Util Canada Limited
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act (BIA) and section 101 of the Courts of Justice Act (CJA)
- File
- CV-23-00703958-00CL
- Industry
- Manufacturing · Vehicles, parts & aerospace
Util Canada Limited has been in court-appointed receivership since August 8, 2023, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Restructuring Inc. as receiver under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, on the application of DeA Capital Alternative Funds SGR S.p.A. as managing company of the Italian closed-end fund IDeA CCR I. The file is CV-23-00703958-00CL. The company is a guarantor of Util Industries S.p.A.; DeA's secured claim stood at EUR 12,348,863.57 as at May 31, 2024 per a demand letter dated June 18, 2024, plus interest accruing from June 1, 2024. Illimity Bank S.p.A., pari passu with DeA under an April 6, 2022 agreement, has delivered in escrow a full release of Util Canada's guaranteed obligations and its general security agreement, to be released once a Distribution Order becomes final. The receivership remains active.
The court granted an approval and vesting order for the sale to the Debtor's and the Receiver's right, title and interest in and to the Property purchased by such respective Purchaser at the Auction. Closing terms, as extracted: vesting occurs upon completion of a sale, receipt of purchase price and delivery of a Purchaser Bill of Sale.
Source: Approval and Vesting Order re Auction Services Agreement dated November 28, 2023
The court granted an approval and vesting order for the sale to Barrie Welding & Machine (1974) Limited. Closing terms, as extracted: Delivery of a Receiver's Certificate confirming payment of purchase price, satisfaction/waiver of closing conditions, and completion of the Transaction.
Source: Approval and Vesting Order re Barrie Agreement dated November 28, 2023
The officer filed report no. Second Report. The Company's operations ceased upon its bankruptcy, all employees were terminated, and the Receiver has been conducting a sale process culminating in an auction transaction with Perfection Global LLC and a separate equipment sale to Barrie Welding & Machine, while managing customer tooling/mould disputes and occupancy of the leased premises.
Source: Second Report of the Receiver dated November 17, 2023
Motion Record of the Receiver returnable November 28, 2023 — Application / notice of application
Trustee's Preliminary Report to Creditors on Preliminary Administration dated August 25, 2023 — Court officer report
Placed Util Canada Limited into court-appointed receivership under BIA s. 243, commencing these proceedings on the Ontario Superior Court of Justice Commercial List, file CV-23-00703958-00CL.
Application Record returnable August 8, 2023 (Vol 1 of 2) — Application / notice of application
Application Record returnable August 8, 2023 (Vol 2 of 2) — Application / notice of application
Debtor
Util Canada Limited
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kimmel | Ontario Superior Court of Justice | 6 orders, Nov 2023 – Jul 2024 | 198 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Aug 2023 – Sep 2023 | 318 cases on record |
Counsel of record
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | DeA Capital Alternative Funds SGR S.p.A. (as managing company of IDeA CCR I)General Security Agreement (originally by Capital Tool & Design Limited in favour of BNP Paribas, assigned to DeA); Illimity GSA released to escrow — Amount stated as demand letter dated June 18, 2024 owing as at May 31, 2024, plus accrued and accruing interest since June 1, 2024, inclusive of principal, accrued interest and other amounts under Amended Facilities Agreement; approximated in prose elsewhere as $17.3 million (August 2023 estimate) and originally acquired principal package of €36,983,769 (2016), reduced to ~€33M (2019), ~€29M (2020), and refinanced to ~€11M principal under Amended · as of 31 May 2024 | $12.3M EUR | Third Report of the Receiver dated July 9, 2024 |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
3 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 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.
3 transactions · 2 closed · 1 approved — The Sale Process resulted in transactions with Perfection and Barrie, which have closed, plus other realizations including accounts receivable and inventory salesThird Report of the Receiver dated July 9, 2024 · 9 Jul 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Barrie Welding & Machine (1974) Limitedthe Purchased Assets (as defined in the Sale Agreement) · asset sale · agreement 26 Oct 2023 | Subscribers | Closeddate not stated | Third Report of the Receiver dated July 9, 2024 |
| end purchasers at auction, unnamedthe Debtor's and the Receiver's right, title and interest in and to the Property purchased by such respective Purchaser at the Auction · auction · agreement 30 Oct 2023 | Sealed | Approved28 Nov 2023 | Approval and Vesting Order re Auction Services… |
| Perfection Global LLCconducted an auction from the Premises (as defined below) of substantially all the Property, other than the equipment referenced in (b) below · auction · agreement 30 Oct 2023 | Subscribers | Closeddate not stated | Third Report of the Receiver dated July 9, 2024 |
Unsecured creditors: no distribution.Third Report of the Receiver · 9 Jul 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | listed | no distributionconditional | per the receiver | Third Report of the Receiver · 9 Jul 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.
1 blurred figure 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 plans2 engagements · 2 firms — latest: KSV Restructuring Inc., to 30 Jun 2024Motion Record of the Receiver · 12 Jul 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel | — | — | — | Motion Record of the Receiver · 12 Jul 2024 | |
| KSV Restructuring Inc.Receiver | to 30 Jun 2024 | — | — | Motion Record of the Receiver · 12 Jul 2024 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
$664K
As at 17 Nov 2023Second Report of the Receiver dated November 17, 2023
| Date | Document | File |
|---|---|---|
Court Order dated July 25, 2024
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated July 25, 2024
| PDF · Subscribers | |
Service List as at July 18, 2024
| PDF · Subscribers | |
Motion Record of the Receiver dated July 12, 2024
| PDF · Subscribers | |
Third Report of the Receiver dated July 9, 2024
| PDF · Subscribers | |
| Receiver's Certificate dated December 12, 2023 | PDF · Subscribers | |
Ancillary Order dated November 28, 2023
| PDF · Subscribers | |
Approval and Vesting Order re Auction Services Agreement dated November 28, 2023
| PDF · Subscribers | |
Approval and Vesting Order re Barrie Agreement dated November 28, 2023
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated November 28, 2023
| PDF · Subscribers | |
| Motion Record of the Receiver returnable November 28, 2023 | PDF · Subscribers | |
Second Report of the Receiver dated November 17, 2023
| PDF · Subscribers | |
Court Order dated September 15, 2023
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated September 15, 2023
| PDF · Subscribers | |
First Report of the Receiver dated September 6, 2023
| PDF · Subscribers | |
Motion Record returnable September 15, 2023
| PDF · Subscribers | |
| Trustee's Preliminary Report to Creditors on Preliminary Administration dated August 25, 2023 | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated August 8, 2023
| PDF · Subscribers | |
Receivership Order dated August 8, 2023
| PDF · Subscribers | |
| First Report of the Trustee dated August 7, 2023 | PDF · Subscribers | |
Application Record returnable August 8, 2023 (Vol 1 of 2)
| PDF · Subscribers | |
| Application Record returnable August 8, 2023 (Vol 2 of 2) | PDF · Subscribers | |
| Certificate of Appointment dated August 4 2023 | 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., “Util Canada Limited” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/util-canada-limited