Ontario · Receivership (court-appointed)
Second Report of the Receiver dated September 19, 2025 (Part 2 of 3)
Court officer report · 19 September 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing7 verified
- cash on handnote: Described as at the Appointment Date (an event phrase, not a calendar date); Receiver obtained a $250,000 advance from RBC via Receiver's Certificate as a result. · amount: 0 · currency: CAD · qualifier: effectively $0
- financial positionnote: Asset table components: Accounts Receivable $2,054,557; Inventory $951,158; Fixed Assets $4,553,697; Other Assets $602,985; Total $8,162,396. Liabilities stated 'as at the Appointment Date' (July 3, 2025), with components: Total Secured Creditors $7,478,087; CRA Dali unremitted HST $554,849; CRA BECC unremitted source deductions $295,555; Potential Priority Claims $850,405; Unsecured Liabilities $6,641,810; Total Liabilities $14,970,302. Vacation pay, unpaid wages and various PPSA registrant amounts noted as 'Unknown'. Majority of accounts receivable noted as disputed and collectability highly questionable. · basis: book values based on the Debtors' internal and unaudited books and records; do not necessarily represent realizable value · scope: Property of BECC, Dali and 273 only (MDC excluded as its books and records were not available beyond 2023) for assets; all four Debtors (BECC, Dali, 273 and MDC) combined for liabilities · currency: CAD · total assets: 8162396 · total liabilities: 14970302
- operational summaryThe Debtors' operations are currently idle, with substantially all employees on temporary layoff and no ongoing production; the Receiver is pursuing an expedited sale process given eroding customer contracts, uncollectible receivables, and a nil cash position at appointment.
- process resultsndas: 3 · note: Inbound requests from multiple parties, three NDAs signed as of report date · as of: 2025-07-22
- report date22 July 2025
- report noFirst Report
- sale outcometext: Sale process approved is underway; Receiver has received inbound requests from multiple parties and signed three NDAs · scope: whole_business · status: process_approved