Ontario · Receivership (court-appointed)
Pre-filing Report of the Proposed Receiver dated July 24, 2026
Pre-filing report · 24 July 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 filing9 verified
- secured creditorsnote: Approximately $23.5 million AND USD $20,000 (the USD portion is additional to the CAD amount recorded here), exclusive of accruing interest, legal fees and disbursements; interest and costs continue to accrue. BMO demanded payment in full on 2026-05-01 and issued BIA s. 244 notices of intention to enforce security. Fasken security opinion: BMO Security valid and enforceable, subject to customary assumptions and qualifications. Unaudited balance-sheet components as of 2026-05-31: operating line approximately $3.1 million and term debt approximately $16.8 million. · page: 10 · as of: 2026-04-28 · amount: 23500000 · debtor: TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc. o/a Terra Nova Truss (obligations cross-guaranteed by the Companies; limited recourse guarantees from TRS Holdco and ATRS Real Estate) · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreement over all present and future personal property of the Companies (BMO GSA dated 2022-07-25, with an attornment by TNT dated 2023-04-01); Bank Act (Canada) s. 427 security granted by TRS dated 2022-07-25; debenture granted by Plant 22 dated 2022-07-25, registered as a charge/mortgage in the amount of $10 million on title to the Thorndale Property (registration amount, not a balance — approximately $3.3 million presently outstanding under it). BMO is the only creditor with a charge registered on title to the Thorndale Property.
- secured creditorsnote: 'Total Owing to Vendors' as stated (unaudited, in $000s): Vendor VTB including interest $5,355,000 plus Vendor Earnout $4,000,000 (Total Vendor Indebtedness $9,355,000), plus contingent consideration payable $303,000. Disputed: Celina's representatives advised that the balance-sheet amounts may not be accurate and that approximately $12.8 million is owing to the Vendors; the Proposed Receiver will review further if there are sale proceeds to distribute. Vendor take-back financing from the July 2022 TRS Acquisition. · page: 12 · as of: 2026-05-31 · amount: 9658000 · debtor: TRS Components Ltd. · creditor: The Vendors — Whirl 2 Ltd., 2070400 Ontario Ltd., Jeff Young and Chad Lambourn (Vendor VTB and Vendor Earnout) · currency: CAD · security: General security agreement dated 2022-07-25 over all present and after-acquired assets, undertaking and property of TRS; subject to a postponement and subordination agreement in favour of BMO dated 2022-07-25.
- secured creditorsnote: 'Fox Indebtedness' as stated (unaudited, in $000s): Fox VTB $4,000,000 plus Fox Earnout $1,800,000. Related party: FII is wholly owned by Mark Fox, an indirect shareholder of TRS through 1213558 Ontario Inc. Disputed: Celina's current understanding is that approximately $4 million is owing to FII; the Proposed Receiver will review further if there are sale proceeds to distribute. · page: 12 · as of: 2026-05-31 · amount: 5800000 · debtor: TRS Components Ltd. (security granted by TRS; vendor take-back note from the TNT Acquisition) · creditor: Fox Investments Inc. (FII) — Fox VTB and Fox Earnout · currency: CAD · security: General security agreement dated 2023-04-01 over the property and undertaking then owned or thereafter acquired by TRS; FII granted a postponement, subordination and standstill agreement in favour of BMO dated 2023-04-01.
- financial positionnote: Total Assets as presented nets the BMO operating line of ($3,056,000) within current assets. Total Shareholders' Equity (Deficiency) of ($495,000); retained earnings ($7,416,000). The Report states TRS and TNT are insolvent, with book value of tangible assets of approximately $12.4 million against secured debt of approximately $35.3 million (excluding capital leases). · page: 13 · as at: 2026-05-31 · basis: Unaudited consolidated balance sheet (presented in $000s); the Companies advised that externally reviewed financial statements have not been issued since FY2023, and the Proposed Receiver has not audited, reviewed or otherwise verified the information. Stated disagreement with book values: the Proposed Receiver states the TNP receivable, intangible assets and goodwill (combined book value approximately $28.3 million) have negligible, if any, value; the figures shown are before any such write-down. · scope: Consolidated — TRS Components Ltd. and 976711 Ontario Inc. o/a Terra Nova Truss (TNT) only; excludes Plant 22 Ltd., the holding company that owns the Thorndale Property. · currency: CAD · total assets: 36532000 · total liabilities: 37027000
- secured creditorsnote: 'Obligations under capital leases' per the unaudited TRS-TNT consolidated balance sheet as of May 31, 2026; lessors and leased units identified in Schedule J (Assumed Liabilities) of the Stalking Horse Agreement (page 176). Aggregated as one serialized-equipment financier class. · page: 13 · as of: 2026-05-31 · amount: 22000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Equipment capital-lease financiers (De Lage Landen Financial Services Canada Inc.; Ford Credit Canada Company) · currency: CAD · security: Capital leases on serialized equipment: 2011 JCB 940-4 Rough Terrain and 2024 Hyundai 45D-9 Forklift (De Lage Landen Financial Services Canada Inc.); 2021 Ford F-150, VIN 1FTFX1E50MKE51150 (Ford Credit Canada Company).
- unsecured creditorsnote: Net of intercompany balances; represents amounts owing to suppliers, service providers and rent, plus accruals for payroll and other normal-course obligations. The document names no individual trade creditors. Excludes off-balance-sheet obligations — amounts that may be owing to employees for termination and severance pay, to real property lessors on termination of leases, and unpaid HST (including amounts that may be owing in respect of two audits presently being conducted by Canada Revenue Agency) — which are not quantified (unknown, not zero). · page: 13 · as of: 2026-05-31 · basis: Unaudited TRS-TNT consolidated balance sheet as of May 31, 2026, prepared from the Companies' unaudited financial information; not audited or reviewed by the Proposed Receiver. · amount: 3731000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Accounts payable and accrued liabilities (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Stated as deferred revenue representing deposits received from customers for future orders; no individual customers named. · page: 13 · as of: 2026-05-31 · basis: Unaudited TRS-TNT consolidated balance sheet as of May 31, 2026. · amount: 755000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Customers — deferred revenue (deposits received for future orders) · currency: CAD
- unsecured creditorsnote: Quasi-governmental claim. Separately, unpaid HST is excluded from the balance sheet and unquantified, with two CRA audits presently being conducted (unknown, not zero). · page: 13 · as of: 2026-05-31 · basis: Unaudited TRS-TNT consolidated balance sheet as of May 31, 2026 ('Income taxes payable'). · amount: 102000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Canada Revenue Agency (income taxes payable) · currency: CAD
- unsecured creditorsnote: Related party balances; individual parties not named. The balance sheet also shows a long-term 'Due to related parties' line of ($5,000). · page: 13 · as of: 2026-05-31 · basis: Unaudited TRS-TNT consolidated balance sheet as of May 31, 2026 ('Due to related parties', current liabilities). · amount: 187000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Related parties — due to related parties (aggregate as reported) · currency: CAD