Vertex Precision Manufacturing Inc. has been the subject of insolvency proceedings in the Ontario Superior Court of Justice since March 12, 2018, on the application of 2624492 Ontario Inc., with Alvarez & Marsal Canada Inc. acting as receiver and manager. Core Industrial Finance & Capital, LLC is the senior secured lender, holding $13,664,394.70 owed by Vertex and Dellcom Aerospace Inc. as borrowers at the close of business on February 28, 2018, under loan and security documents assigned to it from Bank of Montreal and BMO Capital Partners on March 1, 2018 and guaranteed by Mercap, AST, ASP, 152 and 867. Margaret Rodway and the Dellcom vendors hold registered security subordinated to that lender, and equipment financiers hold purchase-money registrations against leased equipment. The companies' books showed approximately $7 million of unsecured claims as at March 10, 2018.
The officer filed report no. Second Report. The Receiver has been operating the Companies' businesses in the normal course during the receivership, retaining substantially all employees, and has negotiated two asset sale transactions (Dumur and Core) intended to complete the wind-down of the estate. Court file CV-18-593678-00CL.
The Ontario Superior Court of Justice opened the proceeding on 2624492 Ontario Inc.'s application, placing Vertex Precision Manufacturing Inc. under Alvarez & Marsal Canada Inc. as receiver and manager in court file CV-18-593678-00CL.
Debtor
Vertex Precision Manufacturing Inc.
Receiver
Alvarez & Marsal
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Core Industrial Finance & Capital, LLC (as assignee of Bank of Montreal / BMO Capital Partners)Security agreements over all property of Borrowers and Guarantors; loan, guarantee, security and mortgage documents assigned from BMO/BMO Capital to Core Industrial pursuant to Assignment dated March 1, 2018; senior secured lender — Total indebtedness of the Borrowers to the Bank as at close of business Feb 28, 2018; assigned to Core Industrial March 1, 2018; Receiver's counsel opined security is valid and enforceable — debtor: Vertex Precision Manufacturing Inc. and Dellcom Aerospace Inc. (Borrowers), guaranteed by Mercap, AST, ASP, 152 and 867 · as of 28 Feb 2018 | $13.7M | First Report of the Receiver (March 20, 2018) |
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.
Cash on hand
$1.06M
As at 18 May 2018Second Report of the Receiver (May 18, 2018)
| Date | Document | File |
|---|---|---|
Second Report of the Receiver (May 18, 2018)
| PDF · Subscribers | |
Supplement to the First Report (March 21, 2018)
| PDF · Subscribers | |
First Report of the Receiver (March 20, 2018)
| 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., “Vertex Precision Manufacturing Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/vertex-precision-manufacturing-inc
Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/vertex-precision-manufacturing-inc
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.