Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 25 October 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 filing16 verified
- unsecured creditorsnote: Face value of asserted claims, not proven amounts. Monitor's review: 87 accepted as filed ($11,027K); 28 revised ($1,981K); 128 NORDs disallowed in full or fully satisfied under Intact bonding; 5 unresolved ($607K). Individual claimants not named in these pages. Lien claimants may hold statutory lien/deemed trust rights against the LRO Cash Pool and Specified Holdback Funds (priority claims, not ordinary unsecured). · page: 9 · as of: Claims Bar Date (February 27, 2026) / date of Sixth Report review · basis: Lien Notices asserted by claimants (263 notices, approx. $43.2 million, including 4 received after the Claims Bar Date); not adjudicated amounts · amount: 43200000 · debtor: QM Group (Continuing QM Projects) · creditor: Asserting Lien Claimants (Lien Notices received, as filed, aggregate) · currency: CAD
- unsecured creditorsnote: Total Admitted Lien Claims including Intact subrogated claim is $18,380K (130 claims shown in table); Monitor estimates Proven Lien Claims will be approx. $18.4M to $19.0M (Unresolved Lien Claims of $607K as filed are still under review). The $13,008K figure is the sum of the two table rows stated by the Monitor; the Monitor's own stated total of $18,380K is the operative figure. Preferred/priority character: lien claimants share pari passu pro rata in the LRO Cash Pool. · page: 10 · as of: date of Sixth Report (October 2026) · basis: Monitor's table: Admitted Lien Claims $11,027K plus NORDs Issued - Revised $1,981K · amount: 13008000 · debtor: QM Group (Continuing QM Projects) · creditor: Proven/Admitted Lien Claims (aggregate, excluding Intact subrogated claim) · currency: CAD
- unsecured creditorsnote: Participates pari passu, pro rata in the LRO Cash Pool. Intact separately has the Intact Secured Indemnity Claim (secured). Intact had advised it paid approx. $5.8M on bonded Continuing QM Projects as of the Fourth Report (April 22, 2026). · page: 10 · as of: date of Sixth Report (October 2026) · basis: Admitted subrogated Lien Claim based on payments by Intact to approx. 87 claimants (approx. $5.4 million) under bonds on 15 Continuing QM Projects; not duplicative of original claims, which were revised downward · amount: 5372000 · debtor: QM Group (15 bonded Continuing QM Projects) · creditor: Intact Insurance Company (Intact Subrogated Lien Claim) · currency: CAD
- unsecured creditorsnote: Included in low-recovery case ($18,860K) but not in high-recovery case ($18,253K). · page: 11 · as of: date of Sixth Report (October 2026) · basis: Lien Claims as filed, remaining subject to Monitor's ongoing review; not yet admitted · amount: 607000 · debtor: QM Group (Continuing QM Projects) · creditor: Unresolved Lien Claims (5 claims, as filed) · currency: CAD
- secured creditorsnote: FLOOR: Intact advised it has paid 'in excess of $8 million' under bonds on Continuing and Non-Continuing QM Projects; $8M is a floor, not a stated balance, and is as advised by Intact, not verified by the Monitor. Separate from the Intact Subrogated Lien Claim (approx. $5.4M, admitted as a Lien Claim, shown in unsecured_creditors). Document states both a ~$947,000 HWT Cash Pool (p.13) and ~$2.51M HWT proceeds (p.15); the distribution amount is as proposed, not yet approved. Note also that Intact reportedly had paid approx. $5.8M on bonded Continuing QM Projects as of the Fourth Report (Apr. 22, 2026). · page: 13 · amount: 8000000 · debtor: ResidualCo and TWT LP (QM Group entities party to the General Application and Indemnity Agreement) · creditor: Intact Insurance Company (Intact Secured Indemnity Claim) · currency: CAD · security: Security interest in all present and after-acquired property granted under the General Application and Indemnity Agreement dated May 3, 2024; Monitor's counsel concluded (subject to customary qualifications) it is a valid security interest in Ontario. Described as apparent priority general secured creditor of TWT LP. Estimated HWT Cash Pool of approx. $947,000 (stated elsewhere as approx. $2.51 million of HWT proceeds, p.15) proposed to be distributed to Intact.
- secured creditorsnote: No amounts called under Aviva bonds; no exposure known; Aviva has submitted no claims in the LRO Claims Process and holds no subrogated claims; no claim to the Sale Proceeds. · page: 14 · debtor: QM Group · creditor: Aviva Insurance Company of Canada · currency: CAD · security: Personal property registry registration; surety bonding on certain projects
- secured creditorsnote: Monitor is not aware of any claim by these registrants to the Sale Proceeds. Amount not stated. · page: 14 · debtor: QM Group · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Numerous registrations appearing to relate to leases or financings of specific equipment
- secured creditorsnote: BNS Obligations were assigned by BNS to WeShall and, per the Subscription Agreement, were retained by the QM Vendors on completion of the QM Transaction; accordingly neither BNS nor WeShall has a claim to the Sale Proceeds. Amount not stated. · page: 14 · debtor: QM Group · creditor: The Bank of Nova Scotia (BNS) / WeShall Investments Inc. (assignee) · currency: CAD · security: Personal property registry registrations against the QM Group in Ontario and other provinces
- cash on handnote: Available Cash Balance held by the Monitor in an interest-bearing account, after professional fees paid (net of accumulated interest) of $966K; reported in CAD $000s as 3,478. · as at: 2026-10-16 · amount: 3478000 · currency: CAD
- closing confirmedscope: HWT Transaction (TWT LP assets) · outcome: completed · effective: 2025-10-31 · purchaser: 1001367859 Ontario Inc. · date basis: stated · approval order date: 2025-10-24; scope: QM Transaction (subscription / reverse vesting) · outcome: completed · effective: 2025-11-04 · purchaser: WeShall Investments Inc. · date basis: stated · approval order date: 2025-10-24
- operational summaryResidualCo is the sole remaining applicant following the closing of the QM and HWT Transactions; the Monitor is completing the LRO lien claims process, seeking approval of a cost allocation and distribution methodology for the LRO and HWT cash pools, and winding down the CCAA proceedings with a stay extension to April 30, 2027.
- professional feesnote: Table shows 966 (CAD $000s), proposed to be allocated $886K to the LRO Cash Pool and $80K to the HWT Cash Pool. A separate $500K Administrative Reserve is set aside for remaining professional fees and wind-down costs. Tax treatment not stated. · party: Professional fees paid (Monitor, its counsel and counsel to the Applicant), net of accumulated interest · amount: 966000 · period: since the closing of the Transactions / during the CCAA Proceedings · currency: CAD
- purchaserWeShall Investments Inc.; 1001367859 Ontario Inc.
- report date25 October 2026
- report noSixth Report
- sale outcometext: Both the QM Transaction and the HWT Transaction were approved on October 24, 2025 and have closed (HWT on October 31, 2025; QM on November 4, 2025). The report concerns allocation and distribution of the resulting proceeds. · scope: whole_business · status: closed