Ruscan Chem Inc. et al
Follow- 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.
Aide-Mémoire of the Applicant was filed. Court file CL-26-00000277-0000.
Source: Aide-Mémoire of the Applicant
Debtor
Ruscan Chem Inc. et al
Receiver
GlassRatner
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Jun 2026 | 288 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 279 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 | Elizabeth Wilson-MackaySubsequent charge/mortgage and general assignment of rents registered against the Williams Parkway Property — Registered subsequent to BMO's Williams Charge; BMO states it did not consent to this registration and that it is not permitted under BMO's security ('Subsequent Encumbrance') — debtor: 2598536 Ontario Inc. (259), owner of the Williams Parkway Property · as of 10 Oct 2025 | $310K | Application Record (returnable June 17, 2026) |
| 4 | Secured | Merchant Opportunities Canada Limited Partnership · in 8 casesPPSA registration (per Service List) — Listed on Service List as 'PPSA Creditor'; no amount stated | — | Application Record (returnable June 17, 2026) |
| 4 | Secured | Ontap Capital Corp.PPSA registration (per Service List) — Listed on Service List as 'PPSA Creditor'; no amount stated | — | Application Record (returnable June 17, 2026) |
| 4 | Secured | Driven Financial Technologies Corporation · in 24 casesPPSA registration (per Service List) — Listed on Service List as 'PPSA Creditor'; no amount stated | — | Application Record (returnable June 17, 2026) |
| 5 | PMSI / lessors | PPSA equipment financiers (PMSI class) - VW Credit Canada Inc., Tesla Motors Canada ULC, Toyota Industries Commercial Finance Canada, Inc., Mercedes-Benz Financial Services Canada Corporation · in 183 casesPPSA registrations (vehicle/equipment financing) — Listed on Service List as 'PPSA Creditor'; no amounts stated in the pages reviewed; aggregated as serialized-equipment/vehicle financiers — debtor: Debtors (per Service List) | — | Application Record (returnable June 17, 2026) |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesDocument states 'material outstanding arrears on account of taxes and other liabilities owed to the federal government' without specifying an amount; deemed-trust class quasi-governmental claim — debtor: Debtors (Ruscan Chem Inc. et al.) · as of 6 Jan 2026 | — | Application Record (returnable June 17, 2026) |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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.
| Date | Document | File |
|---|---|---|
| Amended and Restated Order of Justice Myers | ||
Endorsement of Justice Myers
| ||
Application Record (returnable June 17, 2026)
| ||
Endorsement of Justice Cavanagh
| ||
Receivership Appointment Order
| ||
Aide-Mémoire of the Applicant
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Ruscan Chem Inc. et al” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/ruscan-chem-inc-et-al