Petroforma Inc., a Paradise, Newfoundland laboratory testing business providing microbiology, toxicology, water quality and oil and gas analysis, has been in receivership since August 10, 2017 under the Bankruptcy and Insolvency Act, in the Supreme Court of Newfoundland and Labrador in Bankruptcy and Insolvency, court file 21491. BDO Canada Limited acts as court-appointed Receiver, having first been appointed privately on July 14, 2017 by The Toronto-Dominion Bank under general security agreements and specific-collateral security registered under the Newfoundland and Labrador PPSA. The receivership property is all of the company's present and after-acquired personal property. TD is owed $642,564 and TD Equipment Finance Canada $210,399 on secured claims, with the Canada Revenue Agency also listed as holding security. List "A" unsecured claims total $717,886.00 across 60 creditors, the largest being J & T Construction Ltd at $398,056. The Receiver intends to collect accounts receivable and continue operating the business to effect a sale as a going concern. The proceeding remains active.
The officer filed report no. Second Report of the Receiver. The report addresses claims of creditors, particularly CRA's GST/HST and payroll deemed trust claims following the Callidus decision, and proposes a second interim distribution to TD while holding remaining funds in trust pending the Supreme Court's decision on appeal and future fees. Court file 21491.
Source: Second Report of the Receiver
Application filed in the Supreme Court of Newfoundland and Labrador, file 21491, commencing the receivership over Petroforma's present and after-acquired personal property.
Source: Affidavit of Jason Breeze
1 earlier update, back to 14 July 2017 — subscribers.
Debtor
Petroforma Inc.
Receiver
BDO
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesListed under item 4(d) as a creditor holding security on the property. — Crown claim. The stated amount of $1 is a placeholder, not a measured balance. — debtor: Petroforma Inc. | $1 | 245 Notice 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.
Toronto Dominion Bank: a distribution.FinalSecond Report of the Receiver · 16 Aug 2018
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Toronto Dominion Bank | — | a distributioninterim | Finalper the receiver | Second Report of the Receiver · 16 Aug 2018 |
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.
Cash on hand
$380K
As at 16 Aug 2018Second Report of the Receiver
| Date | Document | File |
|---|---|---|
Second Report of the Receiver
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Affidavit of Jason Breeze
| PDF · Subscribers | |
245 Notice 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., “Petroforma Inc.” (Receivership (court-appointed)), Supreme Court of Newfoundland and Labrador. Retrieved 20 September 2026, https://proceedings.ca/case/petroforma-inc
Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/petroforma-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.