Source One Financial Corporation
- Proceeding
- NOIsubsection 50.4(1) of the Bankruptcy and Insolvency Act
- File
- BK-23-02995640-0032
- Industry
- Financial services · Lending & mortgages
Source One Financial Corporation filed a notice of intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on October 6, 2023, with BDO Canada Limited as proposal trustee, in the Ontario Superior Court of Justice (Commercial List) under file BK-23-02995640-0032. The proceedings remain active. Cortland Credit Lending Corporation held a first-priority general security agreement over all of the company's assets, owed approximately $8,400,000 as at October 31, 2023; Cortland assigned that security to Westlake Services, LLC effective November 1, 2023, and Westlake foreclosed. The trustee's schedule of estimated realization puts ordinary unsecured claims at $3,500,000 on a bankruptcy basis and $850,000 for participating creditors under the proposal, after related parties holding potential claims in excess of $3,000,000 agreed not to file or share in distributions.
Notice of intention filed December 8, 2023 under BIA s. 50.4, commencing the proceeding in the Ontario Superior Court of Justice, Commercial List, as file BK-23-02995640-0032.
Certificate for the Notice of Intention - 32-2995640 was filed. Court file 32-2995640.
Source: Certificate for the Notice of Intention - 32-2995640
Commenced proceedings by filing a notice of intention to make a proposal under subsection 50.4(1) of the BIA, with BDO Canada Limited as proposal trustee.
Source: NOI Package
Undated filings1 — no date appears on the document · show
Debtor
Source One Financial Corporation
Proposal trustee
BDO
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeBDO | Aird & Berlis LLP | 14 Dec 2023 | Factum · 14 Dec 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Cortland Credit Lending Corporation · in 5 casesas of October 31, 2023 — General Security Agreement over all Company assets and property; registered under Ontario PPSA; first priority position — Approximate amount owed ('approximately $8,400,000'), not including accruing professional legal and advisory fees. Cortland executed an assignment of its security and interest to Westlake, completed November 1, 2023; Westlake (as assignee) subsequently foreclosed on the security. — debtor: Source One Financial Corporation | $8.4M | Creditors Package |
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
6 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 plansUnsecured creditors: a distribution.Under the plan · sanctionedMotion Record - BDO Canada Limited - 08-DEC-23 · 7 Dec 2023
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | Proven Pre-Filing Crown Claims | — | paid in full | Under the plansanctionedper the debtor | Motion Record - BDO Canada Limited - 08-DEC-23 · 7 Dec 2023 |
| Preferred | — | — | paid in full | Under the plansanctionedper the debtor | Motion Record - BDO Canada Limited - 08-DEC-23 · 7 Dec 2023 |
| Unsecured | Creditors holding Proven Unsecured Claims | — | a distribution | Under the plansanctionedper the debtor | Motion Record - BDO Canada Limited - 08-DEC-23 · 7 Dec 2023 |
| Equity | — | — | no distribution | Under the plansanctionedper the debtor | Motion Record - BDO Canada Limited - 08-DEC-23 · 7 Dec 2023 |
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 engagements · 2 firms — latest: BDO Canada Limited, 27 Sep – 6 Dec 2023, soughtMotion Record - BDO Canada Limited - 08-DEC-23 · 8 Dec 2023
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel to the trustee | 13 Oct – 28 Nov 2023Sought | Motion Record - BDO Canada Limited - 08-DEC-23 · 8 Dec 2023 | |||
| BDO Canada Limitedcapacity not stated | 27 Sep – 6 Dec 2023Sought | Motion Record - BDO Canada Limited - 08-DEC-23 · 8 Dec 2023 |
6 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Source one financial corporation et al Order
| PDF · Subscribers | |
Factum - BDO Canada Limited - 14-DEC-23
| PDF · Subscribers | |
Motion Record - BDO Canada Limited - 08-DEC-23
| PDF · Subscribers | |
| Notice of Hearing of Application for Court Approval of Proposal | PDF · Subscribers | |
| Certificate Of Filing - 32-2995640 | PDF · Subscribers | |
| Ltr - Creditors - NOI | PDF · Subscribers | |
Certificate for the Notice of Intention - 32-2995640
| PDF · Subscribers | |
NOI Package
| PDF · Subscribers | |
Creditors Package
| 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., “Source One Financial Corporation” (NOI), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/source-one-financial-corporation