Ruscan Chem Inc. et al
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CL-26-00000277-0000
Ruscan Chem Inc., together with 2598536 Ontario Inc., 2851490 Ontario Inc., GloveIt PurchaseCo (US) Inc., Renewell Nutrition Inc. and GloveIt PurchaseCo Inc., are subject to a court-appointed receivership commenced June 16, 2026 before the Ontario Superior Court of Justice (Commercial List), file CL-26-00000277-0000, under BIA s. 243 and the provincial Judicature Acts. Bank of Montreal, secured by general security agreements, a US GSA, collateral mortgages of $1,320,000 and $2,590,000, assignments of rent, IP security and PPSA/UCC registrations, demanded joint and several indebtedness of CAD 15,480,477.61 and USD 1,482,027.79 as of January 8, 2026, and also demanded on a $2,750,000 personal guarantee from director Raghav Ohri. Also on the record: PPSA creditors including equipment financiers, a $310,000 subsequent charge held by Elizabeth Wilson-Mackay against the Williams Parkway Property that BMO says it did not consent to, and an unquantified CRA deemed-trust tax claim.
The court appointed GlassRatner Restructuring Inc., on the application of Bank of Montreal. Court file CL-26-00000277-0000.
Source: Receivership Appointment Order
An application for a court-appointed receiver over Ruscan Chem Inc. and related debtor entities was filed with the Ontario Superior Court of Justice.
Debtor
Ruscan Chem Inc. et al
Receiver
GlassRatner
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Myers | Ontario Superior Court of Justice | 2 orders, Jul 2026 | 117 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Jun 2026 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorBank of Montreal | Aird & Berlis LLP | 16 Jun 2026 | Application · 16 Jun 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Bank of Montreal · in 297 casesGeneral security agreements (GSAs) from each Debtor; U.S. GSA from GloveIt PurchaseCo (US) Inc.; first-ranking collateral mortgages of $1,320,000 (Bovaird Drive Property) and $2,590,000 (Williams Parkway Property) - registered principal amounts, not balances; general assignments of rent; IP security notices/agreements; PPSA/UCC registrations; Term Sheet facility ceiling of CDN$19,496,631.03 (per Non-Tolerance Letter) — CAD portion of the 'Demanded Indebtedness' per Demand Letters dated January 8, 2026 (Exhibit T) - principal and interest only, exclusive of legal fees, disbursements and accruin · as of 8 Jan 2026 | $15.5M | Application Record (returnable June 17, 2026) |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured |
7 more claims in 3 classes The stack holds Secured, PMSI / lessors 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.
| Date | Document | File |
|---|---|---|
Amended and Restated Order of Justice Myers
| PDF · Subscribers | |
Endorsement of Justice Myers
| PDF · Subscribers | |
Endorsement of Justice Cavanagh
| PDF · Subscribers | |
Receivership Appointment Order
| PDF · Subscribers | |
Aide-Mémoire of the Applicant
| PDF · Subscribers | |
Application Record (returnable June 17, 2026)
| PDF · Subscribers | |
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CiteProceedings., “Ruscan Chem Inc. et al” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/ruscan-chem-inc-et-al