Mitomics Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended (the "CJA")
- File
- CV14-0291
- Industry
- Health care · Medical devices, labs & supplies
Mitomics Inc.'s bankruptcy proceeding shows a company with mounting debt and a disputed security landscape. Its own unaudited, non-consolidated financial statements report total liabilities of roughly $20.8 million and a shareholder deficiency of $17.1 million for the nine months ended June 30, 2014, up from a $2.5 million deficiency in fiscal 2012. The Trustee identifies approximately $8.4 million in PPSA-registered secured debt held by about 95 creditors, with inter-creditor agreements governing priority. A legal opinion from Dentons found all secured creditors' claims valid except one, with combined debt of just over $80,000, which would be reclassified as unsecured if its security fails. The Northern Ontario Heritage Fund's claim is valued at $500,000 for purchase price purposes under separate transaction terms. Unsecured claims, mainly convertible debentures held by about 72 debentureholders, total over $11.2 million, with significant overlap against secured creditors.
The officer filed report no. Second Report of Dodick Landau Inc. in its capacity as Receiver and First Report as Proposal Trustee. Mitomics' management retained day-to-day control of the business's operations under the Receiver's oversight, and the estate is proceeding through an approved BIA proposal to sell all assets to a purchaser and wind down/dissolve the company.
Source: Report of Proposal Trustee
The court appointed Dodick Landau Inc. as receiver, on the application of WILLIAM POULTER and HARALD SMART. Court file CV14-0291.
Debtor
Mitomics Inc.
Receiver
Dodick Landau
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Shaw | Ontario Superior Court of Justice | 1 order, Sep 2014 | 6 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Buset & Partners LLP | 14 Aug 2014 | Order · 14 Aug 2014 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | PPSA-registered secured creditors (aggregate as reported)Registrations under the Ontario Personal Property Security Registry by approximately 95 creditors; document notes existence of inter-creditor agreements governing priority/subordination — Aggregate figure as understood by the Trustee ('approximately $8.4 million'); document does not itemize individual creditor names or amounts; some overlap exists between these secured creditors and unsecured debentureholders — debtor: Mitomics Inc. · as of 13 Aug 2014 | $8.4M | Report of Trustee on Proposal |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
3 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: paid in full.Under the plan · sanctionedMotion Record – Proposal Approval · 6 Nov 2014
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | — | — | paid in full | Under the plansanctionedper the debtor | Motion Record – Proposal Approval · 6 Nov 2014 |
| Unsecured | Unsecured Creditors with a value equal to or less than $600 | — | paid in full | Under the plansanctionedper the debtor | Motion Record – Proposal Approval · 6 Nov 2014 |
| Equity | existing shareholders of Mitomics | — | no distribution | Under the plansanctionedper the proposal trustee | Report of Trustee on Proposal · 8 Oct 2014 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at ·
Professional fees
$83.2K
As at 25 Oct 2014Report of Proposal Trustee
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Court Order – Proposal Approval | PDF · Subscribers | |
Motion Record – Proposal Approval
| PDF · Subscribers | |
Report of Proposal Trustee
| PDF · Subscribers | |
Amended Proposal
| PDF · Subscribers | |
Supplement to Report of Trustee on Proposal
| PDF · Subscribers | |
| Creditors’ Package | PDF · Subscribers | |
Report of Trustee on Proposal
| PDF · Subscribers | |
Receivership Order – issued September 11, 2014
| PDF · Subscribers | |
Court Order – Appointment of Receiver
| 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., “Mitomics Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/mitomics-inc