Ontario · Receivership (court-appointed)
Notice and Statement of Receiver – Dated May 23, 2025
Notice of receiver (s. 245 / Form 87) · 23 May 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 filing106 verified
- financial positionnote: No liabilities/balance sheet provided; asset breakdown only (PP&E, inventory, government assistance receivable, accounts receivable, prepaid expenses/deposits, HST receivable, due from shareholder) · page: 1 · as at: 2023-09-30 · basis: Book value based on information compiled from the Company's audited financial statements as at September 30, 2023 as prepared by external accountants; Receiver has not audited, reviewed, or otherwise verified accuracy or completeness · scope: Formula Solutions Inc. (Debtor), entity-level · currency: CAD · total assets: 17337806
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver · page: 2 · debtor: Formula Solutions Inc. · creditor: Citibank, N.A. · currency: CAD
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver; also appears in unsecured trade creditor listing · page: 2 · debtor: Formula Solutions Inc. · creditor: Temperature Corporation · currency: CAD
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver · page: 2 · debtor: Formula Solutions Inc. · creditor: Toyota Industries · currency: CAD
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver · page: 2 · debtor: Formula Solutions Inc. · creditor: Rohr, Inc. · currency: CAD
- secured creditorsnote: Applicant/petitioning secured creditor per Receiver appointment application · page: 2 · amount: 5498370 · debtor: Formula Solutions Inc. · creditor: ARK Capital Ltd. · currency: CAD
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver; also appears in unsecured trade creditor listing · page: 2 · debtor: Formula Solutions Inc. · creditor: Xerox Canada Ltd. · currency: CAD
- secured creditorsnote: Amount owing denoted UNKNOWN by Receiver · page: 2 · debtor: Formula Solutions Inc. · creditor: Vault Credit Corporation · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Alcot Plastics Ltd · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Alphachem Limited · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Andrew Gurney Consulting · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Arxada AG · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: BASF Canada Inc. (bodyshopmall.com) · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Bex Engineering Limited · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Beyond Cloud Consulting Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Brant Capital Partners Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Canadian Measurement-Metrology Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Canadian Roof Management Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Canex Technologies Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Chambers of Commerce Group · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Citron Hygiene LP · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Clean Air Technologies Inc. o/a Eurovac · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Coast-Line International · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Complete Coverage · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Composites Canada · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: CreateASoft, Inc · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Dan's Welding & Fabricating Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: DCA Controls Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Diversitech Equipment & Sales (1984) Ltd · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Dry Ice & Gases · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: E Bridge Software Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: E.M. Precise Tool Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Emil Marchand · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Excel HVAC Services Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fabrica Machinale srl (Roboticom) · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fasken Martineau DuMoulin LLP · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fastenal · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fedex Canada · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fisher Scientific · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Fluidline Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Frid and Russell · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Frost Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Gerrity Corrugated Paper Products Ltd. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Grant Thornton LLP Canada · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Harb Plumbing · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Henkel Corporation - Bay Point · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: INDCO Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: JM Campbell Services · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Cincinnati Testing Laboratories, Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver from Debtor's available books and records; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: 5N Plus Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: A&P Technology, Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Accu Path Waterjet Solutions Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: ADP Canada Co. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Aeroex Technologies Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Air Liquide Canada Inc. · currency: CAD
- unsecured creditorspage: 3 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Air Solutions Canada · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Lifting Gear Hire Canada Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Mcmaster-Carr Supply Co. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Microsoft 365 · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Misumi Group Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Mito Material Solutions, Inc · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Network Environmental · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Niagara Pattern Ltd. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: NIAR, Wichita State University · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Oakville Customs Brokerage · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: O'Brien Lifting Solutions Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Oracle Canada ULC · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Performance Review Institute · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: PFJ Consulting Services · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: PIKE Technologies Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Plyable · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Postability, Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Promation Nuclear · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Provincial Partitions Ltd. (Propart Modular) · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Rite-Hite International DBA Arbon Equipment Corporation · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: S.B. Simpson Group Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Safety Services Canada Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Schira Trades Services Ltd. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Select Fire Protection · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Service Master Clean · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Shred-it · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Smith's Sanitation Supply · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Sonicomp Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Sonitrol Of South Central Ontario Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Spacesaver Solutions Inc. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: SPC Tech · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Start Electric · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Surface Prep · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: TA Instruments-Waters L.L.C. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Telus · currency: CAD
- unsecured creditorsnote: Also appears in secured creditor list with UNKNOWN balance · page: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Temperature Corporation · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Uline Canada Corp · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Vault RLS · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Vidya Instruments Calibration · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Visual Knowledge Share (VKS) · currency: CAD
- unsecured creditorsnote: Also appears in secured creditor list with UNKNOWN balance · page: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Xerox Canada Ltd. · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: ZoomHR · currency: CAD
- unsecured creditorsnote: Individual employee names not disclosed · page: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Employees (Various) · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Brookside Capital + SRED (ATTN: David Haas) · currency: CAD
- unsecured creditorsnote: Government agency loan · page: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Federal Development Agency for Southern Ontario · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: KCWL Inc. (ATTN: James Peters) · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: LOB Inc (ATTN: Alf Zeuner) · currency: CAD
- unsecured creditorsnote: Individual lender · page: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Marv Devries · currency: CAD
- unsecured creditorsnote: Individual lender · page: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Rob Publicover · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver, Unsecured Loans category; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: Sunshine Holdings GMBH (ATTN: Jorg Wiebe) · currency: CAD
- unsecured creditorspage: 4 · basis: Listing of Creditors compiled by Receiver; amount denoted To be determined · debtor: Formula Solutions Inc. · creditor: KBC Tools and Machinery · currency: CAD