Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 9, 2026 (for motion returnable September 18, 2026)
Court officer report · 9 September 2026
What we verified from this filing13 verified
- secured creditorsnote: Property taxes and related charges past due per tax certificate, exclusive of ongoing interest and penalties. · page: 8 · as of: 2026-08-11 · amount: 36068.28 · debtor: 2694272 Ontario Ltd. · creditor: Municipality of Central Elgin · currency: CAD · security: Special lien on Real Property under s.349 Municipal Act, 2001, ranking in priority to Caisse Mortgages
- secured creditorsnote: Two facilities: variable credit agreement dated Apr 12, 2024 (principal $750,000.00) and loan agreement dated Sept 26, 2024 (principal $1,443,750.00) - principal amounts, not balances. Security opinion from Miller Thomson confirms validity/enforceability. Excludes professional fees, disbursements and taxes, continuing to accrue. · page: 8 · as of: 2026-09-04 · amount: 2158551.57 · debtor: 2694272 Ontario Ltd. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Collateral mortgages registered May 15, 2026 and Oct 1, 2024 (with related assignment of rents) against Real Property, plus GSA and PPSA registration (Apr 12, 2024) over inventory, equipment, accounts, other, MV
- secured creditorsnote: Registered amount, not confirmed outstanding balance. Vehicle not located; status under investigation. · page: 9 · debtor: 2694272 Ontario Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration Nov 6, 2024 against 2024 Jeep Wrangler (VIN 1C4PJXFG5RW199873); registered amount $74,821.42
- secured creditorsnote: Amounts owing not confirmed by Receiver. · page: 9 · debtor: 2694272 Ontario Ltd. · creditor: Vault Credit Corporation · currency: CAD · security: Two PPSA registrations: (i) Oct 15, 2025 - universality over present/future movable/personal property, equipment, accounts; (ii) Mar 18, 2026 - security interest in receivables, future revenues and account under business advance agreement
- secured creditorsnote: Registered amounts, not confirmed balances. Equipment not located; status under investigation. · page: 9 · debtor: 2694272 Ontario Ltd. · creditor: Kubota Canada Ltd. · currency: CAD · security: PPSA equipment financiers (PMSI class) - registrations against 2021 Kubota SVL97-2 (registered amount $44,059, Dec 22, 2025) and 2017 Kubota KX033-4 (registered amount $45,204, May 24, 2022)
- secured creditorsnote: Amount owing not confirmed by Receiver. · page: 9 · debtor: 2694272 Ontario Ltd. · creditor: Merchant Opportunities Canada Limited Partnership · currency: CAD · security: PPSA registration Mar 12, 2026 over all present and after-acquired personal property, including future debit/credit card receivables
- secured creditorsnote: Deemed trust class - Source Deduction Deemed Trust Amount (income tax, CPP, EI) per CRA statement of account; no proof of claim filed. Separately, CRA GST/HST arrears of $40,395.30 as of same date had $0 deemed trust portion. Will not continue to accrue after Aug 21, 2026 as Company ceased operating. · page: 9 · as of: 2026-08-21 · amount: 33623.79 · debtor: 2694272 Ontario Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Crown deemed trust priority over Caisse Mortgages
- secured creditorsnote: Secured claim per filed Form 31 proof of claim (Appendix G); vehicle located at Ford dealership. · page: 10 · as of: Form 31 proof of claim · amount: 75289.31 · debtor: 2694272 Ontario Ltd. · creditor: Ford Credit Canada Leasing, Division of Canadian Road Leasing Company · currency: CAD · security: PPSA registration Nov 8, 2024 against 2024 Ford Bronco (VIN 1FMDE8BH5RLB08447)
- unsecured creditorsnote: Amount not yet determined. · page: 11 · basis: Listed as unsecured creditor in preliminary creditors' listing referred to by the Receiver · debtor: 2694272 Ontario Ltd. · creditor: Ontario Ministry of Finance · currency: CAD
- unsecured creditorsnote: Unsecured portion of GST/HST arrears, over and above deemed trust amount (deemed trust portion was $0 for GST/HST). · page: 11 · as of: 2026-08-21 · basis: CRA statement of account · amount: 30395.3 · debtor: 2694272 Ontario Ltd. · creditor: Canada Revenue Agency (GST/HST arrears, unsecured portion) · currency: CAD
- unsecured creditorsnote: Unsecured portion of income tax, CPP and EI arrears, penalties and interest, over and above the $33,623.79 Source Deduction Deemed Trust Amount. · page: 11 · as of: 2026-08-21 · basis: CRA statement of account · amount: 43168.59 · debtor: 2694272 Ontario Ltd. · creditor: Canada Revenue Agency (income tax, CPP, EI arrears, unsecured portion) · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $48,232.50 · amount: 48232.5 · approximate: false · period: kind: unstated · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel, Miller Thomson LLP (' Miller Thomson ') as outlined herein and detailed in the supporting fee affidavits appended hereto · state: sought · averages: rate: 497.76 · quote: The average hourly rate billed by the Receiver during the Period is $497.76. · scope: Receiver · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This first report (the ' First Report ') is filed by Albert Gelman Inc. (' AGI '), in its capacity as the Court-appointed receiver and manager, without security (the ' Receiver '), of all of the assets, undertakings and properties · hours total: quote: 96.9 hours at an average hourly rate of $497.76 · value: 96.9 · context quote: in its capacity as the Court-appointed receiver and manager, without security (the ' Receiver '); form: prose · rows: · money: fees: quote: for total fees of $9,325.50 · amount: 9325.5 · total: quote: accounts totaling $10,875.43, inclusive of disbursements and applicable taxes · amount: 10875.43 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-08-21 · kind: invoice · quote: in respect of the period from July 24, 2026 to August 21, 2026 · start: 2026-07-24 · approval: quote: approving the fees and disbursements of the Receiver and its legal counsel, Miller Thomson LLP (' Miller Thomson ') as outlined herein and detailed in the supporting fee affidavits appended hereto · state: sought · averages: rate: 605.55 · quote: Miller Thomson's fees encompass 15.4 hours at an average hourly rate of $605.55 · scope: Miller Thomson · currency: · invoices: · firm text: Miller Thomson LLP · firm quote: approving the fees and disbursements of the Receiver and its legal counsel, Miller Thomson LLP (' Miller Thomson ') · hours total: quote: 15.4 hours at an average hourly rate of $605.55 · value: 15.4 · context quote: the Receiver and its legal counsel, Miller Thomson LLP (' Miller Thomson ')
- recovery outcomeentries: basis: estimated · quote: Caisse is the fulcrum creditor as the CRA will receive a full recovery on its anticipated deemed trust amount. · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: receiver · class label: CRA (Source Deduction Deemed Trust Amount) · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Caisse is projected to suffer a shortfall in the Transaction but is nonetheless supportive and feels that this is the best option for it in the circumstances. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Caisse Mortgage · creditor name: Caisse · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given that Caisse will suffer a shortfall in respect of the Caisse Mortgages, there will be no distribution to any other secured or unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other secured or unsecured creditors · interim final: unstated · conditional on: Caisse suffering a shortfall in respect of the Caisse Mortgages · claims qualifier: unstated; basis: unstated · quote: The Receiver notes that the Company's directors had previously executed the Original APS at the same Purchase Price, reflecting that they recognized that there would be no recovery to equity. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: equity · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-09 · table missing: