Precision Plasma & Sputtering Ltd. and 642657 N.B. Ltd. (o/a PMW Precision Machine Works)
FollowActive
- Proceeding
- Receivership (court-appointed)section 33 of the Judicature Act, Rule 41 of the Rules and section 243(1) of the BIA
- File
- SJM-102-2025
Filings held10
Last activity20 Aug 2025
On the record409 days
Secured debt$2.65M
OverviewSummary updated
Precision Plasma & Sputtering Ltd. and 642657 N.B. Ltd., operating as PMW Precision Machine Works, remain in a court-appointed receivership begun on June 4, 2025, when a receivership order was granted under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding is before the Court of King's Bench of New Brunswick under court file SJM-102-2025. On August 8, 2025, a further application was brought in the receivership, initiated by a notice of motion filed the same day. The receivership is active; the record before us does not identify the relief sought on the August application or its disposition.
Proceedings AIAsk this case — answers cite the filings
Case updates10 dated entries
#Filing
A further application was filed in the receivership, putting a new matter before the Court of King's Bench of New Brunswick roughly two months after appointment.
Source: Notice of Motion
#Filing
Notice of motion filed the same day, the originating document for that August application.
Source: Record on Motion
#Claims
Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver — Notice to creditors
#Order
Receivership order granted, placing both debtor companies under a court-appointed receiver and starting the proceeding in Court of King's Bench file SJM-102-2025.
Source: Receivership Order
Parties
Debtor
Precision Plasma & Sputtering Ltd. and 642657 N.B. Ltd. (o/a PMW Precision Machine Works)
Receiver
EY
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesDeemed trust (source deductions/HST priority claim) — Amount listed as 'unknown'; CRA also appears separately as an unsecured creditor (amount unknown) for other claims; Receiver still determining amounts owed (para 15, 26k) — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | — | First Report of the Receiver |
| 4 | Secured | Royal Bank of Canada · in 556 casesValid and enforceable security registered against On-Site Assets (para 26); specific instrument type not stated — Exact balance converted from USD $1,936,295.03 using BoC spot rate 1.3677 as at date of Receivership (4 June 2025) per Appendix B Note; prose in report described debt as 'approximately $1.936 million USD (or approximately $2.68 million CAD)' (para 13) — debtor: 642657 N.B. Ltd. and Precision Plasma & Sputtering Ltd. (co-debtors, blanket security) · as of 9 Jun 2025 | $2.65M | First Report of the Receiver |
| 4 | Secured | Opportunities New Brunswick (ONB) · in 3 casesValid and enforceable security registered against On-Site Assets (para 26) — Exact balance per pay-out statement dated 24 February 2025 (para 14); prose approximated as 'approximately $414 thousand' — debtor: Precision Plasma & Sputtering Ltd. · as of 24 Feb 2025 | $414K | First Report of the Receiver |
| 4 | Secured | Employee Wages and Vacation Pay (s.81.4 BIA) · in 3 casesStatutory deemed-trust/super-priority claim under s.81.4 BIA — Listed as 'unknown' amount in Appendix B creditor listing; however First Report (para 16) states there are no employees and consequently no unpaid wages, vacation pay, termination pay or severance — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | — | First Report of the Receiver |
| 4 | Secured | Ford Credit Canada Leasing · in 23 casesEquipment financing/leasing security (implied) — Amount owed listed as 'unknown' in Receiver's creditor listing (Appendix B) — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | — | First Report of the Receiver |
| 8 | Unsecured | David Rioux (CIC/VPM)Possible related party (director/shareholder) given surname shared with multiple other listed creditors (Rioux family); distinct capacity/entity 'CIC/VPM' from other David Rioux entry below. — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $5.74M | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | 642657 NB Ltd. (o/a PMW Precision Machine Works)debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $2.67M | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | David RiouxPossible related party; second, distinct claim from David Rioux (CIC/VPM) entry above. — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $352K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | NBIF Investmentsdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $274K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Matthew RiouxPossible related party (Rioux family). — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $85.5K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Michael · in 3 casesFull name not given in document. — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $85K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Day & Ross · in 10 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $53.1K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Scotiabank · in 54 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $47.7K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Cominar · in 4 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $42.9K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Amex Bank of Canada · in 48 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $30.7K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Mirick O'Connelldebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $29.4K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Peter RiouxPossible related party (Rioux family). — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $20.5K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Capital One Bank (Canada Branch) · in 4 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $19K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Accord Financial · in 4 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $11.5K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Beaver Brokeragedebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $9.51K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | CARM (CBSA Assessment and Revenue Management)debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $5.73K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | VAULT · in 5 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $5.72K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Plugged-In CPAdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $5.01K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Bank of Montreal · in 279 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $3.92K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Leblanc Sprinklerstedebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $2.62K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Elizabeth RiouxPossible related party (Rioux family). — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $2K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Uni Data Inc. · in 2 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $1.04K | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Connors Stilwelldebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $875 | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | GFL Environmental · in 11 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $465 | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | WorkSafe NB · in 2 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $370 | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Liberty Utilities · in 4 casesdebtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | $52 | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Eastern Canada Industrial GP Inc.Amount stated as unknown. — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | — | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesAmount stated as unknown; separate unsecured claim distinct from CRA entry listed under secured creditors; likely deemed-trust class. — debtor: Precision Plasma & Sputtering Ltd. · as of 9 Jun 2025 | — | Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Sale processAs stated in the filings
Approval pending — Receiver recommends approval of sale of On-Site Assets to DTI Films LLCFirst Report of the Receiver · 8 Aug 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| DTI Films LLCOn-Site Assets · asset sale | SealedPrice/APA details submitted confidentially in Supplemental First Report; not disclosed in this report. | Proposed | First Report of the Receiver |
AdvisorsCameron Industrial Inc. Auctioneers & Appraisers (auctioneer)First Report of the Receiver
Estate financialsReported figures — never derived
Total liabilities at filing$2.65M
As at 9 Jun 2025 · per Prepared without audit from information provided by the Company; net book value · entity - 642657 N.B. Ltd. o/a PMW Precision Machine Works — Statement of Assets at Net Book Value lists Cash, Accounts Receivable, Inventory and Equipment all as 'unknown' because shareholders had not provided current books and records; Total Assets at Net Book Value is therefore unknown. Total Creditors of $2,648,270.71 reflects only the Total Secured Creditors figure (Royal Bank of Canada), as Canada Revenue Agency (secured) and all Unsecured Creditors (WorkSafe NB, CRA) are listed as 'unknown'.
Documents
10 filings
| Date | Document | File |
|---|---|---|
| Sealing Order | ||
| Sale Approval and Vesting Order | ||
Record on Motion
| ||
| Pre-Filing Brief on Behalf of the Receiver | ||
Affidavit of Michael Lach
| ||
First Report of the Receiver
| ||
Notice of Motion
| ||
642657 N.B. Ltd. - 245-246(1) Notice and Statement of the Receiver
| ||
Precision Plasma and Sputtering Limited - 245-246(1) Notice and Statement of the Receiver
| ||
Receivership Order
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Precision Plasma & Sputtering Ltd. and 642657 N.B. Ltd. (o/a PMW Precision Machine Works)” (Receivership (court-appointed)), Court of King's Bench of New Brunswick. Retrieved 20 September 2026, https://proceedings.ca/case/precision-plasma-sputtering-ltd-and-642657-n-b-ltd-o-a-pmw-precision-machine-wor