Trade X
Follow- 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.
Motion Record of the Receiver (Settlement Approval Order and Fee Approval Order) — Application / notice of application
54 earlier updates, back to 22 December 2023 — subscribers.
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 | 10 orders, Dec 2023 – Jan 2025 | 288 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 3 orders, Nov 2024 | 220 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Dec 2023 | 179 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 | 22 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 | — | a distributioninterim | 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 | — | a distributioninterim | 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.
Cash on hand
$505K
As at 1 Jun 2026Eleventh Report of the Receiver
| Date | Document | File |
|---|---|---|
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 20 September 2026, https://proceedings.ca/case/trade-x