PerfectKo Limited Partnership and PerfectKo GP Inc.
- Proceeding
- Interim receivershipSection 47(1) and 243(1) of the Bankruptcy and Insolvency Act and Section 101 of the Courts of Justice Act
- File
- CV-25-00753625-00CL
- Industry
- Retail · Grocery & specialty food stores
PerfectKo Limited Partnership and PerfectKo GP Inc. have been placed under the interim receivership of KSV Restructuring Inc. by order of the Ontario Superior Court of Justice (Commercial List) dated December 24, 2025, on the application of secured lender 770 Corp. under sections 47(1) and 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. 770 Corp. holds a General Security Agreement dated July 11, 2024 over all present and after-acquired personal property of each debtor, securing a non-revolving term loan facility of $12,500,000, together with an unlimited guarantee of the same date from PerfectKo GP Inc., the partnership's sole general partner. Demand letters and section 244(1) notices of intention to enforce security were delivered on December 19, 2025, demanding $12,666,844.03 in principal and interest as at December 16, 2025 plus accruing interest and costs. The partnership's CFO had set out arrears on December 5, 2025 including $600,000 to vendors, $477,000 in construction and HVAC bills, $300,000 in legal fees, $115,000 in rent and utilities and $50,000 in vacation pay, alongside CRA GST/HST of $275,708.49 and payroll remittances of $15,103.59. The proceeding is active under court file CV-25-00753625-00CL.
Court approved the transaction under a new sale agreement dated September 11, 2026 with Kosher Grocers Inc., vesting the Purchased Assets on delivery of the interim receiver's certificate.
Motion Record of the the Court - Appointed Interim Receiver dated September 18, 2026 — Application / notice of application
Court approved the sale of the Purchased Assets to 4798670 Nova Scotia Limited under an agreement dated May 31, 2026, and increased the borrowings limit to $1,300,000.
Interim receiver reported the SISP concluded with an agreement for substantially all of the debtors' assets and recommended approval of the transaction, expecting the secured debt repaid in full.
Source: Third Report of the Interim Receiver dated June 9, 2026
Motion Record of the Interim Receiver dated June 9, 2026 — Application / notice of application
Court approved the sale and investment solicitation process and authorized the interim receiver, as sale agent, to implement it, with bids due April 28, 2026.
Responding Motion Record of the Respondents dated March 4, 2026 — Response / objection pleading
Supplementary Responding Motion Record of the Respondents dated March 4, 2026 — Response / objection pleading
Further report on normal-course operations, with average weekly sales of approximately $500,000 following the working capital pressure and stretched vendor payment terms preceding the appointment.
Source: Second Report to Court of the Interim Receiver dated February 26, 2026
Motion Record of the Interim Receiver dated February 26, 2026 — Application / notice of application
Interim receiver reported the Olive Branch kosher supermarket, employing about 150 staff, operating in the normal course under its supervision, and put a SISP forward for approval.
Source: First Report of the Interim Receiver dated February 13, 2026
Responding Motion Record of the Respondents dated February 13, 2026 — Response / objection pleading
Court appointed KSV Restructuring Inc. interim receiver of both debtors on 770 Corp.'s application, five days after demand and section 244(1) notices were delivered.
Responding Application Record of the Respondents dated December 23, 2025 — Application / notice of application
770 Corp. applied for appointment of an interim receiver over both debtors, the same day it delivered demands and section 244(1) notices for $12,666,844.03.
Undated filings1 — no date appears on the document · show
Outcome brief
Olive Branch: a factum on Monday, an unopposed sale on Tuesday
On October 5 the debtors, the buyer approved in June and its principal called the $4,850,000 sale to Kosher Grocers, a party related to lender 770 Corp., in substance a credit bid. The next day they withdrew; Justice Dietrich approved the sale and authorized distributions to 770 Corp. up to its debt, forfeit deposit included.
Case update
Olive Branch: the June sale that never closed
The buyer approved in June, affiliated with the general partner's principal, missed three closing dates and forfeited $3,750,000 in deposits; the interim receiver now asks the court to sell the Thornhill kosher supermarket to Kosher Grocers Inc., a party related to the $14.2 million secured lender, for $4,850,000 with no deposit, at a hearing set for October 6.
Debtor
PerfectKo Limited Partnership and PerfectKo GP Inc.
