Ontario · Receivership (court-appointed)
Second Report of the Receiver dated July 31, 2026
Court officer report · 31 July 2026
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What we verified from this filing5 verified
- report date31 July 2026
- report noSecond Report
- secured creditorsnote: Document states amount as 'approximately $32 million' as at the Receivership Order date (April 17, 2026), described as the 'Indebtedness', exclusive of accruing interest, fees, costs and expenses. Same debt stated at other dates: 'Cortland Debt' defined precisely as $39,779,089.64 as at March 31, 2026 (per SISP Schedule A definitions); approximately $39.8 million as at April 6, 2026 (date of filing of receivership application materials); approximately $34.2 million as of the date of the Second Report (July 31, 2026), reflecting continued accrual of interest, fees, costs and expenses. · page: 6 · as of: 2026-04-17 (date of the Receivership Order) · amount: 32000000 · debtor: Sequent AI Ltd. (Borrower), with guarantees/security from Sequent AI ExchangeCo Ltd., Fulcrum Stoneworks ExchangeCo Ltd. (Holding Companies), and Stoneworks Technologies Inc. and P J S Systems Inc. (Operating Entities) · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: General security agreement from the Borrower; guarantee and general security agreement from each of the Holding Companies; guarantee and security agreement from each of the Operating Entities, relating to the Indebtedness. Underlying Credit Facility limit (registered/committed amount, not a balance): CDN $41,000,000 pursuant to amended and restated credit agreement dated June 29, 2023, as amended.
- operational summaryThe Receiver conducted a SISP for the Property; two LOIs were received by the Bid Deadline but neither constituted a Qualified Bid; Cortland is proceeding with a Cortland Subsequent Credit Bid, and the Receiver is recommending the Court issue a Claims Procedure Order to quantify Priority Claims and clarify Claims against Stoneworks Exchangeco in connection with the Proposed Transaction.
- sale outcometext: SISP process ongoing with Cortland subsequent credit bid provisions discussed · scope: whole_business · status: process_approved