#Order
Placed the company in receivership on Horizon RE Limited's application, appointing A. Farber & Partners Inc. as receiver under BIA s. 243(1) and CJA s. 101.
Source: Order of Justice Penny (Appointment Order) dated February 24, 2022
Net Zero Renewable Energy Inc.
FollowActive
- 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
- CV-22-00676492-00CL
OverviewSummary updated
Net Zero Renewable Energy Inc., formerly EnerDynamic Hybrid Technologies Corp., has been under court-appointed receivership since February 24, 2022, when the Ontario Superior Court of Justice (Commercial List) appointed A. Farber & Partners Inc. as receiver on the application of Horizon RE Limited under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in file CV-22-00676492-00CL. Horizon holds Series 1 debentures of $3,000,000 at 6.5%, matured March 4, 2018, and Series 2-1 debentures at 18%, matured July 3, 2017, secured under an indenture with Computershare Trust Company of Canada over all present and after-acquired property. Unaudited consolidated financials to August 31, 2021 reported total liabilities of $21,987,377 against current assets of $3,015,065, including $12,463,446 owing to Horizon and the remaining debenture holders, and a nine-month net loss of $5,593,656 on revenue of $236,700. The receivership is active.
Proceedings AIAsk this case — answers cite the filings
Case updates4 dated entries
1 earlier update, back to 24 February 2022 — subscribers.
Parties
Debtor
Net Zero Renewable Energy Inc.
Receiver
GlassRatner
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Computershare Trust Company of Canada (Indenture Trustee, on behalf of Series 1 and Series 2-1 Debenture holders, including Horizon RE Limited and Remaining Holders) · in 31 casesas of Q3 Financials (nine months ended August 31, 2021) — Security interest under Article 5 of the Indenture over all present and after-acquired Property, registered under Ontario PPSA; Series 1 Debentures $3,000,000 principal (6.5%, matured March 4, 2018) and Series 2-1 Debentures principal (18%, matured July 3, 2017) — Indebtedness owing to Applicant per Demand Letter as at January 4, 2022 totaled $3,000,000 (Series 1) plus applicable interest, fees, expenses; and $500,000 (Series 2-1) plus applicable interest, fees, expenses. Remaining Holders' indebtedness as at January 4, 2022 totaled $3, | $12.5M | Application Record dated February 10, 2022 |
Estate financialsReported figures — never derived
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Documents4 filings
| Date | Document | File |
|---|---|---|
Endorsement of Justice Penny dated February 24, 2022
| PDF · Subscribers | |
Order of Justice Penny (Appointment Order) dated February 24, 2022
| PDF · Subscribers | |
Order of Justice Penny (Debenture Order) dated February 24, 2022
| PDF · Subscribers | |
Application Record dated February 10, 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., “Net Zero Renewable Energy Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/net-zero-renewable-energy-inc