Suretrust Systems Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00706914-00CL
Suretrust Systems Inc. is subject to a court-appointed receivership before the Ontario Superior Court of Justice (Commercial List), court file CV-23-00706914-00CL, commenced October 31, 2023 on the application of Royal Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Grant Thornton Limited was appointed receiver. As of October 27, 2023, Royal Bank of Canada was owed total indebtedness of $1,312,465.74 by Suretrust Systems Inc. and 11860925 Canada Inc. combined — $665,865.75 attributed to Suretrust Systems Inc. and $640,275.38 to 11860925 Canada Inc. — inclusive of interest and costs, secured by general security agreements and a mortgage on 114 and 115, 18 Wynford Drive, Toronto. Takintope Akinbiyi, the companies' principal, provided personal guarantees of $600,000 and $682,500 respectively, each subordinated by postponement of claim.
Supplementary Motion Record of Grant Thornton Limited Returnable September 17, 2026.pdf — Application / notice of application
Court of Appeal for Ontario - Reasons for Decision dated April 1, 2026.pdf — Endorsement / reasons
The court granted an approval and vesting order for the sale to 2306018 Ontario Inc. Closing terms, as extracted: Vesting is effective upon delivery of the Receiver's Certificate confirming payment of the Purchase Price and satisfaction/waiver of closing conditions.
Source: Approval and Vesting Order dated November 20, 2025.pdf
Responding Record of Grant Thornton Limited returnable November 18, 2025.pdf — Response / objection pleading
The officer filed report no. Third Report. The Receiver has taken possession of the Real Property, removed D&S's equipment after prolonged non-compliance, and is now proceeding with a court-approved sale of the Real Property to a purchaser under a signed APS, seeking approval and vesting order to close the transaction.
Source: Third Report of the Receiver dated October 20, 2025.pdf
The officer filed report no. Second Report. The Receiver took possession of the Property after D&S failed to comply with payment obligations, obtained insurance, and is now working to remove D&S's remaining equipment while running a sale process for the Property with a proposed listing price of $810,000.
Source: Second Report of the Receiver dated November 12, 2024.pdf
Royal Bank of Canada filed an application on October 31, 2023 for the court appointment of a receiver over Suretrust Systems Inc. and 11860925 Canada Inc. under subsection 243(1) of the Bankruptcy and Insolvency Act.
Case update
Suretrust: a data centre in storage and a discharge put off to September 29
Grant Thornton's motion to wind up RBC's receivership of Suretrust Systems and 11860925 Canada was adjourned on September 17 to September 29, with the respondents opposed, their lawyer at another hearing, and Data & Scientific's servers still in the storage unit they were moved to in April 2025.
Debtor
Suretrust Systems Inc.
Receiver
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 6 orders, Dec 2023 – Sep 2026 | 318 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Nov 2024 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Matthew Nicholas LLP · Aird & Berlis LLP | 7 May 2024 | Application · 17 Oct 2025 |
| Applicant | Lerners LLP | 20 Dec 2023 | Order · 20 Dec 2023 |
| CreditorNon | Matthew Nicholas LLP | 17 Oct 2025 | Application · 17 Oct 2025 |
| CreditorRoyal Bank of Canada | Lerners LLP | 11 Dec 2023 | Factum · 4 Dec 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Royal Bank of Canada · in 584 casesGeneral Security Agreements (Suretrust GSA dated March 23, 2019; 1186 GSA dated March 16, 2020) and Charge/Mortgage dated March 31, 2023 registered on title to 114 & 115, 18 Wynford Drive, Toronto (1186 Credit Agreement charge registered March 31, 2020 for $682,500.00); PPSR searches show RBC as only secured creditor of each Debtor — Total indebtedness comprised of 1186 Indebtedness $640,275.38 and Suretrust Indebtedness $665,865.75 as of Oct 27, 2023 (per Viikna Affidavit, p.11 [original page 47]); prose in endorsement states total indebtedness is $1,312,465.74 inclusive of interest and costs · as of 27 Oct 2023 | $1.31M | First Report of the Receiver dated April 26, 2024.pdf |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount.
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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.
Approval pending — Receiver requests authorization to complete the Transaction in accordance with the terms of the APSFourth Report of the Receiver dated November 14, 2025.pdf · 14 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2306018 Ontario Inc.the Debtors' right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 10 Sep 2025 | Subscribers | Approved20 Nov 2025 | Approval and Vesting Order dated November 20,… |
1 engagement · 1 firm — Aird & Berlis LLPThird Report of the Receiver dated October 20, 2025.pdf · 20 Oct 2025
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel | — | — | — | Third Report of the Receiver dated October 20, 2025.pdf · 20 Oct 2025 |
1 blurred figure above
What the firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
$38.5K
As at 30 Sep 2025Third Report of the Receiver dated October 20, 2025.pdf
| Date | Document | File |
|---|---|---|
Endorsement of Justice Peter Cavanagh dated September 17, 2026.pdf
| PDF · Subscribers | |
Supplementary Motion Record of Grant Thornton Limited Returnable September 17, 2026.pdf
| PDF · Subscribers | |
| Court of Appeal for Ontario - Reasons for Decision dated April 1, 2026.pdf | PDF · Subscribers | |
Ancillary Relief Order dated November 20, 2025.pdf
| PDF · Subscribers | |
Approval and Vesting Order dated November 20, 2025.pdf
| PDF · Subscribers | |
| Court of Appeal for Ontario heard November 18, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated November 20, 2025.pdf
| PDF · Subscribers | |
Fourth Report of the Receiver dated November 14, 2025.pdf
| PDF · Subscribers | |
| Responding Record of Grant Thornton Limited returnable November 18, 2025.pdf | PDF · Subscribers | |
| Factum of Grant Thornton Limited Returnable October 31, 2025.pdf | PDF · Subscribers | |
| Motion Record returnable October 31, 2025.pdf | PDF · Subscribers | |
Third Report of the Receiver dated October 20, 2025.pdf
| PDF · Subscribers | |
Moving Party's Motion Record.pdf
| PDF · Subscribers | |
Endorsement of Justice Penny dated November 25, 2024.pdf
| PDF · Subscribers | |
Order dated November 25, 2024.pdf
| PDF · Subscribers | |
Factum of the Receiver Returnable November 25, 2024.pdf
| PDF · Subscribers | |
| Motion Record returnable November 25, 2024.pdf | PDF · Subscribers | |
Second Report of the Receiver dated November 12, 2024.pdf
| PDF · Subscribers | |
Order and Endorsement dated June 14, 2024.pdf
| PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel dated May 21, 2024.pdf
| PDF · Subscribers | |
Endorsement of Justice Steele dated May 7, 2024.pdf
| PDF · Subscribers | |
Factum of Royal Bank of Canada returnable May 7, 2024.pdf
| PDF · Subscribers | |
First Report of the Receiver dated April 26, 2024.pdf
| PDF · Subscribers | |
Motion Record returnable May 7, 2024.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated December 20, 2023.pdf
| PDF · Subscribers | |
Receivership Order dated December 20, 2023.pdf
| PDF · Subscribers | |
Factum of Royal Bank of Canada returnable December 11, 2023.pdf
| PDF · Subscribers | |
Application Record returnable December 11, 2023.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., “Suretrust Systems Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/suretrust-systems-inc