Ontario · Receivership (court-appointed)
Application Record - September 29, 2026
Application / notice of application · 29 September 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 filing10 verified
- applicantHD NEWCO LIMITED
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-26-00007503-0000
- statutory basissection 101 of the Courts of Justice Act, R.S.O. 1990, c. C. 43 and section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3
- commencement date29 September 2026
- financial positionnote: Application states Inkan cannot meet obligations as they become due, has defaulted on the HD Newco demands, and that the aggregate of its property is not at a fair valuation sufficient to pay all obligations including the Related Party Debts ($5,000,000 of related-party notes: $2,000,000 HD Newco + $3,000,000 ICG). Receiver's borrowing authority in the draft order is capped at $500,000. · page: 19 · basis: No balance sheet in these pages; the application asserts insolvency on information and belief from Kelly Goetz ('I do not have direct knowledge of InKan's current operations and financial status'). · scope: Inkan Limited (respondent) only · currency: CAD
- secured creditorsnote: A second promissory note totalling $196,939 was demanded along with the HDN Note in or about May 2026; the application states interest owed under the HDN Note was 'namely, pursuant to the Second HDN Note'. Whether it is covered by the PPSA security is not stated on these pages; the Second HDN Note itself is not on these pages. The demand letter says supplementary notes appear to have been unilaterally issued by Inkan without HD Newco's signature and are of no force or effect — the status of this note is unclear. · page: 19 · as of: 2026-05-11 · amount: 196939 · debtor: Inkan Limited · creditor: HD Newco Limited — Second HDN Note · currency: CAD
- secured creditorsnote: Related party (60% shareholder of Inkan). Principal plus interest due December 31, 2027 or earlier if demanded; no demand has been made. The $3,000,000 is the stated principal, with interest unquantified. · page: 19 · amount: 3000000 · debtor: Inkan Limited · creditor: Inkan Corporate Group Ltd. (ICG) · currency: CAD · security: ICG promissory note ($3,000,000 principal, outstanding since 2007), secured against assets and undertakings of Inkan and perfected by PPSA registration no. 665371935 (collateral: inventory, equipment, accounts, other, MV included; expiry 25 Oct 2027).
- secured creditorsnote: Appears only in the PPSA search; the registration shows no amount and the application does not mention a TD debt or any balance owing. Status of the underlying debt (current or discharged) is not stated. · page: 74 · as of: 2026-08-24 · debtor: Inkan Limited · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreement; PPSA registration no. 814672431 (file currency August 24, 2026; expiry June 14, 2030), covering equipment and motor vehicles including 1982 Toyota 022FGC30 forklift, 1988 International S1600 (two units), 1987 and 1982 International C07F9670654 trucks, 1984 International 1600, and 1995 Ford Windstar van.
- secured creditorsnote: Related-party creditor and the applicant; the demand letter's payout total as of May 21, 2026 is $2,011,609.59 (principal $2,000,000 + $7,500 interest + $4,109.59 per diem for 50 days). Separately a 'Second HDN Note' of $196,939 is demanded (unclear whether secured; see separate note). The affidavit's 'secured' characterization rests on the PPSA registration and the notes, which are not reproduced on these pages. The demand letter disputes supplementary promissory notes as unilaterally issued and of no force or effect. · page: 96 · as of: 2026-05-21 · amount: 2000000 · debtor: Inkan Limited · creditor: HD Newco Limited (applicant; formerly 1392302 Ontario Limited) · currency: CAD · security: HD Newco promissory note dated June 30, 2007 ($2,000,000 principal), secured against assets and undertakings of Inkan and perfected by PPSA registration no. 665371944 (collateral: inventory, equipment, accounts, other, MV included; expiry 25 Oct 2027). Interest of $7,500 was due April 1, 2026 and is outstanding; interest accrues at $82.1918 per day.