Ontario · NOI
Fourth Report of the Proposal Trustee
Court officer report · 13 April 2026
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What we verified from this filing11 verified · 1 withheld
- cash on handnote: Inclusive of funding advances and foreign exchange adjustments; company also holds two bank accounts with balances $72,751 CAD and USD $925 · as at: 2026-04-05 · amount: 9313 · currency: CAD
- disbursementsnote: Net disbursements over receipts, before funding advances and foreign exchange adjustments · since: filing of the NOI (16-week period ending April 5, 2026) · amount: 218226 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 569.88 · quote: The average hourly rate of the Proposal Trustee is $569.88 (excluding HST). · scope: Proposal Trustee (excluding HST) · currency: · invoices: · firm text: BDO Canada Limited · firm quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity · context quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 649.24 · quote: The average hourly rate of the Proposal Trustee is $649.24 (excluding HST). · scope: Proposal Trustee (excluding HST) · currency: · invoices: · firm text: BDO Canada Limited · firm quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity · context quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 627.37 · quote: The average hourly rate of the Proposal Trustee is $627.37 (excluding HST). · scope: Proposal Trustee (excluding HST) · currency: · invoices: · firm text: BDO Canada Limited · firm quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity · context quote: BDO CANADA LIMITED in its capacity as Proposal Trustee of Reactor Engineering Group Ltd. o/a Harbour Technologies and not in its personal or corporate capacity; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 758.79 · quote: The average hourly rate of A&B is $758.79 (excluding HST). · scope: A&B (excluding HST) · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: I am a lawyer at Aird & Berlis LLP (' A&B ') · context quote: I am a lawyer at Aird & Berlis LLP (' A&B ') and, as such, I have knowledge of the matters to which I hereinafter depose.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 695.17 · quote: The average hourly rate of A&B is $695.17 (excluding HST). · scope: A&B (excluding HST) · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: I am a lawyer at Aird & Berlis LLP (' A&B ') · context quote: I am a lawyer at Aird & Berlis LLP (' A&B ') and, as such, I have knowledge of the matters to which I hereinafter depose.; form: prose · rows: · money: tax: label: HST · quote: and HST of $6,948.51 · amount: 6948.51 · fees: quote: including fees in the amount of $53,265.00 · amount: 53265 · total: quote: total $60,398.60, including fees in the amount of $53,265.00 plus disbursements of $185.09, and HST of $6,948.51 · amount: 60398.6 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: plus disbursements of $185.09 · amount: 185.09 · period: end: 2026-02-15 · kind: invoice · quote: The total interim fees and disbursements of A&B for the period of January 16, 2026, to February 15, 2026 · start: 2026-01-16 · approval: state: unstated · averages: · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: I am a lawyer at Aird & Berlis LLP (' A&B ') · context quote: I am a lawyer at Aird & Berlis LLP (' A&B ') and, as such, I have knowledge of the matters to which I hereinafter depose.; form: prose · rows: · money: total: quote: in the amount of $40,067.29, inclusive of HST and disbursements · amount: 40067.29 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-03-31 · kind: invoice · quote: for the period from February 17, 2026 to March 31, 2026 · start: 2026-02-17 · approval: state: unstated · averages: rate: 758.79 · quote: The average hourly rate of A&B is $758.79. · scope: A&B · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: A&B has prepared a statement of account dated March 31, 2026 · context quote: to the Proposal Trustee, A&B has prepared a statement of account dated March 31, 2026, which details its services rendered and fees incurred for the period from February 17, 2026 to March 31, 2026 in the amount of $40,067.29, inclusive of HST and disbursements in connection with its fees and disbursements (' Statement of Account ').
- operational summaryThe Company continues to operate and fulfill existing customer orders while pursuing a sale of substantially all its business and assets to the stalking horse bidder (ATMIS), having experienced a liquidity crunch requiring additional DIP and secured promissory note funding.
- professional feesnote: Includes fees $73,286.50 plus disbursements $7,008.00 and HST $10,438.29; A&B counsel fees for same period totaled $40,067.29 including fees $35,359.50, disbursements $98.28, HST $4,609.51 · party: Proposal Trustee (BDO) · amount: 90733.79 · period: February 16, 2026 to March 31, 2026 · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: As at March 31, 2026, the Company reports Concerta is owned principal of $320,461. As such, it is assumed Concerta would experience a shortfall on its security and no surplus would be available for unsecured creditors. · pct of: unstated · outcome: shortfall · class key: pmsi_lessor · stated by: proposal_trustee · class label: Concerta Equipment Finance · creditor name: Concerta Equipment Finance · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal Trustee estimates that after selling costs, the encumbered vehicles will yield no realizable value for unsecured creditors in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors (encumbered vehicles) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Excluded Liabilities are estimated to total $16,723,857, resulting in a potential distribution of 7% to 10% for unsecured creditors forming Excluding Liabilities. · pct of: unstated · outcome: distribution · pct low: 7 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors forming Excluded Liabilities · claims amount: 16723857 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: In aggregate, the blended recovery for total liabilities is estimated to range between 25% to 27% when also considering the 100% recovery for the Assumed Liabilities. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 27 · stated by: proposal_trustee · class label: total liabilities (blended) · interim final: unstated · conditional on: also considering the 100% recovery for the Assumed Liabilities · claims qualifier: unstated · stated on: 2026-04-13 · table missing: A schedule of estimated realization (the ' Schedule of Estimated Realization ') based on Information dated as at March 31, 2026, unless otherwise stated, comparing the estimated realization in a bankruptcy scenario to the estimated realization from the Stalking Horse Agreement is outlined below:; The table below summarizes the estimated recovery on total liabilities:
- report date13 April 2026
- report noFourth Report of the Proposal Trustee
- sale advisorBDO Transaction Advisory Services Inc.
- sale outcometext: Sale Process approved with Stalking Horse Agreement as minimum bid; auction to proceed if Superior Bid received · scope: whole_business · status: process_approved
- stalking horseATMIS Protective Equipment Inc. (261845)
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.