Velocity Asset and Credit Corporation, 926749 Ontario Ltd. o/a Clonsilla Leasing
- Proceeding
- Receivership (court-appointed)SECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C. B-3, AS AMENDED; AND SECTION 101 OF THE COURTS OF JUSTICE ACT
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-23-00707330-00CL
- Industry
- Business & consumer services · Rental & leasing
Velocity Asset and Credit Corporation and 926749 Ontario Ltd., operating as Clonsilla Leasing, have been under court-appointed receivership in Ontario since October 26, 2023, when the Superior Court of Justice (Commercial List) made a receivership order under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding is carried on Commercial List file CV-23-00707330-00CL and remains active. No further steps have been recorded on the file.
The court approved a sale and investment solicitation process. A bid deadline of 2024-08-12.
Source: Sale Process Approval Order
Motion Record of the Respondents - Affidavit of Hugh Waddell — Application / notice of application
Order Approving Activities and Form of Vesting Order was filed.
Source: Order Approving Activities and Form of Vesting Order
The court granted an approval and vesting order for the sale to the Debtors' right, title and interest in and to the Purchased Vehicles listed on Schedule 'A' hereto.
Source: Vesting Order
The court appointed Deloitte Restructuring Inc. as receiver, on the application of ENLIGHTENED FUNDING CORPORATION. Court file CV-23-00707330-00CL.
Receivership order made Thursday, October 26, 2023, placing Velocity Asset and Credit Corporation and Clonsilla Leasing into court-appointed receivership under BIA section 243(1) and Courts of Justice Act section 101.
Source: Receivership Order
Debtor
Velocity Asset and Credit Corporation, 926749 Ontario Ltd. o/a Clonsilla Leasing
Receiver
Deloitte
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 9 orders, Oct 2023 – May 2024 | 310 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 5 orders, Jul 2024 – Oct 2025 | 198 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDeloitte | Thornton Grout Finnigan LLP | 8 Dec 2023 | Factum · 18 Apr 2024 |
| Applicant | Bennett Jones LLP | 26 Oct 2023 | Order · 26 Oct 2023 |
| ApplicantEnlightened Funding Corporation | Bennett Jones LLP | 7 Dec 2023 | Service list · 7 Dec 2023 |
| DebtorVelocity Asset and Credit Corporation, 926749 Ontario Ltd. o/a Clonsilla Leasing | Bennett & Company · Bennett Bankruptcy Law | 19 Apr 2024 | Factum · 20 Apr 2024 |
| CreditorPeoples Trust Company of Canada | Gowling WLG (Canada) LLP | 7 Dec 2023 | Service list · 7 Dec 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Enlightened Funding Corporationas of date of the Application — Velocity GSA (May 26, 2022) - blanket security interest in all present and future property, real and personal, of Velocity; Dealer Security Agreement (May 26, 2022) - security interest in Dealer's Leases, Leased Vehicles, Rights, Collections and Dealer Blocked Account; blocked account agreements dated May 20/11, 2022 (never established/utilized) — Amount is total indebtedness owing by Velocity under the Credit Agreement, excluding accruing fees, expenses and costs, as at the date of the Application (October 13, 2023). Dealer guaranteed Velocity's obligations und | $19.4M | First Report of the Receiver |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured 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.
6 transactions · 3 closed · 2 not completed · 1 approved — The Receiver terminated the Sale Process for the lease portfolio, which is being run-off by NorthlakeSpecial Report - Receiver - Deloitte Restructuring Inc. · 14 Oct 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| end purchasers at NTAA public auction, unnamed39 of the 40 vehicles sold at public auction · auction | Subscribers | Closed | Second Report of the Receiver |
| unnamed39 of the 40 vehicles sold at NTAA public auction | not stated | Closed25 Nov 2023outside 6 Sep 2024 | Second Report of the Receiver |
| purchasers of vehicles sold at public auction, unnamedthe Debtors' right, title and interest in and to the Purchased Vehicles listed on Schedule 'A' hereto · auction | not stated | Approved19 Jan 2024 | Order Approving Activities and Form of Vesting… |
| Jaqstan Consulting Inc. o/a AutoLoans 4 Youthe Four Vehicles · asset sale · agreement 30 Nov 2023 | Subscribers | Closeddate not stated | Special Report - Receiver - Deloitte… |
| unnamed vehicle servicing company; LOI rejectedthe lease portfolio · auction | Subscribers | Not completed | Special Report - Receiver - Deloitte… |
| unnamed bidders under remaining LOIs for lease portfolio, not acceptablethe lease portfolio · auction | not stated | Not completed | Special Report - Receiver - Deloitte… |
Peoples: shortfall.EstimatedSpecial Report - Receiver - Deloitte Restructuring Inc. · 14 Oct 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Peoples | — | shortfall | Estimatedper the receiver | Special Report - Receiver - Deloitte Restructuring Inc. · 14 Oct 2025 |
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.
| Date | Document | File |
|---|---|---|
Special Report - Receiver - Deloitte Restructuring Inc.
| PDF · Subscribers | |
Distribution Order
| PDF · Subscribers | |
Endorsement Distribution Ancillary Orders
| PDF · Subscribers | |
Fees and Activities Order
| PDF · Subscribers | |
| Sixth Report of the Receiver | PDF · Subscribers | |
| Supplementary Fifth Report of the Receiver | PDF · Subscribers | |
Endorsement of Justice Kimmel
| PDF · Subscribers | |
| Fifth Report of the Receiver | PDF · Subscribers | |
Endorsement of Justice Cavanagh
| PDF · Subscribers | |
| Interim report S246(2) - Clonsilla .pdf | PDF · Subscribers | |
Endorsement of Justice Kimmell re AutoLoans 4 You Motion
| PDF · Subscribers | |
Project Velocity Sale Process Letter
| PDF · Subscribers | |
| Bankruptcy Assignment | PDF · Subscribers | |
| Certificate of Assignment | PDF · Subscribers | |
| Certificate of Assignment - May 16 2024 | PDF · Subscribers | |
| Statement of affairs | PDF · Subscribers | |
Fourth Report of the Receiver
| PDF · Subscribers | |
Bankruptcy Order
| PDF · Subscribers | |
Endorsement of Justice Conway re Sale Process and Bankruptcy
| PDF · Subscribers | |
Sale Process Approval Order
| PDF · Subscribers | |
Reply to Supplemental Report - Affidavit of Hugh Waddell
| PDF · Subscribers | |
Book of Authorities of the Receiver
| PDF · Subscribers | |
Supplemental Factum of the Receiver
| PDF · Subscribers | |
| Supplemental Motion Record of the Receiver | PDF · Subscribers | |
Factum of the Respondents
| PDF · Subscribers | |
Motion Record of the Respondents - Affidavit of Hugh Waddell
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
| Third Report of the Receiver | PDF · Subscribers | |
Interim report S246(2) - Clonsilla
| PDF · Subscribers | |
| Interim report S246(2) - Velocity | PDF · Subscribers | |
Order Approving Activities and Form of Vesting Order
| PDF · Subscribers | |
Vesting Order
| PDF · Subscribers | |
| Motion Record | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
| Notice of Receiver - Clonsilla - Amended | PDF · Subscribers | |
Amended and Restated Receivership Order
| PDF · Subscribers | |
Approval and Activities Order
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| MotionRecord | PDF · Subscribers | |
| Notice of Receiver - Clonsilla | PDF · Subscribers | |
| Notice of Receiver - Velocity | PDF · Subscribers | |
Endorsement of Justice Conway
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Second Affidavit of Eamonn Glavey
| PDF · Subscribers | |
| Responding Record - Respondents | PDF · Subscribers | |
Endorsement of Justice Steele
| PDF · Subscribers | |
Application Record - Enlightened Funding Corporation
| 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., “Velocity Asset and Credit Corporation, 926749 Ontario Ltd. o/a Clonsilla Leasing” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 5 November 2026, https://proceedings.ca/case/velocity-asset-and-credit-corporation-926749-ontario-ltd-o-a-clonsilla-leasing