Ontario · Receivership (court-appointed)
Motion Record - dated October 23, 2026
Application / notice of application · 23 October 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 filing8 verified
- secured creditorsnote: Approximate amount per Receiver 'based on the limited books and records available'; the document gives no as-at date. Receiver states BDC is expected to suffer a material shortfall. Amount is the Receiver's approximation, not a verified balance. · page: 18 · amount: 1100000 · debtor: Media One Creative Inc.; also registered against 130 QQE Holdings 2020 Inc. (two registrations) and Rider Enterprises Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: PPSA registrations against Media One Creative, 130 QQE and Rider Enterprises. By Priority Agreement dated Dec 19, 2023, BDC postponed and subordinated its security in Media One Creative's present and after-acquired personal property to CIBC's security in Inventory and Accounts Receivable.
- unsecured creditorsnote: Aggregate figure only; no individual creditors named. · page: 18 · basis: Receiver's understanding 'based on the limited books and records available'; approximate · amount: 180000 · debtor: Media One Creative Inc. · creditor: Trade creditors (aggregate) · currency: CAD
- financial positionnote: Liabilities side not stated as a total. Book assets include accounts receivable $3,036,772 (of which approx. $2.5M are advance billings for unapproved/unstarted prospective projects, not considered valid or collectible, and approx. $500,000 due from Udemy, Inc., likely not recoverable), due from related party $268,007, HST receivable $35,351 (subject to CRA set-off), prepaid expenses $146,515, PP&E $128,460, investment in related parties $2. Accumulated losses of at least $5.9 million. Interim receipts exceed disbursements by $48,776.97 as at October 23, 2026; after payment of Receiver's fees no funds will remain in the estate. · page: 19 · as at: 2026-06-03 · basis: Media One Creative's trial balance as at June 3, 2026, book value; Receiver's estimated realizable value is nominal or nil for essentially every line (accounts receivable nominal; equipment liquidation value approx. $2,000 per independent appraiser) · scope: Media One Creative Inc. only (the operating company). The other three affiliated entities are holding companies with no active operations or material assets, and no balance sheet is given for them. · currency: CAD · total assets: 3615106
- unsecured creditorsnote: Arises from a penalty assessed (approx. $175,000) relating to tax credit claims / corporate income tax filing for year ended July 31, 2024, after set-off against HST refunds ($35,351) and other credits. Receiver states there are no outstanding source deduction remittances giving rise to a deemed trust claim; the balance is an unsecured claim. · page: 24 · as of: 2026-09-14 · basis: Receiver's understanding after review of books and records and discussions with CRA; approximate · amount: 114000 · debtor: Media One Creative Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Approximately $4,685 of the $27,825 may constitute a priority claim under s. 81.4 of the BIA (preferred portion); no realizations from current assets against which it could attach, and no distributions to creditors are expected. · page: 24 · basis: Receiver is 'aware of' employee claims for unpaid wages owing to three former employees · amount: 27825 · debtor: Media One Creative Inc. · creditor: Service Canada (subrogated to former employees' wage claims under WEPPA) · currency: CAD
- secured creditorsnote: Amount not stated. Receiver expects no net realization from the leased vehicle. · page: 54 · debtor: Rider Enterprises Inc. · creditor: Honda Canada Finance Inc. · currency: CAD · security: PPSA registration against Rider Enterprises (vehicle lease agreement referenced by Receiver)
- secured creditorsnote: Aggregate indebtedness per May 21, 2026 affidavit, excluding professional fees, disbursements and accruing interest. Receiver's report describes it as approximately $2.5 million at demand (March 2026). Receiver concludes little to no realizable value to satisfy CIBC's claim. Personal guarantor is the sole director of Media One Creative and Media One Holdings; affidavit evidence suggests he is unlikely to meet the guarantee. CIBC's security ranks behind BDC on the related-party receivable (per Receiver). Under the Priority Agreement, BDC subordinated to CIBC only as to Inventory and Accounts Receivable. CIBC also advanced $50,000 to the Receiver under the Receivership Order, with a further $20,000 fee accrual to be sought. · page: 61 · as of: 2026-05-12 · amount: 2515788.85 · debtor: Media One Creative Inc. (borrower); GSAs and guarantees from Media One Holdings, Media One USA, 130 QQE Holdings 2020 Inc., Rider Enterprises · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: General security agreements dated Dec 8, 2023 from each of five entities, PPSA-registered Dec 14, 2023 (first-ranking per searches to Feb 1, 2026); unlimited corporate guarantees; limited personal guarantee of $1,000,000 (director); EDC guarantee of the Demand Facility limited to $2,500,000. Facilities: $2,500,000 demand revolver and $100,000 credit card facility (facility limits, not balances).
- recovery outcomeentries: basis: estimated · quote: As CIBC's security ranks behind that of BDC, which is expected to suffer a material shortfall, the Receiver does not anticipate any recovery from this receivable. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BDC · creditor name: BDC · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-23 · table missing: