Zephyrus Equestrian Ltd. is in receivership before the Ontario Superior Court of Justice under BIA s. 243 and the provincial Judicature Act, file CV-25-00000131-0000, commenced by a Notice of Application filed July 23, 2025. The Receiver reports it could not confirm the full extent of the debtor's assets and liabilities because the sole director/officer did not respond to requests for books and records, leaving other potential secured and unsecured claims listed as unknown rather than nil. The only confirmed secured creditor is Royal Bank of Canada, owed $584,573.79 as of September 15, 2025, secured by a charge registered May 14, 2020 against real property at 581 Fraser Street, North Bay (registered principal $650,000) and a PPSA all-asset registration renewed June 14, 2024. The real property's net book value, per the most recent appraisal available to the Receiver, is $665,000.
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The officer filed report no. First Report. The Receiver has been marketing and managing the Real Property (a commercial office building with four tenants, one of which vacated), collecting rent, and has now entered into an agreement of purchase and sale for the property's sale.
Royal Bank of Canada · in 556 casesSecurity on the Real Property (581 Fraser Street, North Bay, Ontario); nature of security instrument not specified — Amount also restated identically in the Receiver's List of Creditors (page 3). Receiver notes it is unable to confirm whether other secured creditors exist because the sole director/officer did not provide books and records (see also 'Unknown' placeholder row in List of Creditors). — debtor: Zephyrus Equestrian Ltd. · as of 15 Sep 2025
per Net Book Value based on most recent appraisal available to the Receiver · Zephyrus Equestrian Ltd. (entity level; real property only) — Receiver states it did not receive a response from the sole director/officer to its request for books and records and, as such, is unable to confirm the balance of the Debtor's assets and liabilities; only known secured creditor is RBC ($584,573.79); the List of Creditors (page 3) marks additional secured amounts and all unsecured creditors as 'Unknown' rather than nil, reflecting an inability to state a figure, not a zero balance.
Secured creditorsNote: Referred to in the Supplemental Report as 'RBC as secured creditor' (para. 20(c)); no outstanding balance is stated in this document, only the registered charge principal and blanket PPSA registration · Page: 76 · Debtor: Zephyrus Equestrian Ltd. · Creditor: Royal Bank of Canada · Currency: CAD · Security: Charge registered against title to the Real Property (581 Fraser Street, North Bay, ON; PIN 49164-0229) dated 2020/05/14, registration BS187357, registered principal amount $650,000 (not stated as an outstanding balance); also holds a PPSA all-asset security registration (Reg. No. 20190704 1936 1531 9656, File No. 753023349) over inventory, equipment, accounts, other and motor vehicles, no amount specified in the registration, renewed 2024/06/14
Fee scheduleEngagements: Form: prose · Rows: · Money: Tax: $5.16K · Label: Harmonized Sales Tax · Quote: Harmonized Sales Tax in the aggregate amount of $5,156.76 · Fees: $38.7K · Quote: fees in the amount of $38,651.00 · Total: $45.1K · Quote: in the total amount of $45,081.26, including fees in the amount of $38,651.00, disbursements in the amount of $1,273.50 and Harmonized Sales Tax in the aggregate amount of $5,156.76 · includes tax · includes disbursements · Approximate: false · Disbursements: $1.27K · Quote: disbursements in the amount of $1,273.50 · Period: End: 2026-03-31 · Kind: invoice · Quote: The Receiver has rendered eight invoices in this matter for the period from June 17, 2025 to March 31, 2026 in the total amount of $45,081.26 · Start: 2025-06-17 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: GlassRatner Restructuring Inc. · Firm quote: GlassRatner Restructuring Inc., in its capacity as Court-Appointed Receiver of the Respondent, Zephyrus Equestrian Ltd. · Context quote: who acts as counsel for GlassRatner Restructuring Inc., in its capacity as Court-Appointed Receiver of the Respondent, Zephyrus Equestrian Ltd.; Form: prose · Rows: · Money: · Period: End: 2026-04-15 · Kind: invoice · Quote: the hourly rate and fees associated with such and disbursements in relation with this matter for the period of September 10, 2025 to April 15, 2026 · Start: 2025-09-10 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Harrison Pensa LLP · Firm quote: Harrison Pensa LLP · Context quote: who acts as counsel for GlassRatner Restructuring Inc., in its capacity as Court-Appointed Receiver of the Respondent, Zephyrus Equestrian Ltd.
Fee scheduleEngagements: Form: prose · Rows: · Money: Tax: $5.16K · Label: Harmonized Sales Tax · Quote: Harmonized Sales Tax in the aggregate amount of $5,156.76 · Fees: $38.7K · Quote: fees in the amount of $38,651.00 · Total: $45.1K · Quote: in the total amount of $45,081.26, including fees in the amount of $38,651.00, disbursements in the amount of $1,273.50 and Harmonized Sales Tax in the aggregate amount of $5,156.76 · includes tax · includes disbursements · Approximate: false · Disbursements: $1.27K · Quote: disbursements in the amount of $1,273.50 · Period: End: 2026-03-31 · Kind: invoice · Quote: The Receiver has rendered eight invoices in this matter for the period from June 17, 2025 to March 31, 2026 · Start: 2025-06-17 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: GlassRatner Restructuring Inc. · Firm quote: FIRST REPORT OF GLASSRATNER RESTRUCTURING INC. IN ITS CAPACITY AS RECEIVER OF ZEPHYRUS EQUESTRIAN LTD. · Context quote: in its capacity as Receiver of Zephyrus Equestrian Ltd.; Form: prose · Rows: · Money: Approximate: false · Period: End: 2026-04-15 · Kind: invoice · Quote: for the period of September 10, 2025 to April 15, 2026 · Start: 2025-09-10 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Harrison Pensa LLP · Firm quote: Harrison Pensa LLP · Context quote: who acts as counsel for GlassRatner Restructuring Inc., in its capacity as Court-Appointed Receiver of the Respondent, Zephyrus Equestrian Ltd.
Operational summaryThe Receiver has been marketing and managing the Real Property (a commercial office building with four tenants, one of which vacated), collecting rent, and has now entered into an agreement of purchase and sale for the property's sale.
Financial positionAssets $665K · per Net Book Value based on most recent appraisal available to the Receiver · Zephyrus Equestrian Ltd. (entity level; real property only) — Receiver states it did not receive a response from the sole director/officer to its request for books and records and, as such, is unable to confirm the balance of the Debtor's assets and liabilities; only known secured creditor is RBC ($584,573.79); the List of Creditors (page 3) marks additional secured amounts and all unsecured creditors as 'Unknown' rather than nil, reflecting an inability to state a figure, not a zero balance.
Secured creditors$585K · Note: Amount also restated identically in the Receiver's List of Creditors (page 3). Receiver notes it is unable to confirm whether other secured creditors exist because the sole director/officer did not provide books and records (see also 'Unknown' placeholder row in List of Creditors). · Page: 2 · As of: 2025-09-15 · Debtor: Zephyrus Equestrian Ltd. · Creditor: Royal Bank of Canada · Security: Security on the Real Property (581 Fraser Street, North Bay, Ontario); nature of security instrument not specified
Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/zephyrus-equestrian-ltd
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