Zaziski, Fred v. Rift Energy Corp. et al.
Follow- Proceeding
- Receivership (court-appointed)SUBSECTION 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, R.S.O. 1990, c. C.43, AS AMENDED
- File
- CV-18-00596263-00CL
Rift Energy Corp. is the respondent in proceedings brought by Fred Zaziski in the Ontario Superior Court of Justice (Commercial List), court file CV-18-00596263-00CL, commenced May 1, 2018. A Court-Appointed Information Officer, GlassRatner Restructuring Inc., represented by Dentons Canada LLP, reports the Company holds no assets of significant value other than a currently valueless Kenya licence and a disputed US$36 million Texas Judgment of uncertain recoverability. Its unaudited creditors listing puts parent-level liabilities at roughly US$875,718, excluding subsidiary payables of about US$4.6 million at Rift Energy USA and Rift Energy Kenya. Zaziski and director Peter Deeb each assert pari passu secured claims dating to April 2018, though a PPSA search shows no secured creditors currently registered; the Company seeks to set off Zaziski's CAD$6,000,000 promissory note claim against the Texas Judgment. The CAIO cannot confirm whether the Company's solvency has improved since commencement, and its charge, capped at $50,000 CAD, is now sought to be raised to $100,000.
A report addressing the proceedings was filed just prior to their commencement on May 1, 2018.
Debtor
Zaziski, Fred v. Rift Energy Corp. et al.
Receiver
GlassRatner
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Fred Zaziskias of Promissory Note dated April 4, 2016 — Alleged security; Mr. Zaziski's Receivership Application alleged he was 'a principal secured creditor' of the Company; per the Deeb Affidavit para. 6, in April 2018 his security ranked pari passu with Mr. Deeb's security pursuant to a pari passu Agreement — Principal amount stated to be due and owing under the Promissory Note; the Company's Respondent's Motion Materials propose legal/equitable set-off of this amount against the US$36 million Texas Judgment Monetary Award; the CAIO's PPSA Search indicates no secured creditors are currently registered | $6M | First and Final Report of the CAIO |
| 4 | Secured | GlassRatner Restructuring Inc. (Court-Appointed Information Officer) and Dentons Canada LLP (its counsel) - CAIO's Chargeas of date of this First Report (January 22, 2026) — First-ranking super-priority charge over the Property (as defined in the CAIO Order) securing the CAIO's and its counsel's fees and disbursements; charge presently capped at $50,000; CAIO seeks Court approval to increase the cap to $100,000 — Amount owed ($112,539.97) exceeds the current $50,000 charge cap; increase to $100,000 sought via the proposed Fee and Activity Approval Order — debtor: Rift Energy Corp. | $113K | First and Final Report of the CAIO |
| 4 | Secured | Peter M. Deebas of April 2018 (per Deeb Affidavit para. 6) — Alleged security ranking pari passu with Mr. Zaziski's security pursuant to a pari passu Agreement, per the Deeb Affidavit — Related party - Mr. Deeb is President, a shareholder and Director of the Company; the CAIO's PPSA Search indicates no secured creditors are currently registered against the Company; amount of this alleged security not stated — debtor: Rift Energy Corp. | — | First and Final Report of the CAIO |
| 8 | Unsecured | Accounts payable creditors (aggregate as reported)Approximate aggregate figure per the Company; no individual creditors named; Rift Energy USA, Inc. is a wholly-owned subsidiary of Rift Energy Corp. — debtor: Rift Energy USA, Inc. | $3.4M USD | First and Final Report of the CAIO |
| 8 | Unsecured | Accounts payable creditors (aggregate as reported)Approximate aggregate figure per the Company; no individual creditors named; Rift Energy Kenya Ltd. is a wholly-owned subsidiary of Rift Energy Corp. — debtor: Rift Energy Kenya Ltd. | $1.2M USD | First and Final Report of the CAIO |
| 8 | Unsecured | Payroll (unnamed employees) · in 3 casesDocument names no individual employee(s); listed simply as 'Payroll' — debtor: Rift Energy Corp. · as of 25 Oct 2017 | $423K USD | First and Final Report of the CAIO |
| 8 | Unsecured | Peter DeebRelated party - President, shareholder and Director of the Company; listed as a 'Note'; distinct from the pari passu secured claim referenced in the Deeb Affidavit (see secured creditors) — debtor: Rift Energy Corp. · as of 31 Dec 2025 | $337K USD | First and Final Report of the CAIO |
| 8 | Unsecured | AMS LimitedAccounts payable — debtor: Rift Energy Corp. · as of 31 Dec 2017 | $93.6K USD | First and Final Report of the CAIO |
| 8 | Unsecured | Torkin ManesAccounts payable; Torkin Manes acted as legal counsel referenced elsewhere in these proceedings — debtor: Rift Energy Corp. · as of 31 Dec 2017 | $15K USD | First and Final Report of the CAIO |
| 8 | Unsecured | Parvez TyabListed as a 'Note' — debtor: Rift Energy Corp. · as of 31 Dec 2025 | $7.58K USD | First and Final Report of the CAIO |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
6 engagements · 4 firms — latest: (firm not named), 24 Apr 2018 – 9 Jan 2026, $34,442.96 incl. HSTFirst and Final Report of the CAIO · 22 Jan 2026
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (firm not named)capacity not statedfirm not named in the heading | 24 Apr 2018 – 9 Jan 2026Sought | 54.8 | $34,442.96incl. HST | $550.45stated average | First and Final Report of the CAIO · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
| A. Farber & Partners Inc.Information officer | 24 Apr – 31 Oct 2018 | 45.5 | $24,644.50ex. tax | $175 – $5954 people | First and Final Report of the CAIO · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
4 people — A. Farber & Partners Inc., 24 Apr – 31 Oct 2018
| ||||||||||||||||||||||||||||||||||||||||
| Dentons Canada LLPCounselperiod 3 of 3 | 19 Jun 2025 – 9 Jan 2026Sought | 59.4 | $36,670.40ex. tax | $570 – $1,4155 people | First and Final Report of the CAIO · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
5 people — Dentons Canada LLP, 19 Jun 2025 – 9 Jan 2026
| ||||||||||||||||||||||||||||||||||||||||
| Dentons Canada LLPCounselperiod 3 of 3 | 27 Apr 2018 – 9 Jan 2026Sought | — | $79,852.00ex. tax | not stated | First and Final Report of the CAIO · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
| Dentons Canada LLPCounselperiod 1 of 3 | 27 Apr – 25 Oct 2018Sought | 46.9 | $32,442.00ex. tax | $600 – $7802 people | First and Final Report of the CAIO · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
2 people — Dentons Canada LLP, 27 Apr – 25 Oct 2018
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| GlassRatner Restructuring Inc.capacity not stated | 24 Apr 2018 – 9 Jan 2026Sought | 54.8 | $30,164.50ex. tax | $175 – $6506 people | Motion Record · 22 Jan 2026 | |||||||||||||||||||||||||||||||||||
6 people — GlassRatner Restructuring Inc., 24 Apr 2018 – 9 Jan 2026
| ||||||||||||||||||||||||||||||||||||||||
Top rate $780 · 23rd percentile of counsel rates, 2018 · of 14
per Company-provided Creditors Listing, unaudited by the CAIO; the listing proceeds on the assumption that recognition of the Texas Judgment and the Company's requested legal/equitable set-off of the Promissory Note is granted by the Court · Rift Energy Corp. (parent entity) only; excludes subsidiary accounts payable of approximately US$4.6 million (Rift Energy USA, Inc. ~US$3.4 million and Rift Energy Kenya Ltd. ~US$1.2 million) — Individual creditor line items are dated between October 25, 2017 and December 31, 2025 (text rounds total to US$875,718; table total is US$875,717.70). Company advised it has no assets of significant value other than the Kenya Licence (currently valueless) and possibly the Texas Judgment (US$36 million Monetary Award; CAIO has no information on prospects of recovery). Company maintains it has access to stable and sufficient financing and that no creditors are pressing for payment; CAIO notes it cannot confirm the Company's solvency position has changed materially since commencement of these p
| Date | Document | File |
|---|---|---|
| Factum of the CAIO | ||
First and Final Report of the CAIO
| ||
Motion Record
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CAIO Order
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Zaziski, Fred v. Rift Energy Corp. et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/zaziski-fred-v-rift-energy-corp-et-al