Ontario · Receivership (court-appointed)
Application Record - 2026.08.13 (Part 1 of 2)
Application / notice of application · 13 August 2026
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 filing14 verified
- applicantCANADIAN IMPERIAL BANK OF COMMERCE
- commencement date13 August 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000358-0000
- proceeding typereceivership_court
- provinceONTARIO
- statutory basisSECTION 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
- statutory basisSECTION 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
- secured creditorsnote: Related party (directors/shareholders of MCI); subordinated to the Outstanding Indebtedness owing to CIBC/Lenders. · page: 27 · amount: 1900000 · debtor: Marina Commodities Inc. · creditor: Farhan Adam and Faheem Adam (as subordinate lenders / shareholder loans) · currency: USD · security: Postponed and subordinated shareholder debt pursuant to Omnibus Subordination Agreement made as of September 6, 2023
- secured creditorsnote: Companion CAD-denominated portion of the Outstanding Indebtedness stated alongside the USD figure; not to be summed with it without currency conversion. · page: 27 · as of: 2026-08-10 · amount: 64277.14 · debtor: Marina Commodities Inc. · creditor: Canadian Imperial Bank of Commerce (as Agent and Australian Security Trustee, for the Lenders) · currency: CAD · security: Same security package as USD-denominated indebtedness (see companion entry)
- secured creditorsnote: Also owed CAD$64,277.14 as of same date (separate currency component, not to be summed); credit agreement dated September 6, 2023, revolving facility up to US$50,000,000 maximum commitment; amount excludes accruing interest, legal/professional fees, bank charges. Demand and s.244 Notice issued August 11, 2026; Debtors consented to immediate enforcement August 12, 2026. · page: 27 · as of: 2026-08-10 · amount: 48819966.74 · debtor: Marina Commodities Inc. · creditor: Canadian Imperial Bank of Commerce (as Agent and Australian Security Trustee, for the Lenders) · currency: USD · security: Comprehensive first-ranking security package: Guarantee Agreement (MCI, Ausican, MCA); General Security Agreement (MCI, Ausican) over all present and after-acquired personal property; Australian Security Trust Deed, Australian General Security Deed, Australian Specific Security Deed (MCA/Ausican); Bank Act s.427 security (MCI); Blocked Account Agreements; PPSA registrations against all present and after-acquired personal property of MCI, Ausican and MCA in ON, BC, AB, MB, SK
- unsecured creditorsnote: Document names no individual creditors; primarily comprised of amounts owing to inventory suppliers. · page: 27 · as of: 2026-07-31 · basis: Information provided to affiant by KPMG representatives, approximate trade payables as at July 31, 2026 · amount: 4300000 · debtor: Marina Commodities Inc. · creditor: Trade payables (inventory suppliers, aggregate as reported) · currency: CAD
- secured creditorsnote: Deponent believes this may be a legacy registration related to a prior facility which has been repaid in full; status unconfirmed. · page: 28 · debtor: Marina Commodities (Australia) Pty Ltd. · creditor: HSBC Canada Bank · currency: CAD · security: Registered security interest in Ontario PPR against MCA's inventory, equipment, accounts and other property, registered prior in time to the Agent's registration
- secured creditorsnote: Subsequent-in-time registration in Ontario PPR against MCI; single serialized-equipment financing, amount not stated. · page: 28 · debtor: Marina Commodities Inc. · creditor: Mercedes-Benz Financial · currency: CAD · security: PMSI-type registration against a 2023 Mercedes-Benz vehicle