Modern Acrylic Systems Ltd.
- Proceeding
- Receivership (court-appointed)SECTION 243 OF THE BANKRUPTCY AND INSOLVENCY ACT R.S.C. 1985, c. B-3 AS AMENDED
- File
- CI 22-01-35454
- Industry
- Construction · Specialty trade contractors
Modern Acrylic Systems Ltd. is the subject of active insolvency proceedings in Manitoba, brought by The Toronto-Dominion Bank under section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended. The matter carries court file number CI 22-01-35454 in the Queen's Bench. Grant Thornton Limited is the officer appointed in the proceeding, in the role of receiver. The matter remains active.
The officer filed report no. Receiver's Second Report. The Company ceased operations in April 2022 and assigned into bankruptcy; the Receiver has since realized upon all of the Company's property via auction or private sale and considers the receivership administration substantially complete, pending a proposed distribution and discharge.
The officer filed report no. Receiver's First Report. The Company ceased operations on April 22, 2022 and assigned itself into bankruptcy on April 25, 2022. The Receiver is removing property from rented locations, preparing a public auction of equipment, and seeking to sell the Day Street property quickly so the leased premises can be returned to the landlord.
Debtor
Modern Acrylic Systems Ltd.
Receiver
Doane Grant Thornton
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Taylor McCaffrey LLP | 18 May 2022 | Service list · 18 May 2022 |
| Applicant | MLT Aikins LLP | 18 May 2022 | Service list · 18 May 2022 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Toronto-Dominion Bank · in 121 casesDescribed as the Bankrupt's primary secured creditor; amount plus accruing interest and costs; as of receivership commencement — debtor: Modern Acrylic Systems Ltd. · as of 18 May 2022 | $291K | Notice & Statement of Receiver dated May 26, 2022 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
40 more claims in 2 classes The stack holds Secured 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 plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
2 engagements · 2 firms — latest: (firm not named), 18 May 2022 – 27 Apr 2023, in feesReceiver's Second Report · 27 Apr 2023
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| (firm not named)Counsel to the receiverfirm not named in the heading | 18 May 2022 – 27 Apr 2023 | — | not stated | Receiver's Second Report · 27 Apr 2023 | |
| Grant Thornton LimitedReceiver | 18 May 2022 – 27 Apr 2023 | — | not stated | Receiver's Second Report · 27 Apr 2023 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansCash on hand
$391K
As at 27 Apr 2023Receiver's Second Report dated April 27, 2023
Professional fees
As at
1 more reported figure
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 |
|---|---|---|
Notice of Motion returnable May 17, 2023
| PDF · Subscribers | |
Receiver's Second Report dated April 27, 2023
| PDF · Subscribers | |
| Notice of Motion dated June 6, 2022 | PDF · Subscribers | |
Receiver's First Report dated June 6, 2022
| PDF · Subscribers | |
Notice & Statement of Receiver dated May 26, 2022
| PDF · Subscribers | |
Service List dated May 18, 2022
| PDF · Subscribers | |
Application brief dated May 16, 2022
| PDF · Subscribers | |
| Affidavit of D Quinn dated May 13, 2022 | PDF · Subscribers | |
Notice of Application dated May 13, 2022
| 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., “Modern Acrylic Systems Ltd.” (Receivership (court-appointed)), Court of King's Bench of Manitoba. Retrieved 4 November 2026, https://proceedings.ca/case/modern-acrylic-systems-ltd