TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CL-26-00000330-0000
- Industry
- Manufacturing · Building products
TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc., operating as Terra Nova Truss, were placed in receivership on July 31, 2026, when the Ontario Superior Court of Justice (Commercial List) appointed AlixPartners Restructuring, Inc. as receiver and manager under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in Court File No. CL-26-00000330-0000. The application was brought by Bank of Montreal, owed approximately $23.5 million and USD $20,000 as at April 28, 2026, exclusive of accruing interest, legal fees and disbursements, after it demanded payment and issued notices of intention to enforce security on May 1, 2026. A preliminary creditor listing as at July 31, 2026 shows $38,958,000 secured and $1,706,435 unsecured.
Court approved the July 24, 2026 sale agreement with Terra Nova Components Inc. and Celina Thorndale Inc., which takes the Thorndale Road real property, and vested the assets on delivery of the Receiver's Certificate.
Supplemental Motion Record of the Receiver dated October1, 2026 — Application / notice of application
Alongside the appointment, the court approved a sale process for the debtors' assets, run against a stalking horse agreement, with bids due by August 31, 2026.
Ontario Superior Court of Justice placed TRS Components, Plant 22 and Terra Nova Truss into court-appointed receivership under BIA s. 243, in court file CL-26-00000330-0000.
Aide Memoire of the Whirl Subordinators dated July, 30 2026 — Application / notice of application
Motion Record of the Proposed Receiver of TRS dated July 24, 2026 — Application / notice of application
Application Record of the Applicant, Bank of Montreal dated July 21, 2026 — Application / notice of application
Filing brief
TRS Components: the stalking horse held on, for $1.4 million more
Companies controlled by Celina Capital, a shareholder of TRS's parent, outlasted an arm's-length bidder over 11 auction rounds, lifting their stalking-horse price from $19.2 million to $20.6 million; the receiver asks on October 2 to approve the sale and pay BMO, with nothing expected for the vendor lenders.
Debtor
TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc.
Receiver
AlixPartners
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 3 orders, Jul 2026 | 198 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Oct 2026 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlixPartners | Fasken Martineau DuMoulin LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| Applicant | Torkin Manes LLP Previously Aird & Berlis LLP (last seen 1 Oct 2026) | 30 Jul 2026 | Service list · 4 Oct 2026 |
| CreditorArgyle Capital Partners Inc | Blake, Cassels & Graydon LLP · Fasken Martineau DuMoulin LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorBank of Montreal | Aird & Berlis LLP | 4 Oct 2026 | Service list · 4 Oct 2026 |
| CreditorChuck Becker Construction Inc | Gibson Tanner Rabin LLP | 4 Oct 2026 | Service list · 4 Oct 2026 |
| CreditorWhirl 2 Ltd | Adair Goldblatt Bieber LLP · Fasken Martineau DuMoulin LLP | 30 Jul 2026 | Service list · 30 Jul 2026 |
| CreditorWhirl 2 Ltd., 2070400 Ontario Ltd., Jeff Young and Chad Lambourn | Adair Goldblatt Bieber LLP | 1 Oct 2026 | Service list · 1 Oct 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Bank of Montreal · in 297 casesGSA over all present and future personal property (original GSA July 25, 2022; TNT attornment April 1, 2023); Bank Act (Canada) s.427 security dated July 25, 2022; debenture by Plant 22 dated July 25, 2022 registered as a $10 million charge/mortgage on the Thorndale Property (a registered charge amount, not the balance); cross-guarantees among the Companies; limited recourse guarantees from TRS Holdco and ATRS Real Estate — Amount is per BMO payout statement as at September 16, 2026, with interest and costs continuing to accrue. Earlier figure: approx. $23.5 million and USD$20,000 as of April · as of 16 Sep 2026 | $23.7M | Motion Record of the Receiver dated September 25, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
48 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 1 approved · 1 closed — Receiver certifies that the Purchasers paid the Purchase Price, closing conditions were satisfied or waived, and the Transaction has been completed.Receiver's Certificate dated October 14, 2026 · 14 Oct 2026
Stalking horse
Terra Nova Components Inc. and Celina Thorndale Inc. · Subscribers
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Celina Thorndale Inc.the Companies' right, title and interest in and to the real property described in the Sale Agreement and listed on Schedule 'B' · real property · agreement 24 Jul 2026 | Subscribers | Approved2 Oct 2026outside 14 Sep 2026 | Approval and Vesting Order dated October 2, 2026 |
| Terra Nova Components Inc.the Companies' right, title and interest in and to the balance of the assets and property described in the Sale Agreement (other than the real property) · asset sale · ResidualCo: 1000268014 Ontario Ltd. · agreement 24 Jul 2026 | Subscribers | Closeddate not stated | Receiver's Certificate dated October 14, 2026 |
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Receiver's Certificate dated October 14, 2026
| PDF · Subscribers | |
TNP - Service List as at October 4, 2026
| PDF · Subscribers | |
Ancillary Order dated October 2, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated October 2, 2026
| PDF · Subscribers | |
Supplemental Motion Record of the Receiver dated October1, 2026
| PDF · Subscribers | |
TRS - Service List as at October 1, 2026
| PDF · Subscribers | |
Factum of the Receiver re Sale Approval dated September 30, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated September 25, 2026
| PDF · Subscribers | |
| TRS-TNT SISP Extension - Notice to Prospective Purchasers | PDF · Subscribers | |
Notice & Statement of the Receiver dated August 10, 2026
| PDF · Subscribers | |
Confidentiality and Non-Disclosure Agreement
| PDF · Subscribers | |
Endorsement of Justice Black dated July 31, 2026
| PDF · Subscribers | |
Receivership Appointment Order dated July 31, 2026
| PDF · Subscribers | |
Sale Process Order dated July 31, 2026
| PDF · Subscribers | |
Affidavit of Melissa Macrae affirmed July 30, 2026
| PDF · Subscribers | |
Aide Memoire of the Whirl Subordinators dated July, 30 2026
| PDF · Subscribers | |
TRS - Service List as of July 30, 2026
| PDF · Subscribers | |
| Factum of the Proposed Receiver re Sale Process dated July 29, 2026 | PDF · Subscribers | |
| Factum of the Applicant, Bank of Montreal dated July 28, 2026 | PDF · Subscribers | |
| Motion Record of the Proposed Receiver of TRS dated July 24, 2026 | PDF · Subscribers | |
Pre-filing Report of the Proposed Receiver dated July 24, 2026
| PDF · Subscribers | |
Application Record of the Applicant, Bank of Montreal dated July 21, 2026
| 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., “TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/trs-components-ltd-plant-22-ltd-and-976711-ontario-inc