Toronto Machine & Tools Company Limited et al

Toronto Machine & Tool Company Limited and Toronto Machine & Tool Inc. were placed in receivership by the Ontario Superior Court of Justice on February 27, 2018, on the application of Royal Bank of Canada, the companies' general secured creditor, under BIA s. 243 and provincial Judicature Act authority. The Debtors' secured parties supported a sale of assets to Maynards. Competing claims followed: Certified Fixture & Gear Inc. and 3rd Party Inspection Services Inc. asserted lease and security interests in the CFG Leased Assets, which the Receiver disputed after finding no PPSA registrations against TMT Inc., while Anthony and Josephine Gazzaruso, secured creditors of those lessors, claimed priority over TMT Inc.'s secured creditors, and proceeds from the sale of the CFG Leased Assets were held pending resolution. John Christensen's purported security over 38 Milne Avenue was reviewed by counsel, and Canada Revenue Agency deemed trust claims over HST and source deduction arrears were researched. The proceeding is closed.