Skymark Finance Corporation
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-22-00692309-00CL
- Industry
- Financial services · Lending & mortgages
Skymark Finance Corporation is in court-appointed receivership before the Ontario Superior Court of Justice (Commercial List), court file CV-22-00692309-00CL, with Alvarez & Marsal Canada Inc. as receiver and manager on the application of PricewaterhouseCoopers Inc., under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. On estimated book values from Skymark's unaudited records as at February 28, 2023, the Receiver put assets at $56,890 thousand, chiefly $37,560 thousand of loans receivable and $16,136 thousand of fixed assets, against liabilities of $55,323 thousand, being $47,378 thousand secured and $7,945 thousand unsecured. Bridging Financing Inc. is the principal secured creditor at $47,378,008; BNY Trust Company of Canada and Enbridge Gas Inc. are also listed as secured, amounts to be determined, as are many unsecured claims.
Book of Authorities of the Receiver (December 17, 2024) — Application / notice of application
Motion Record of the Receiver (Interim Distribution, VTBN Assignment, and Ancillary Relief)(December 10, 2024) — Application / notice of application
Motion Record of the Receiver (Settlement and Ancillary Relief) (March 28, 2024) — Application / notice of application
Motion Record of 7539088 Canada Inc. et. al. (Motion for Partial Compliance with Production Order)(February 16, 2024) — Application / notice of application
Motion Record of the Receiver (Settlement Approval and Ancillary Relief) — Application / notice of application
The court granted an approval and vesting order for the sale to 5051802 Ontario Inc. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the purchase price, satisfaction or waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction. Sealed: Confidential Appendices 'C' and 'E' to the Second Report: a summary of the offers received during the SISP, and an unredacted copy of the Purchase Agreement.
Book of Authorities of the Receiver (September 22, 2023) — Application / notice of application
Motion Record of the Receiver (SISP Approval) (May 17, 2023) — Application / notice of application
Notice and Statement of the Receiver – Merk Investments Ltd. (March 15, 2023) — Notice to creditors
Notice and Statement of the Receiver – Skymark Finance Corporation (March 14, 2023) — Notice to creditors
Debtor
Skymark Finance Corporation
Receiver
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 7 orders, Feb 2024 – Dec 2024 | 239 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, Sep 2023 | 309 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, May 2023 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlvarez & Marsal | Fasken Martineau DuMoulin LLP | 23 May 2023 | Factum · 23 May 2023 |
| Applicant | Bennett Jones LLP · Thornton Grout Finnigan LLP | 6 Mar 2023 | Order · 29 Feb 2024 |
| ApplicantPricewaterhouseCoopers Inc | Thornton Grout Finnigan LLP | 11 Dec 2024 | Service list · 11 Dec 2024 |
| DebtorSkymark Finance Corporation | Lax O'Sullivan Lisus Gottlieb LLP | 11 Dec 2024 | Service list · 11 Dec 2024 |
| Purchaser | Aird & Berlis LLP | 26 Sep 2023 | Endorsement · 26 Sep 2023 |
| CreditorConcorde Gate Financial Corp | Borden Ladner Gervais LLP | 11 Dec 2024 | Service list · 11 Dec 2024 |
| CreditorKSV Restructuring Inc | Blake, Cassels & Graydon LLP | 28 Mar 2024 | Application · 28 Mar 2024 |
| CreditorLawPro | Gardiner Roberts LLP | 28 Mar 2024 | Application · 28 Mar 2024 |
| CreditorThomas Canning (Maidstone) Limited, William Thomas, Robert Thomas, 692194 Ontario Limited | Blaney McMurtry LLP | 11 Dec 2024 | Service list · 11 Dec 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Bridging Financing Inc.Amount per Appendix A list of known creditors as at the date of receivership; based on Skymark's unaudited books and records, not audited or verified by the Receiver. Aggregate secured per para. 5 stated as $47,378 thousand. — debtor: Skymark Finance Corporation · as of 28 Feb 2023 | $47.4M | Notice and Statement of the Receiver – Skymark Finance Corporation (March 14, 2023) |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
