Ontario · Receivership (court-appointed)
Application Record Volume 1 of 3
Application / notice of application · 12 November 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 filing6 verified
- applicantNATIONAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-25-00753567-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- commencement date4 November 2025
- secured creditorsnote: Stated Indebtedness includes interest accrued to Oct 17, 2025 but excludes all fees, costs and expenses, which continue to accrue. Original 2020 commitment (Oct 6, 2020) authorized: demand operating loan/overdraft $12,000,000 (incl. L/C and foreign deposits up to $1,500,000), corporate Visa up to $300,000, forward FX up to $500,000, demand non-revolving loan $12,800,000 (two term mortgages $6,300,000 and $6,500,000), CAFT $1,000,000. Those are facility limits, not balances. Default: financial covenant breaches (current ratio, debt/equity, cash flow coverage, margin), non-payment and reporting failures; forbearance (July 26, 2024, amended Dec 3, 2024) expired July 15, 2025; s.244 BIA notices delivered and 10-day period elapsed. Related party: Stephen Dulong is a personal guarantor and signed for the Borrowers. Discrepancy in the record: the Notice of Application says Tagg, Krisro and M&G Steel made assignments in bankruptcy on Oct 27, 2025; the affidavit says 975, Krisro and M&G Steel. · page: 13 · as of: 2025-10-17 · amount: 25037197.67 · debtor: Tagg Holdings Inc., 5005307 Ontario Inc., 975866 Ontario Limited, M & G Steel Ltd., Krisro Metal Industries Corp., M & G Steel Holdings Limited (Borrowers); guaranteed by Glass Mechanics Inc., Stephen Dulong and 1000542585 Ontario Inc. · creditor: National Bank of Canada (as successor to Canadian Western Bank) · currency: CAD · security: Oakville Mortgage over 2285 Speers Road, Oakville (principal $18,300,000, Prime + 5.0% p.a., registered ceiling not a balance) plus Rent Assignment; Kitchener Mortgage over 128 Ann Street, Kitchener (principal $1,000,000, first-ranking, granted by the Limited Guarantor); Additional Oakville Mortgage (principal $5,000,000, third-ranking); GSAs from all Borrowers and Glass Mechanics (all present and after-acquired personal property, floating charge over real property); insurance assignments; assignment and postponement agreements; s.427 Bank Act security; hypothecation of specific securities; cross-guarantees (full liability, Oct 30, 2020) among all six Borrowers; Glass Mechanics full liability guarantee; Stephen Dulong limited guarantee capped at $3,000,000; limited recourse guarantee capped at $1,000,000