Ontario · Receivership (court-appointed)
First Report of the Receiver – February 19, 2026
Court officer report · 19 February 2026
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What we verified from this filing9 verified
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- commencement date24 April 2025
- secured creditorsnote: Disputed; Lien Claimant commenced a Lien Action post-filing in contravention of the stay, which has been stayed/suspended; validity and priority of the claim to be adjudicated as part of the receivership; distribution to Lien Claimant remains a Remaining Matter. · page: 6 · as of: 2025-03-17 · amount: 103640 · debtor: 2338486 Ontario Limited · creditor: Masri O Inc. (Lien Claimant) · currency: CAD · security: Construction/lien claim registered on title to the Real Properties, relating to architectural design and consultation services (Aug 2021–Jan 2025)
- secured creditorsnote: Registration amount per searches; nature/type of registration not further specified in the report. · page: 6 · as of: 2025-03-05 · amount: 500000 · debtor: 2338486 Ontario Limited · creditor: CORFinancial Corp. · currency: CAD · security: PPSA (Ontario) and/or Land Registry Office registration against the Company and/or the Real Properties
- secured creditorsnote: Regulatory/municipal tax arrears; to be satisfied on closing from Transaction proceeds ahead of ICICI's claim; approximate figure as stated. · page: 7 · as of: interim property tax bill dated January 27, 2026 · amount: 34000 · debtor: 2338486 Ontario Limited · creditor: City of Waterloo (property tax arrears) · currency: CAD · security: Statutory municipal property tax lien on the Real Properties
- unsecured creditorsnote: Not a stated zero; unsecured creditor population and amounts are unknown/unreported by the Receiver. · page: 7 · basis: Receiver states it is 'not in a position at this time to report on the nature, quantum and status of the Company's unsecured or other potential creditors' due to the Company's failure to keep proper books and records · debtor: 2338486 Ontario Limited · creditor: Unsecured creditors (quantum unknown) · currency: CAD
- secured creditorsnote: Fulcrum/senior secured creditor; Term Loan principal was $2.8 million. First Report (p.5) describes indebtedness as 'approximately $3.0 million' as at Receivership Date (April 24, 2025), plus accruing interest ($473.35/diem per affidavit), legal and other fees; exact figure of $2,999,758.26 is the dated balance per Meunier Affidavit as of April 1, 2025. Kamal Patel (sole director/officer) provided an unlimited personal guarantee (related party/personal guarantor). ICICI also advanced $250,000 post-filing via Receiver's Certificates under the Receiver's Borrowing Charge. Security Opinion obtained by Receiver's counsel confirms valid and perfected security interest. · page: 38 · as of: 2025-04-01 · amount: 2999758.26 · debtor: 2338486 Ontario Limited · creditor: ICICI Bank Canada · currency: CAD · security: First-ranking mortgage on title to the Real Properties (392 and 398 Erb Street West, Waterloo) and a general security agreement
- fee scheduleengagements: form: prose · rows: · money: fees: quote: in the amount of $79,178.50 and $3,596.41 (all excluding HST), respectively · amount: 79178.5 · approximate: false · disbursements: quote: in the amount of $79,178.50 and $3,596.41 (all excluding HST), respectively · amount: 3596.41 · period: end: 2026-01-31 · kind: interim · label: the Period · quote: during the period from April 2, 2025 January 31, 2026 (the ' Period ') · start: 2025-04-02 · approval: state: unstated · averages: rate: 510.5 · quote: The average hourly rate billed by the Receiver during the Period is $510.50. · scope: the Receiver · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: FIRST REPORT OF ALBERT GELMAN INC. IN ITS CAPACITY AS RECEIVER · context quote: Albert Gelman Inc. (' AGI ') , in its capacity as receiver (in such capacity, the ' Receiver ')
- recovery outcomeentries: basis: estimated · quote: ICICI is projected to incur a shortfall on its advances to the Company and supports the Transaction; and · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ICICI · creditor name: ICICI Bank Canada · interim final: unstated · claims qualifier: unstated · table missing: