Silicorp Developments Inc., Medusa Stone Inc., and Ontario Stone Depot Inc. made an assignment in bankruptcy on January 26, 2021 under section 49 of the Bankruptcy and Insolvency Act, with Grant Thornton Limited named trustee. Pace Savings & Credit Union Limited was the applicant. Ontario Stone Depot Inc.'s Statement of Affairs reported total assets of $0.00 against total liabilities of $351,867.85, a deficiency of $351,867.85, with secured, preferred and contingent-or-other liabilities all nil. Its unsecured creditors included the Canada Revenue Agency for $70,304.54 in HST and $12,460.79 in payroll remittances, the Workplace Safety and Insurance Board for $54,621.38, and First Data Canada for $50,000.00, among numerous other trade and municipal creditors.
A claims procedure has been established — see the order for deadlines.
The officer filed report no. Trustee's Report on its Preliminary Administration. The Company's operations ceased following receivership, with all assets (receivables, inventory, equipment, and real property) sold by the Receiver; proceeds are insufficient to cover the secured creditor's claim, leaving no assets or expected distribution for unsecured creditors.
Source: Trustee's Preliminary Report - February 12, 2021.pdf
Certificate of Appointment.pdf was filed. Court file 31-2706686.
Source: Certificate of Appointment.pdf
Responding Motion Record of the Defendants - January 19, 2021.PDF — Application / notice of application
Debtor
Silicorp Developments Inc., Medusa Stone Inc., and Ontario Stone Depot Inc.
Trustee in bankruptcy
Doane Grant Thornton
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Trustee in bankruptcyDoane Grant Thornton | Aird & Berlis LLP | 21 Jan 2021 | Application · 21 Jan 2021 |
| CreditorPace Savings & Credit Union Limited | Harrison Pensa LLP | 8 Sep 2020 | Affidavit · 8 Sep 2020 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Canada Revenue Agency - Receiver General (HST)debtor: Ontario Stone Depot Inc. · as of 25 Jan 2021 | $70.3K | Bankruptcy Package.pdf |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
53 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansUnsecured creditors: no distribution.EstimatedTrustee's Preliminary Report - February 12, 2021.pdf · 12 Feb 2021
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Preliminary Report - February 12, 2021.pdf · 12 Feb 2021 |
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.
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Trustee's Preliminary Report - February 12, 2021.pdf
| PDF · Subscribers | |
Bankruptcy Package.pdf
| PDF · Subscribers | |
Certificate of Appointment.pdf
| PDF · Subscribers | |
Reply Motion Record - January 21, 2021.pdf
| PDF · Subscribers | |
Responding Motion Record of the Defendants - January 19, 2021.PDF
| PDF · Subscribers | |
| Motion Record Returnable January 21, 2021.pdf | PDF · Subscribers | |
| Information Memorandum - October 5, 2020.pdf | PDF · Subscribers | |
Waters Affidavit sworn September 8, 2020.PDF
| PDF · Subscribers | |
| Proof of Claim Form.pdf | PDF · Subscribers | |
| Proxy Form.pdf | 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., “Silicorp Developments Inc., Medusa Stone Inc., and Ontario Stone Depot Inc.” (Bankruptcy), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/silicorp-developments-inc-medusa-stone-inc-and-ontario-stone-depot-inc
Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/silicorp-developments-inc-medusa-stone-inc-and-ontario-stone-depot-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.