Ontario · Receivership (court-appointed)
Application Record of the Applicant dated July 24, 2025 (1)
Application / notice of application · 24 July 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 filing12 verified
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00001158-0000
- commencement date9 July 2025
- secured creditorsnote: Blanket-type registrant with no collateral description provided; amount not stated · page: 13 · debtor: Advantage Machine & Tool Inc. · creditor: ULT Canada Inc. · currency: CAD · security: PPSA registration - collateral description stated as 'none'
- secured creditorsnote: Amount not stated · page: 13 · debtor: Advantage Machine & Tool Inc. · creditor: Wells Fargo Bank, National Association · currency: CAD · security: PPSA registration - accounts, other - factoring agreement/purchase of receivables
- secured creditorsnote: Aggregated serialized-equipment/PMSI financiers per PPSA registration table; amounts not stated · page: 13 · debtor: Advantage Machine & Tool Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Fifth Third Bank - inventory, equipment, lease #3000030-0001 for 2016 Tsugami B0385A Machining Centre; De Lage Landen Financial Services Canada Inc. - equipment, accounts, other, motor vehicle, 2021 Okuma/Genos M560-V; De Lage Landen Financial Services Canada Inc. - equipment, accounts, other, 2022 Okuma/LT2000 Ex-BB-2T2M/5N1228277; Wells Fargo Equipment Finance Company - equipment, motor vehicle, 2022 Okuma LT2000 EX-2T2MY S/N 5N1227016
- secured creditorsnote: Amount not stated · page: 13 · debtor: Advantage Machine & Tool Inc. · creditor: Concentra Equipment Finance / Bennington Financial Corp. · currency: CAD · security: PPSA registration - inventory, other, motor vehicle
- secured creditorsnote: Notice of assessment showed income tax arrears of $1,262,766.48 plus interest and penalties, with total balance of $1,507,181.09 required to be paid immediately · page: 15 · as of: 2024-04-17 · amount: 1507181.09 · debtor: Advantage Machine & Tool Inc. · creditor: Canada Revenue Agency (income tax) · currency: CAD
- secured creditorsnote: Related party: previous owner of Advantage; secured creditor based on take-back financing extended to current principal (Fehmi) on sale of the business; became authorized signatory and assumed operational control; amount of debt not stated · page: 17 · debtor: Advantage Machine & Tool Inc. · creditor: David Lloyd McCarthy · currency: CAD · security: PPSA registration - inventory, equipment, accounts, other
- secured creditorsnote: Writ of seizure and sale issued for a judgment; Bank was not made aware of the underlying proceeding or basis for claim · page: 17 · as of: 2025-04-11 · amount: 81661.26 · debtor: Advantage Machine & Tool Inc. · creditor: Ontario Ministry of Finance · currency: CAD · security: PPSA registration (as 'Minister of Finance (collections branch)') - inventory, equipment, accounts, other, motor vehicle
- secured creditorsnote: Total balance then due under all BMO loan facilities per demand letter dated May 1, 2025 (notice of intention to enforce security also issued); registered mortgage principal is a ceiling, not the balance · page: 18 · as of: 2025-05-01 · amount: 3492759 · debtor: Advantage Machine & Tool Inc. · creditor: Bank of Montreal · currency: CAD · security: General security agreement dated January 7, 2022 (all present/after-acquired property, registered under PPSA) and demand mortgage over the Facility, registered January 7, 2022 as instrument no. PC198948, original principal $1,875,000, amended to registered principal $2,550,000 by mortgage amending agreement dated April 5, 2023 (registered April 5, 2025); also PPSA registration for accounts/assignment of rents
- secured creditorsnote: Deemed trust class - employee source deduction remittance arrears; per online statement of outstanding payroll deduction arrears; source deductions stated to have priority over secured debt of the company; an earlier source deduction statement dated April 19, 2024 (year-to-date balance as at April 9, 2024) showed only $281,525.39 arrears, exclusive of pre-2024 arrears · page: 18 · as of: 2025-04-25 · amount: 2007607 · debtor: Advantage Machine & Tool Inc. · creditor: Canada Revenue Agency (source deductions) · currency: CAD