Alberta · Receivership (court-appointed)
Third Report of the Receiver, dated September 23, 2026
Court officer report · 23 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 filing12 verified
- financial positionnote: total_liabilities left null: the statement as presented shows 'Total for Liabilities' of -$266,426.18 (negative, because current liabilities total -$4,435,629.13 after large negative intercompany lines, e.g. Due to/from Jay's ACM/Structural -$5,074,435.43, plus non-current liabilities of $4,169,202.95), which is not a meaningful gross liabilities figure. Equity is shown as $8,079,894.72 and Total Liabilities and Equity $7,813,468.54. Accounts receivable on the statement ($1,572,841.23) differs from the receivable balances the Receiver cites for Jay's Structural ($3,990,242) and Jay's Framing ($55,781) as of Jun 30, 2026, which appear to come from those entities' separate statements not included in these pages; management claims most of the Structural receivable was never collectible. Inventory is stated at $5,734,961.18; the Receiver found no complete inventory list. No stated pre-filing capital structure beyond this balance sheet. · page: 57 · as at: 2026-06-30 · basis: Company-prepared Balance Sheet (Jay's Metal Products LTD, dated Jul 29, 2026) attached as Appendix E; unaudited, not verified by the Receiver. The Receiver notes it relied on this statement in forming expectations (e.g., computer assets) and elsewhere states it has not audited or independently verified information received. The Receiver also questions the collectability of recorded receivables. · scope: Jay's Metal Products Ltd. only (not consolidated across Jay's Structural, Jay's Framing or Jay's Edmonton). Note the intercompany balances and a stated negative Total for Liabilities. · currency: CAD · total assets: 7813468.54
- secured creditorsnote: Listed on the basis that RBC is the applicant and appears on the debtor's balance sheet as lender/lessor; the report itself does not state RBC's secured balance. See the RBC capital lease entries. Balance-sheet figures are unaudited book amounts as of 2026-06-30. · page: 57 · debtor: Jay's Metal Products Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Applicant in the receivership; the report gives no amount or security particulars. The Jun 30, 2026 balance sheet (Jay's Metal Products only) shows an RBC Operating Line (376-001) at -$2,300,000.00 within cash and cash equivalents (a negative cash line) and RBC capital leases on equipment, the largest of which is stated at $168,331.90.
- unsecured creditorsnote: Total for Accounts Payable (A/P). Document names no individual trade creditors. Components: A/P $1,191,128.26; A/P accrual $31,466.28; A/P USD $9,411.67 (USD component per label; amount shown in the statement's currency without separate conversion). · page: 58 · as of: 2026-06-30 · basis: Jay's Metal Products Ltd. balance sheet as of Jun 30, 2026 (company-prepared QuickBooks-style statement, unaudited) · amount: 1232006.21 · debtor: Jay's Metal Products Ltd. · creditor: Trade accounts payable (aggregate per balance sheet) · currency: CAD
- unsecured creditorsnote: Total for Credit Cards (net of small credit balances). Principal item: TD First Class Travel Visa Infinite (7843) $37,499.50. · page: 59 · as of: 2026-06-30 · basis: Jay's Metal Products Ltd. balance sheet as of Jun 30, 2026 (unaudited) · amount: 37205.57 · debtor: Jay's Metal Products Ltd. · creditor: Credit card issuers (aggregate, net) · currency: CAD
- unsecured creditorsnote: Total for Corp. Taxes Payable: Corp. Tax-Alberta $37,218.55; Corp. Tax-Federal CRA $87,210.58; GST/HST Payable $46,057.53; GST/HST Suspense $75,839.07. Government/tax claims (GST is a deemed-trust class); these are balance-sheet figures, not a CRA-stated indebtedness. The report states CRA trust audits may follow and does not give a CRA claim amount. · page: 59 · as of: 2026-06-30 · basis: Jay's Metal Products Ltd. balance sheet as of Jun 30, 2026 (unaudited) · amount: 246325.73 · debtor: Jay's Metal Products Ltd. · creditor: Corporate taxes payable - Canada Revenue Agency / Alberta (aggregate) · currency: CAD
- secured creditorsnote: Shown as 'BDC WC Loan #120296-05' under non-current liabilities on the Jun 30, 2026 balance sheet. The balance sheet does not state whether this loan is secured; it is listed here only because it is institutional debt, and the classification is not confirmed by the document. · page: 60 · as of: 2026-06-30 · amount: 1785504 · debtor: Jay's Metal Products Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD
- secured creditorsnote: Amount left null because the report states only per-lease balance-sheet lines and no total; components are listed verbatim and not summed. Book values per an unaudited balance sheet. The balance sheet itself carries 'Equipment under capital leases' at $3,772,095.34 cost (a carrying value of the asset, not a balance owed). Whether each lessor holds registered PPSA security is not stated. · page: 60 · as of: 2026-06-30 · debtor: Jay's Metal Products Ltd. · creditor: Equipment lessors/financiers under capital leases (RBC, Coast Capital, Essex, Bodkin, other lessors) · currency: CAD · security: Capital lease obligations on equipment, shown individually on the balance sheet, including: Coast Capital Eqpt Agreement#CD2501230149 $338,633.22; Essex Lease #14774-314260 $251,375.54; RBC Lease20100084964 Variobend $168,331.90; RBC Lease#...84339 Variobend $158,786.25; Coast Capital #CD2503030058 $73,955.33; RBC Lease#...73406 $74,283.44; Max Shear and Folder 2023 $58,108.71; RBC Capital Lease#...58930 $46,598.60; RBC Capital Lease#...63105 $48,165.52; RBC Royal Fork Lift #...76087 $40,028.34; Edmonton Folder 2023 $39,181.90; Bodkin Lease#50031397 $37,859.82; RBC Roof Panel Machine #...83971 $36,352.60; RBC Roll Forming #...63655 $32,092.35; RBC Roofmart Machine #...75713 $12,921.18; RBC Slittering machine #...67636 $10,243.48; RBC Max 3100 iFold #...59238 $5,020.32; RBC Racking #...67605 $1,683.94; Shaoxing Smarttech $1,640.00; plus 'Current portion of obligations under capital lease' $61,372.56.
- unsecured creditorsnote: Related party (director/shareholder). Components stated separately: Shareholders' Loan-Jagjit Bajwa $721,063.95 and Long Term Loan 'Jagjit Bajwa' $150,000.00; the $871,063.95 here is the sum of those two stated lines, shown for convenience. Whether either is secured is not stated. Narinder Bajwa loan of $16,000.00 is also shown (relationship not stated). · page: 61 · as of: 2026-06-30 · basis: Jay's Metal Products Ltd. balance sheet as of Jun 30, 2026 (unaudited) · amount: 871063.95 · debtor: Jay's Metal Products Ltd. · creditor: Shareholder / related-party loans - Jagjit Bajwa · currency: CAD
- operational summaryThe report is not a financial update; it covers Management's non-compliance with the Order Declaring Non-Compliance (books and records, bank records, asset and inventory lists, and devices) and seeks further relief. The Receiver also reports unverified allegations that assets, inventory and business opportunities may have been moved to a new venture.
- professional feesnote: Fees and disbursements incurred in securing compliance with the Compelling Order are stated to be still being compiled; no amount is given. · party: Receiver and its counsel · period: since September 3, 2026 · currency: CAD
- report date23 September 2026
- report noThird Report