Ontario · Receivership (court-appointed)
Motion Record Returnable September 25, 2026.pdf
Application / notice of application · 16 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 filing5 verified
- secured creditorsnote: Stated as 'approximately'; interest and costs continue to accrue. Amount is the combined indebtedness of both Debtors. Proceeds available in the 272 receivership ($869,416.27) are less than this indebtedness, so RBC is expected to be repaid only in part. · page: 7 · as of: 2026-09-14 · amount: 1138698.73 · debtor: 2723324 Ontario Limited and 2551205 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Sole charge (RBC Mortgage) on the Real Property (Suite 7, 145 Traders Blvd East, Mississauga); general security agreement from each Debtor (RBC 272 GSA, RBC 255 GSA); sole PPSA registration against 272 and senior registration against 255. Counsel's opinion: security valid, perfected and enforceable, subject to customary caveats.
- secured creditorsnote: No amount stated. The Lincoln was released to Lincoln Finance per the First Report; the registration appears on the July 7, 2026 PPSA search. · page: 37 · debtor: 2551205 Ontario Inc. · creditor: Ford Credit Canada Company (Lincoln Finance) · currency: CAD · security: PPSA registration in respect of the Lincoln vehicle
- secured creditorsnote: No amount stated. The Cadillac was released to BNS per the First Report; the registration appears on the July 7, 2026 PPSA search. · page: 37 · debtor: 2551205 Ontario Inc. · creditor: Bank of Nova Scotia · currency: CAD · security: PPSA registration in respect of the Cadillac vehicle
- unsecured creditorsnote: Deemed-trust class claim as asserted by CRA. No distribution will be made on it because realizations in the 255 receivership are nominal ($579.46 available, allocated to the Receiver's Charge). CRA advised 272 has filed no payroll returns and neither Debtor has filed HST returns since incorporation; CRA has submitted no claim for 272 source deductions or for HST against either Debtor, and the Receiver is not aware of any such amounts. No WEPPA/employee claims are known. · page: 38 · as of: 2025-05-28 · basis: CRA claim dated May 28, 2025 for employee source deductions owing by 255 (the '255 Source Deduction Claim' / 'Priority Claim') · amount: 77579.84 · debtor: 2551205 Ontario Inc. · creditor: Canada Revenue Agency (employee source deductions, 255) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: As there are nominal realizations in the 255 receivership, there will be no distribution to CRA for the 255 Source Deduction Claim. · pct of: unstated · outcome: nil · class key: deemed_trust · stated by: receiver · class label: CRA (255 Source Deduction Claim) · claims amount: 77579.84 · creditor name: Canada Revenue Agency · interim final: unstated · claims qualifier: asserted; basis: unstated · quote: The proceeds available for distribution in the 272 receivership (the ' 272 Proceeds ') are less than the RBC Indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC Indebtedness (272 receivership) · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-15 · table missing: