Ontario · Receivership (court-appointed)
Motion Record
Application / notice of application · 2 June 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 filing9 verified
- appointeeMNP Ltd.
- appointee roleInterim Receiver
- commencement date2 June 2025
- applicant816877 Ontario Limited and S.H. Ganz Holdings Inc.
- courtSUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-25-00743234-00CL
- statutory basissections 47(1) and 243(1) of the Bankruptcy and Insolvency Act, and section 101 of the Courts of Justice Act
- financial positionnote: No stated total assets figure; assets reported only as itemized, unsummed components as at the Appointment Date/May 16, 2025 (per instructions, not aggregated): Funds on Deposit ~$15,000 (plus USD $51,000 remitted May 16-30, 2025) (p.22); Accounts Receivable NBV $684,000, estimated recoveries $180,000-$250,000 (pp.22-23); Inventory at 3PL book value $235,000, recovery 'limited' (p.23); Other Assets NBV $1,011,000 (pp.23-24). Liabilities total of $3,172,000 (of which $2,893,000 is overdue >90 days) is explicitly stated as excluding amounts due to secured creditors (the Applicants, ~$9.7M/$9,714,370) and related parties, per components: Factories $997,000 (Longshore trade creditors), Licensors $687,000, Longshore services account $670,000, Sale Agents $214,000, Other $604,000 (p.24). · page: 24 · as at: 2025-05-16 · basis: Unaudited information provided to/relied on by the Interim Receiver, including TCG's books and records; asset figures stated as net book value/book value estimates · scope: The Canadian Group (TCG), Ontario general partnership — entity-level (excludes partner entities Albertco/Ganzco); liabilities figure explicitly excludes amounts due to secured creditors and related parties · currency: CAD · total liabilities: 3172000
- secured creditorsnote: Exact dated balance ($9,714,370 as at Dec 31, 2024) per Court endorsement of Justice Osborne (May 16, 2025); approximated elsewhere as 'approximately $9.7 million' plus accrued interest and other related enforcement costs (Notice of Motion, p.8; First Report of Interim Receiver, para 46, p.26). Applicants are, directly and/or indirectly, partners in the Debtor (largely passive investors) — related party. Independent legal opinion from Jaffe & Peritz LLP confirms the Applicants' security is valid and enforceable (First Report, p.26). No payment received since Dec 31, 2024; interest continues to accrue; formal demand made (s.244 NOI) but 10-day period had not expired at time of interim appointment. · page: 43 · as of: 2024-12-31 · amount: 9714370 · debtor: The Canadian Group (TCG) o/a TCG Toys · creditor: 816877 Ontario Limited and S.H. Ganz Holdings Inc. (the "Applicants") · currency: CAD · security: A pair of general security agreements dated March 8, 2013 between each Applicant and TCG; loans also made pursuant to promissory notes payable on demand