Optima Medical Innovations Corp. and Toronto Poly Clinic Inc. have been under court-appointed receivership in the Ontario Superior Court of Justice since December 12, 2023, when B. Riley Farber Inc. was appointed non-possessory receiver on the application of Newland Financial Inc., Newbank Capital Inc. and Fortune Reliance Inc. under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The three applicants are reported as collectively owed CAD 2,552,777.39, secured on the property of the debtors. A list of creditors prepared by the receiver on currently available information records unsecured claims including Tingle Merrett LLP at CAD 340,098.60, Mani Daryabeigy at CAD 110,235.00, Zeifmans LLP at CAD 79,750.00 and Iron Mountain Canada Corporation at CAD 72,616.14. The proceeding is active under court file CV-23-00710612-00CL.
The court granted an approval and vesting order for the sale to Canbwell Inc. Closing terms, as extracted: vesting effective upon delivery of the Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the transaction.
Source: Order of Justice Cavanagh (Assignment, Approval and Vesting Order)
9 earlier updates, back to 12 December 2023 — subscribers.
Debtor
Optima Medical Innovations Corp. and Toronto Poly Clinic Inc.
Receiver
GlassRatner
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Dec 2023 – Feb 2024 | 288 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverB. Riley Farber Inc., as | Aird & Berlis LLP | 21 Feb 2024 | Endorsement · 21 Feb 2024 |
| ReceiverGlassRatner | Aird & Berlis LLP | 13 Feb 2024 | Service list · 13 Feb 2024 |
| ApplicantNewland Financial Inc., Newbank Capital Inc | MLT Aikins LLP | 13 Feb 2024 | Service list · 13 Feb 2024 |
| DebtorOptima Medical Innovations Corp. and Toronto Poly Clinic Inc. | Reconstruct LLP · Reconstruction LLP | 13 Feb 2024 | Endorsement · 21 Feb 2024 |
| PurchaserStalking Horse | MLT Aikins LLP | 21 Feb 2024 | Endorsement · 21 Feb 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Newland Financial Inc., Newbank Capital Inc., and Fortune Reliance Inc. (collectively)Security on the property of the Debtor — Reported as collectively owed; page 3 lists 'Newland Financial Inc.' with the same total amount, suggesting the three entities may be related/consolidated for this claim. — debtor: Optima Medical Innovations Corp. and Toronto Poly Clinic Inc. | $2.55M | Notice and Statement of Receiver |
This 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.
Sale process approved — Sale process and stalking horse bid approved; sale/vesting to Stalking Horse Purchaser to be considered on a subsequent motionOrder of Justice Cavanagh (Sale Process Order) · 12 Dec 2023
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Canbwell Inc.Stalking horseall of the Respondents' right, title and interest in and to the assets described in the APA (the "Purchased Assets") · asset sale · nominee/assignee: 1000806416 Ontario Inc. · agreement 30 Nov 2023 | Subscribers | Approved21 Feb 2024outside 29 Mar 2024 | Order of Justice Cavanagh (Assignment, Approval… |
1 engagement · 1 firm — Aird & Berlis LLP, —Motion Record · 21 Feb 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel to the receiver | — | — | — | — | Motion Record · 21 Feb 2024 |
| Date | Document | File |
|---|---|---|
Endorsement of Justice Cavanagh
| PDF · Subscribers | |
Motion Record (returnable February 21, 2024)
| PDF · Subscribers | |
Order of Justice Cavanagh (Assignment, Approval and Vesting Order)
| PDF · Subscribers | |
| Factum of the Moving Party | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Notice and Statement of Receiver
| PDF · Subscribers | |
Application Record (returnable December 12, 2023)
| PDF · Subscribers | |
Order of Justice Cavanagh (Appointment Order)
| PDF · Subscribers | |
Order of Justice Cavanagh (Sale Process Order)
| PDF · Subscribers | |
Teaser
| PDF · Subscribers | |
| Factum of the Applicants | PDF · Subscribers | |
Report of the Proposed 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., “Optima Medical Innovations Corp. and Toronto Poly Clinic Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/optima-medical-innovations-corp-and-toronto-poly-clinic-inc
Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/optima-medical-innovations-corp-and-toronto-poly-clinic-inc
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.