Interim receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 6 orders, Feb 2026 – Jun 2026 | 198 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 3 orders, Oct 2026 | 132 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Dec 2025 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Interim receiverKSV | Bennett Jones LLP | 16 Mar 2026 | Service list · 16 Mar 2026 |
| Applicant | Chaitons LLP | 24 Dec 2025 | Service list · 16 Mar 2026 |
| DebtorPerfectKo Limited Partnership and PerfectKo GP Inc. | Gardiner Roberts LLP | 13 Feb 2026 | Factum · 13 Feb 2026 |
| Creditor770 Corp | Chaitons LLP | 14 Feb 2026 | Factum · 14 Feb 2026 |
| Creditorcertain Unit Holders of PerfectKo Limited Partnership | Dickinson Wright LLP | 16 Mar 2026 | Service list · 16 Mar 2026 |
| CreditorGMBR Capital Corp | Dickinson Wright LLP | 4 Mar 2026 | Factum · 4 Mar 2026 |
| CreditorGMBR Capital Corp.and 4515770 Nova Scotia Company | Dickinson Wright LLP | 16 Jun 2026 | Factum · 16 Jun 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesas of reporting period ending November 30, 2025 — Unpaid payroll remittances; deemed trust class quasi-governmental claim. — debtor: PerfectKo Limited Partnership | $15.1K | Application Record dated December 22, 2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
10 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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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 transactions · 1 approved · 1 closed — The Interim Receiver certified receipt of the Purchase Price and satisfaction or waiver of closing conditions; the Purchased Assets vest in the Purchaser on delivery of the certificate.Interim Receiver's Certificate dated October 21, 2026 · 21 Oct 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 4798670 Nova Scotia Limitedthe Purchased Assets · asset sale · agreement 31 May 2026 | not stated | Approved | Third Report of the Interim Receiver dated June… |
| Kosher Grocers Inc.the Purchased Assets described in the New Sale Agreement · asset sale · agreement 11 Sep 2026 | not stated | Closed21 Oct 2026 | Interim Receiver's Certificate dated October… |
| Date | Document | File |
|---|---|---|
Interim Receiver's Certificate dated October 21, 2026
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Approval and Vesting Order dated October 6, 2026
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Distribution Order dated October 6, 2026
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Endorsement of Justice J. Dietrich dated October 6, 2026
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Affidavit of Ingrid Knight sworn October 5, 2026
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Affidavit of Shawn Kirkman sworn October 5, 2026
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| Factum of the Responding Parties dated October 5, 2026 | PDF · Subscribers | |
| Factum of the Interim Receiver dated September 22, 2026 | PDF · Subscribers | |
Fourth Report to Court of Interim Receiver dated September 18, 2026
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Motion Record of the the Court - Appointed Interim Receiver dated September 18, 2026
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Approval and Vesting Order dated June 17, 2026
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Distribution Order dated June 17, 2026
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Endorsement of Justice Black dated June 17, 2026
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Factum of GMBR Capital Corp. and 4515770 Nova Scotia Company dated June 16, 2026
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| Factum of the Receiver dated June 15, 2026 | PDF · Subscribers | |
| Motion Record of the Interim Receiver dated June 9, 2026 | PDF · Subscribers | |
Third Report of the Interim Receiver dated June 9, 2026
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| Responding Motion Record dated June 6, 2026 | PDF · Subscribers | |
Service List as at March 16, 2026
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SISP Approval Order dated March 9, 2026
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SISP Process Letter dated March 9, 2026
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Endorsement of Justice Black dated March 5, 2026
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| Aide Memoire of the Applicant dated March 4, 2026 | PDF · Subscribers | |
Factum of GMBR Capital Corp. dated March 4, 2026
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Factum of the Respondents dated March 4, 2026
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| Responding Motion Record of the Respondents dated March 4, 2026 | PDF · Subscribers | |
| Supplementary Responding Motion Record of the Respondents dated March 4, 2026 | PDF · Subscribers | |
| Factum of the Interim Receiver dated March 2, 2026 | PDF · Subscribers | |
| Motion Record of the Interim Receiver dated February 26, 2026 | PDF · Subscribers | |
Second Report to Court of the Interim Receiver dated February 26, 2026
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Endorsement of Justice Black dated February 17, 2026
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Factum of the Applicant - PerfectKo Limited Partnership and PerfectKo GP Inc. dated February 14, 2026
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Factum of the Respondents dated February 13, 2026
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First Report of the Interim Receiver dated February 13, 2026
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| Responding Motion Record of the Respondents dated February 13, 2026 | PDF · Subscribers | |
| Motion Record of the Applicant dated February 12, 2026 | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated December 24, 2025
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Interim Receivership Order dated December 24, 2025
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Non Disclosure Agreement
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| Responding Application Record of the Respondents dated December 23, 2025 | PDF · Subscribers | |
| Responding Factum dated December 23, 2025 | PDF · Subscribers | |
Application Record dated December 22, 2025
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Teaser
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CiteProceedings., “PerfectKo Limited Partnership and PerfectKo GP Inc.” (Interim receivership), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/perfectko-limited-partnership-and-perfectko-gp-inc