceedings.ca/case/marina-commodities