46 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 2 closed — Sale Transaction for the Consumer Portfolio approved September 26, 2023 and closed September 29, 2023; in December 2024 the Receiver seeks approval to assign the VTBN and related agreements to the Bridging Receiver.Fifth Report of the Receiver (December 10, 2024) · 10 Dec 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 5051802 Ontario Inc.the assets described in the Purchase Agreement (the 'Purchased Assets') · asset sale · agreement 23 Aug 2023 | Subscribers | Closed29 Sep 2023 | Fifth Report of the Receiver (December 10, 2024) |
| 12175622 Canada Inc.all or substantially all of the assets of MVCI and Golden Miles · asset sale | Subscribers | Closed18 May 2022 | Fourth Report of the Receiver (March 28, 2024) |
Bridging Receiver: a distribution.Fifth Report of the Receiver (December 10, 2024) · 10 Dec 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredBridging Lender (senior secured lender of 230 Ontario) | Bridging Receiver | interimconditional | per the receiver | Fifth Report of the Receiver (December 10, 2024) · 10 Dec 2024 |
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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justic Steele (December 18, 2024)
| PDF · Subscribers | |
Order (Interim Distribution, VTBN Assignment, and Ancillary Relief) (December 18, 2024)
| PDF · Subscribers | |
Book of Authorities of the Receiver (December 17, 2024)
| PDF · Subscribers | |
Factum of the Receiver (Interim Distribution, VTBN Assignment, and Ancillary Relief)(December 17, 2024)
| PDF · Subscribers | |
Service List (December 11, 2024)
| PDF · Subscribers | |
Fifth Report of the Receiver (December 10, 2024)
| PDF · Subscribers | |
| Motion Record of the Receiver (Interim Distribution, VTBN Assignment, and Ancillary Relief)(December 10, 2024) | PDF · Subscribers | |
Endorsement of Justice Steele (April 5, 2024)
| PDF · Subscribers | |
KLN Settlement Approval and Ancillary Relief Order (April 5, 2024)
| PDF · Subscribers | |
Factum of the Receiver (Settlement Approval and Ancillary Relief)(April 4, 2024)
| PDF · Subscribers | |
Fourth Report of the Receiver (March 28, 2024)
| PDF · Subscribers | |
Motion Record of the Receiver (Settlement and Ancillary Relief) (March 28, 2024)
| PDF · Subscribers | |
Order (Production) (February 29, 2024)
| PDF · Subscribers | |
Endorsement of Justice Steele (Released February 28, 2024)
| PDF · Subscribers | |
Order (Settlement Approval and Ancillary Relief) (February 22, 2024)
| PDF · Subscribers | |
Factum of the Receiver (Settlement Approval and Ancillary Relief)(February 21, 2024)
| PDF · Subscribers | |
| Motion Record of 7539088 Canada Inc. et. al. (Motion for Partial Compliance with Production Order)(February 16, 2024) | PDF · Subscribers | |
| Motion Record of the Receiver (Settlement Approval and Ancillary Relief) | PDF · Subscribers | |
| Third Report of the Receiver (February 15, 2024) | PDF · Subscribers | |
Ancillary Relief Order (September 26, 2023)
| PDF · Subscribers | |
Approval and Vesting Order (September 26, 2023)
| PDF · Subscribers | |
Endorsement (September 26, 2023)
| PDF · Subscribers | |
Book of Authorities of the Receiver (September 22, 2023)
| PDF · Subscribers | |
Factum of the Receiver (September 22, 2023)
| PDF · Subscribers | |
| Motion Record of the Receiver (September 15, 2023) | PDF · Subscribers | |
| Second Report of the Receiver (September 15, 2023) | PDF · Subscribers | |
Endorsement (SISP Approval) (May 25, 2023)
| PDF · Subscribers | |
SISP Approval Order (May 25, 2023)
| PDF · Subscribers | |
Factum of the Receiver (SISP Approval) (May 23, 2023)
| PDF · Subscribers | |
First Report of the Receiver (May 17, 2023)
| PDF · Subscribers | |
Motion Record of the Receiver (SISP Approval) (May 17, 2023)
| PDF · Subscribers | |
| Notice and Statement of the Receiver – Merk Investments Ltd. (March 15, 2023) | PDF · Subscribers | |
Notice and Statement of the Receiver – Skymark Finance Corporation (March 14, 2023)
| PDF · Subscribers | |
Appointment Order (March 6, 2023)
| PDF · Subscribers | |
| Endorsement (March 6, 2023) | PDF · Subscribers | |
| Factum of the Applicant (March 2, 2023) | PDF · Subscribers | |
Application Record (December 30, 2022)
| 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., “Skymark Finance Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/skymark-finance-corporation