Ontario · Receivership (court-appointed)
Proposed Receiver's Report dated July 7, 2025
Pre-filing report · 7 July 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 filing5 verified
- financial positionnote: Figures reported in $000s in source table; balance sheet includes NBC indebtedness of $10,059,000 as at May 31, 2025 (differs from separately stated $10,405,080 NBC Indebtedness as at July 3, 2025); Company is insolvent on both balance sheet and cash flow bases per Proposed Receiver · page: 6 · as at: 2025-05-31 · basis: Unaudited, book value (Company's books and records) · scope: Entity-level - Axiom Real-Time Metrics Inc. · currency: CAD · total assets: 20159000 · total liabilities: 26124000
- secured creditorsnote: Principal secured creditor; NBC issued Notice of Intention to Enforce Security under s.244 BIA on May 20, 2025; amount before interest and costs, which continue to accrue · page: 8 · as of: 2025-07-03 · amount: 10405080 · debtor: Axiom Real-Time Metrics Inc. · creditor: National Bank of Canada (NBC) · currency: CAD · security: Security over substantially all of the Company's business and Assets; validity and enforceability confirmed by Chaitons LLP opinion (subject to customary assumptions/qualifications)
- secured creditorsnote: BDC's interest and security against the Company is subordinated/postponed to NBC per priority agreement dated March 1, 2024; BDC issued default notice May 1, 2024 and intended to enforce security; PricewaterhouseCoopers Inc. appointed receiver of J2ASM on Dec 2, 2024; J2ASM owned by Schachter (founder) through J2ASM Inc. - related party context · page: 8 · debtor: J2ASM Inc. (primary borrower); Axiom Real-Time Metrics Inc. (guarantor) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Security against J2ASM Inc. (owner of Satellite Drive Office) and guarantee from the Company
- secured creditorsnote: Assets not being acquired by the Purchaser pursuant to the APA · page: 9 · debtor: Axiom Real-Time Metrics Inc. · creditor: PPSA equipment financiers (PMSI class) - Xerox Canada Ltd., CWB National Leasing Inc., Vault Credit Corporation · currency: CAD · security: PPSA (Ontario) registrations in respect of certain leased equipment and furniture
- secured creditorsnote: Airplane understood to be owned by Schachter (Company founder) and/or an entity he controls - related party · page: 9 · debtor: Axiom Real-Time Metrics Inc. · creditor: LBC Capital Inc. and J2ASM Air Inc. · currency: CAD · security: PPSA (Ontario) registration in respect of an airplane