Trade X
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-23-00710413-00CL
Trade X has been under a court-appointed receivership in Ontario since December 22, 2023, when the Ontario Superior Court of Justice made the order from which the proceeding runs. The matter is brought under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority, and is carried on the Commercial List under court file no. CV-23-00710413-00CL. The proceeding remains active. The record to date consists of a single report by the court officer, filed under the December 22, 2023 order; no further steps have been recorded.
The officer filed report no. Twelfth Report. The Receiver continues to pursue litigation (the Trade X Action and Secured Lenders' Action) against former officers/directors and other defendants, and has reached a partial settlement with several defendants, which it seeks court approval for along with a sealing order for the settlement amounts.
Source: Twelfth Report of the Receiver
Motion Record of the Receiver (Settlement Approval Order and Fee Approval Order) — Application / notice of application
The officer filed report no. Eleventh Interim Report. The Receiver continues to wind down the Debtors' estate, collecting HST/GST refunds and paying operating costs for technology, cloud hosting and storage of records, while advancing litigation and a partial settlement in principle of the Trade X and Secured Lenders' claims. Court file CV-23-00710413-00CL.
Source: Eleventh Report of the Receiver
The officer filed report no. Tenth Report. The Receiver continues to wind down the Debtors' estate, working with the CRA on tax refunds, paying operating costs, maintaining storage of books and records, and advancing litigation claims (the Trade X Claim and Groupe Grégor Claim) on behalf of the Debtors.
Source: Tenth Report of the Receiver
The officer filed report no. Ninth Report. The Receiver continues to wind down the Debtors' estate, collecting tax refunds and paying operating costs, while pursuing litigation (the Trade X Claim) against former officers/directors and continuing its investigation into additional potential claims.
Source: Ninth Report of the Receiver
Motion Record of the Receiver (Settlement Approval Order - Groupe Gregor) — Application / notice of application
Motion Record of the Receiver (Interim Distribution and Additional Examinations) — Application / notice of application
Motion Record of the Receiver (Settlement Approval Order - Van Essen Companies) — Application / notice of application
Reply Motion Record - Van Essen Companies - 21-05-2024_Redacted — Application / notice of application
Amended Notice of Motion - Receiver - FTI Consulting Inc. — Application / notice of application
The court appointed FTI Consulting Canada Inc. as receiver and manager, on the application of MBL ADMINISTRATIVE AGENT II LLC, as agent for POST ROAD SPECIALTY LENDING FUND II LP (f/k/a MAN BRIDGE LANE SPECIALTY LENDING FUND II (US) LP), and POST ROAD SPECIALTY LENDING FUND (UMINN) LP (f/k/a MAN BRIDGE LANE SPECIALTY LENDING FUND (UMINN) LP). Court file CV-23-00710413-00CL.
Case update
Trade X: settling before defence costs exhaust a $4 million D&O policy
FTI Consulting, as receiver, and senior lender MBL ask the Commercial List on September 17 to approve sealed Pierringer settlements with nine of the 13 defendants in their two lawsuits over how Trade X was run, funded by AIG under a directors' and officers' policy whose $4 million limit covers defence costs and judgments alike, with defence costs already past $600,000, and by separate payments from a former chief executive and The CFO Centre Limited. The $20 million claim continues against founder Ryan Davidson alone.
Debtor
Trade X
Receiver
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 13 orders, Dec 2023 – Sep 2026 | 318 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 3 orders, Nov 2024 | 245 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Dec 2023 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFTI | Goodmans LLP | 7 Feb 2024 | Application · 7 Feb 2024 |
| ApplicantMBL Administrative Agent II LLC | Davies Ward Phillips & Vineberg LLP | 11 Dec 2023 | Order · 22 Dec 2023 |
| Creditor1309767 Ontario Ltd | TO: Rosemount Law PC | 27 Feb 2024 | Application · 27 Feb 2024 |
| CreditorAimia Inc | McCarthy Tétrault LLP | 1 Jun 2026 | Service list · 1 Jun 2026 |
| CreditorAndrew Gucciardi | Fogler, Rubinoff LLP | 1 Jun 2026 | Service list · 1 Jun 2026 |
| CreditorHighcrest Lending Inc | Stikeman Elliott LLP | 1 Jun 2026 | Service list · 1 Jun 2026 |
| CreditorJohn Salmas | Dentons Canada LLP | 1 Jun 2026 | Service list · 1 Jun 2026 |
| CreditorMBL Administrative Agent II LLC | Davies Ward Phillips & Vineberg LLP | 8 Dec 2023 | Affidavit · 8 Dec 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | MBL Administrative Agent II LLC, as administrative agent for the Lenders (including Post Road Specialty Lending Fund II LP and Post Road Specialty Lending Fund (UMinn) LP)Senior Secured Revolving Credit Agreement dated September 27, 2021; secured by Security Agreement dated September 27, 2021 and Guaranty and Security Agreement dated September 27, 2021 granting a security interest in Vehicles/Financed Vehicles, rights under Purchase Agreements, and Reserve Collateral (facility limit/outstanding amount not stated on extracted pages) — Distinct facility/capacity from the February 5, 2021 agreement, with the same Administrative Agent. TX OPS Canada Corporation, a named respondent, is again a Guarantor providing security (related affiliate security). No balance fig | — | Application Record |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This 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.
Agent, on behalf of the Lenders: a distribution.FinalMotion Record of the Receiver (Settlement Approval Order - Groupe… · 16 Dec 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredLenders (Agent under Credit Agreements) | Agent, on behalf of the Lenders | — | interim | Finalper the receiver | Motion Record of the Receiver (Settlement Approval Order - Groupe… · 16 Dec 2024 |
| SecuredAgent, on behalf of the Lenders | MBL Administrative Agent II LLC | — | interim | Finalper the receiver | Eighth Report of the Receiver · 16 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 plansCash on hand
$505K
As at 30 Apr 2026Eleventh Report of the Receiver
Professional fees
As at
1 more reported figure
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement dated September 17, 2026
| PDF · Subscribers | |
Fee Approval Order
| PDF · Subscribers | |
Settlement Approval Order
| PDF · Subscribers | |
Factum of the Receiver (Settlement Approval Order and Fee Approval Order)
| PDF · Subscribers | |
| Motion Record of the Receiver (Settlement Approval Order and Fee Approval Order) | PDF · Subscribers | |
Twelfth Report of the Receiver
| PDF · Subscribers | |
Eleventh Report of the Receiver
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Tenth Report of the Receiver
| PDF · Subscribers | |
Ninth Report of the Receiver
| PDF · Subscribers | |
Endorsement dated January 16, 2025
| PDF · Subscribers | |
Order dated January 16, 2025
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
Motion Record of the Receiver (Settlement Approval Order - Groupe Gregor)
| PDF · Subscribers | |
Eighth Report of the Receiver
| PDF · Subscribers | |
Additional Examinations Order
| PDF · Subscribers | |
Endorsement dated November 1, 2024
| PDF · Subscribers | |
Interim Distribution Order
| PDF · Subscribers | |
Motion Record of the Receiver (Interim Distribution and Additional Examinations)
| PDF · Subscribers | |
Seventh Report of the Receiver
| PDF · Subscribers | |
Endorsement dated October 2, 2024
| PDF · Subscribers | |
Order dated October 2, 2024
| PDF · Subscribers | |
Factum of the Receiver (Fee Approval Motion)
| PDF · Subscribers | |
| Motion Record of the Receiver (Fee Approval) | PDF · Subscribers | |
| Sixth Report of the Receiver | PDF · Subscribers | |
Endorsement dated August 29, 2024
| PDF · Subscribers | |
Order dated August 29, 2024
| PDF · Subscribers | |
| Fifth Report of the Receiver | PDF · Subscribers | |
| Motion Record of the Receiver (Settlement Approval Order - Van Essen Companies) | PDF · Subscribers | |
Endorsement of Mr. Justice Cavanagh Re: Privilege Motion
| PDF · Subscribers | |
| Fourth Report of the Receiver | PDF · Subscribers | |
| Responding Record - Van Essen Companies | PDF · Subscribers | |
| Supplemental Affidavit (Corrections to Exhibit C) | PDF · Subscribers | |
| Supplemental Motion Record - Receiver - FTI Consulting | PDF · Subscribers | |
| Reply Motion Record - Van Essen Companies - 21-05-2024_Redacted | PDF · Subscribers | |
| Responding Motion Record of MBL Admin Agent II LLC | PDF · Subscribers | |
| Responding Motion Record of the Receiver | PDF · Subscribers | |
Third Report of Receiver
| PDF · Subscribers | |
| Supplemental Affidavit of W. Van Essen - 10 May 2024 as sworn | PDF · Subscribers | |
| Motion Record of the Van Essen Companies | PDF · Subscribers | |
| First Supplemental Report | PDF · Subscribers | |
Investigative Powers Order
| PDF · Subscribers | |
| Motion Record of the Receiver | PDF · Subscribers | |
Factum - Receiver
| PDF · Subscribers | |
| Motion Record - Receiver | PDF · Subscribers | |
| Second Report of the Receiver | PDF · Subscribers | |
Amended Notice of Motion - Receiver - FTI Consulting Inc.
| PDF · Subscribers | |
Endorsement: Endorsement of Mr. Justice Cavanagh
| PDF · Subscribers | |
Notice of Cross Motion of the Van Essen Companies
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
| Affidavit of Sarah Lam | PDF · Subscribers | |
Receivership Order (Appointing Receiver)
| PDF · Subscribers | |
| Affidavit of Hanqiong (Joan) Xu | PDF · Subscribers | |
Endorsement: Endorsement of Mr. Justice Penny
| PDF · Subscribers | |
Order (Interim Order)
| PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
| Factum of the Applicant | PDF · Subscribers | |
Supplementary Affidavit of Westin Lovy
| PDF · Subscribers | |
Application Record
| 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., “Trade X” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/trade-x