Ontario · Receivership (court-appointed)
First Report of the Receiver dated July 22, 2025
Court officer report · 22 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 filing8 verified
- financial positionnote: Liabilities are explicitly stated 'as at the Appointment Date' (July 3, 2025); the asset table is not separately dated but is drawn from the same books/records review. Majority of accounts receivable is disputed and collectability is highly questionable per management discussions. · page: 7 · as at: 2025-07-03 · basis: Debtors' internal, unaudited books and records; asset figures represent book values only and do not necessarily reflect realizable value, which may differ materially · scope: Assets reflect Property of BECC, Dali and 273 only (MDC's books and records were not available beyond 2023); liabilities reflect combined total for all four Debtors (BECC, Dali, 273 and MDC) · currency: CAD · total assets: 8162396 · total liabilities: 14970302
- secured creditorsnote: Reported as a single combined line item in the Receiver's estimated liability table · page: 8 · as of: 2025-07-03 · amount: 23037 · debtor: Debtors · creditor: Tricor Lease & Finance Corp.; Dixie Ford · currency: CAD · security: PPSA registration, primarily related to leased equipment and/or vehicles
- secured creditorspage: 8 · as of: 2025-07-03 · amount: 16362 · debtor: Debtors · creditor: Vault Credit Corporation · currency: CAD · security: PPSA registration, primarily related to leased equipment and/or vehicles
- secured creditorsnote: Amount listed as 'Unknown' in Receiver's estimated liability table; Receiver still determining quantum owed and underlying collateral for these registrations · page: 8 · as of: 2025-07-03 · debtor: Debtors · creditor: PPSA equipment financiers (PMSI class) - Various PPSA Registrants · currency: CAD · security: PPSA registrations, primarily related to leased equipment and/or vehicles
- secured creditorsnote: Deemed trust claim (Pre-Filing HST); ranks, or may rank, in priority to RBC Secured Debt; prose approximation stated elsewhere as 'approximately $555,000' · page: 8 · as of: 2025-07-03 · amount: 554849 · debtor: Dali · creditor: Canada Revenue Agency (Dali - unremitted HST) · currency: CAD
- secured creditorsnote: Deemed trust claim (Pre-Filing Source Deductions); ranks, or may rank, in priority to RBC Secured Debt; prose approximation stated elsewhere as 'approximately $295,000' · page: 8 · as of: 2025-07-03 · amount: 295555 · debtor: BECC · creditor: Canada Revenue Agency (BECC - unremitted source deductions) · currency: CAD
- secured creditorsnote: Dali facility guaranteed by MDC; 273 facility guaranteed by Dali; BECC facility guaranteed by Dali, MDC and Ozden (personal guarantor - role only, name omitted per policy). Independent counsel (BLG) instructed to render a security opinion, pending as of report date. Amount is the Receiver's estimated aggregate outstanding under the RBC Credit Facilities and RBC Lease Facilities (RBC Secured Debt) as at the Appointment Date, exclusive of fees, costs and interest. · page: 8 · as of: 2025-07-03 · amount: 7438688 · debtor: BECC, Dali, 273 (MDC as guarantor) · creditor: Royal Bank of Canada · currency: CAD · security: General security agreements each dated July 21, 2021 from Dali, 273 and BECC over all present and after-acquired property; RBC Lease Facilities secured against specific equipment located at the Ancaster Premises. Facility limits (original advances, not balances): Dali Credit Facilities $1.7 million, 273 Credit Facilities $0.1 million, BECC Credit Facilities $2.6 million; RBC Lease Facilities ~$2.8 million advanced (of which $2.6 million to BECC).
- sale outcometext: The Receiver seeks approval of a proposed sale process and bidding procedures to solicit offers for the Debtors' Property and Business · scope: whole_business · status: process_approved