Manitoba · Receivership (court-appointed)
Brief of the Applicant
Application / notice of application · 13 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 filing7 verified
- applicantTHE TORONTO-DOMINION BANK
- appointee rolereceiver
- courtTHE KING’S BENCH WINNIPEG CENTRE
- court file noCI 26-01-______________
- statutory basissection 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985 c. B-3
- appointeeGlassRatner Restructuring Inc.
- secured creditorsnote: Amount is the aggregate indebtedness of all Debtors under the Loan Agreements and Guarantees as stated by the Applicant, plus further accruing interest, costs and expenses (including solicitor-and-own-client costs). Original facility amounts (not balances): Titanium/247 AB $400,000 operating, $2,343,903 and $710,000 term, $50,000 Visa; Labbate/Nebula $250,000 operating, $214,853 and $695,364 term, $25,000 Visa; 571 ON/662 ON term facilities of $1,900,000, $875,000 and $910,000. Demand and s. 244 BIA notice issued on or about May 23, 2025; forbearance agreement entered March 13, 2026 (as amended/extended). Figure is the lender's own statement; no debtor balance sheet is given. · page: 8 · as of: 2026-10-06 · amount: 3946206.65 · debtor: Titanium Mechanical Inc., 2479918 Alberta Ltd., Nebula Controls Ltd., Labbate Climate Control Systems Inc., 1000955571 Ontario Inc., 1000955662 Ontario Inc., Pols Enterprises Ltd., Pols Real Estate Holdings Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreements from each of the eight Debtors over all present and after-acquired personal property; 247 AB investor pledge and 571 ON share pledge (Pols Enterprises shares); cross-guarantees among the corporate Debtors; postponement/subordination agreements from JLM Enterprise Ltd., Reimer Family Trust, Hari Krithivasan and Ramandeep Khatra; collateral mortgage of $1,210,000 principal (a registered principal, not the balance) over Pols Real Estate lands in Wainfleet, Ontario, plus general assignment of rents and leases; registered in the Alberta, Ontario and Manitoba PPRs and the Ontario Land Titles Office. Personal guarantees from Hari Krithivasan, limited to $665,000 (Labbate/Nebula), $490,000 (571 ON/662 ON) and $1,700,000 (Titanium/247 AB), each plus interest and costs, dated March 13, 2026.