Ontario · Bankruptcy
Trustees Preliminary Report - M&G Steel Ltd.
Court officer report · 10 November 2025
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What we verified from this filing9 verified
- commencement date27 October 2025
- court file no32-3289858
- provinceOntario
- secured creditorsnote: M & G Steel defaulted on obligations to CWB; before the Date of Bankruptcy, NBC (successor to CWB via amalgamation effective March 1, 2025) issued a Notice of Intention to Enforce Security and the notice period expired; NBC applied for appointment of a Receiver over specific assets of Tagg Holdings Inc., TAGG, M & G Steel, Krisro, M & G Holdings and Glass Mechanics Inc., application returnable November 12, 2025; Trustee has sought an independent legal opinion (pending) on validity/enforceability of CWB's security as against the Trustee. NBC also agreed to pay Trustee's fees/expenses, to be added to TAGG Group's debt to NBC. · page: 2 · as of: 2025-10-16 · debtor: M & G Steel Ltd. · creditor: National Bank of Canada (NBC), formerly Canadian Western Bank (CWB) · currency: CAD · security: PPSA registration over all Property (blanket, all-asset registration)
- secured creditorsnote: Aggregated serialized-equipment financiers per PPSA search: Speck Consulting Inc.; Mitsubishi HC Capital Canada Leasing, Inc. (re: 2024 Lincoln Electric PythonX X2 Robotic Steel and Pipe Fabrication System, leased November 2024); Boxx Modular LP (by its General Partner Boxx Modular GP Inc.); CWB National Leasing Inc. · page: 2 · as of: 2025-10-16 · debtor: M & G Steel Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific vehicles and equipment
- secured creditorspage: 2 · as of: 2025-10-16 · debtor: M & G Steel Ltd. · creditor: Arch Insurance Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG Group projects (surety/bonding)
- secured creditorspage: 2 · as of: 2025-10-16 · debtor: M & G Steel Ltd. · creditor: Tokio Marine Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG Group projects (surety/bonding)
- financial positionnote: SOA totals: Secured $918,004; Contingent $1; Unsecured $33,292,712 (includes estimated deficiency of secured creditors on unrecovered loan balances); Preferred Nil; Total $34,210,717. Claims as Filed and admitted for voting purposes only, as of 10:00am EST November 10, 2025 (different totals): Secured $2,143,765; Contingent $7,738,150; Unsecured $27,336,587; Preferred Nil; Total $37,218,502. Trustee has not determined admissibility or value of claims for dividend purposes. · page: 5 · as at: Date of Bankruptcy · basis: Sworn Statement of Affairs (SOA) estimated realizable values / claim amounts · scope: M & G Steel Ltd. (individual bankrupt estate) · currency: CAD · total assets: 918004 · total liabilities: 34210717
- recovery outcomeentries: basis: estimated · quote: In consideration of these trust, priority, and secured claims relative to the Company's assets, the Trustee concludes that no funds are expected to be available for distribution to the unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: