Ontario · NOI
Motion record of the Debtors (for motion returnable April 9, 2025)
Application / notice of application · 3 April 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 filing10 verified
- applicant11449346 Canada Inc. o/a P3 Panel Company and 12574764 Canada Ltd. O/A United Edge Structural Components
- commencement date3 April 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noBK25-00000237-0033
- provinceONTARIO
- appointeeAlbert Gelman Inc.
- appointee roleProposal Trustee
- financial positionnote: P3 liabilities of ~$10,569,894.44 per creditor mailing list (Exhibit E), comprising inter alia source deductions (~$408,000), accounts payable/supplier payables (~$7.5M), long-term debt (~$168,000), capital lease obligations (~$664,000), CEBA loan ($40,000), and shareholder loans (~$1M, related-party); P3 owes no HST/GST. Separately, United Edge (12574764 Canada Ltd.) reported total assets of $3,847,731 as at December 31, 2024 (per UE 2024 Financial Report prepared by Emblyn Professional Corporation - compiled, unaudited, original p.34) and total liabilities owed to creditors of approximately $2,619,095.43 (per creditor list Exhibit H, original p.35), comprising accounts payable (~$1M), long-term debt (~$92,000), capital lease obligations (~$1.15M), and net HST/GST payable of ~$48,000 (offset by an entitled credit of ~$65,000 for prior CRA overpayment); UE not in default on source deductions. · page: 33 · as at: 2024-12-31 · basis: P3's latest internal (unaudited) balance sheet ("P3 BS"), current as of December 2024; Companies intend to update for due diligence in the SISP · scope: Entity-specific: P3 (11449346 Canada Inc. o/a P3 Panel Company) only; not consolidated with United Edge (the two NOI proceedings are administratively, not substantively, consolidated) · currency: CAD · total assets: 6221698 · total liabilities: 10569894.44
- secured creditorsnote: Per affidavit, the Companies' key secured creditors comprise equipment and vehicle lessors with security over specific financed assets; PPSA registrants (per service list/Exhibit F searches) include Meridian Onecap Credit Corp., Surgenor National Leasing Ltd, LBEL Inc., Pivotal Capital Corp./Corp. de Financement Pivotal/Pivotal Capital Equipment Finance Corp., Bodkin/Bennington Financial Corp., Sonoma Capital Corp, CWB National Leasing Inc, Mitsubishi HC Capital Canada Inc./Mitsubishi HC Capital Canada Leasing Inc, 9695435 Canada Inc., 2597869 Ontario Inc., Concentra Equipment Finance (Bennington Financial Corp.), Coast Capital Equipment Finance Ltd., and Royal Bank of Canada (multiple registrations). No individual balances stated in the record. · page: 34 · debtor: P3 (11449346 Canada Inc.) and United Edge (12574764 Canada Ltd.) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Security interests over specific vehicles and equipment financed (serialized equipment/vehicle purchase-money security)
- secured creditorsnote: Disputed claim: 1394894 Ontario Inc. had made no PPSA registrations against the Companies prior to March 2025, then purported to 'amend' a registration as of March 6, 2025 to retroactively create a registration dated December 4, 2020 against P3. The Companies expressly do not recognize or admit the validity or enforceability of the amendment, registration, any underlying debt, or any security interest/rank, and reserve all rights. · page: 34 · as of: purported registration dated December 4, 2020 (created via amendment filed March 6, 2025) · debtor: P3 (11449346 Canada Inc.) · creditor: 1394894 Ontario Inc. · currency: CAD · security: PPSA registration (nature/collateral unspecified)