Ontario · Receivership (court-appointed)
Application Record of the Applicant dated May 5, 2026
Application / notice of application · 5 May 2026
Also filed as: Application Record of the Applicant dated May 5, 2026
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What we verified from this filing9 verified
- applicantFRONTWELL CAPITAL PARTNERS INC.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000192-0000
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeKSV RESTRUCTURING INC.
- appointee roleProposed receiver
- secured creditorsnote: Revolving credit facility under Frontwell Credit Agreement dated Dec 12/16, 2022 (as amended); facility limit established at $15,000,000 (Dec 16, 2022), increased to $20,000,000 (May 9, 2023), then to $45,000,000 (Dec 4, 2023) - these are facility limits, not balances; amount stated excludes fees, expenses and accrued interest from and after March 31, 2026; per Intercreditor Agreement dated Dec 16, 2022, Frontwell holds first ranking/senior lien on ABL Priority Collateral, second ranking/subordinate lien on Canadian Term Priority Collateral (behind XOBPGC), and second ranking/subordinate lien on US Term Priority Collateral (behind EDC) · page: 17 · as of: 2026-05-01 · amount: 22547204 · debtor: Mara Technologies USA Inc., Mara Technologies Inc. (Borrowers), Invotek Group USA Inc., Invotek Group Inc. (Guarantors) - the Debtors · creditor: Frontwell Capital Partners Inc. · currency: CAD · security: US and Canadian General Security Agreements dated December 16, 2022 granted by Mara US, Mara Canada, Invotek US and Invotek Canada in favour of Frontwell (blanket all-asset security); Guaranty dated December 16, 2022 by Invotek Group Inc. and Invotek Group USA Inc.; PPSA financing statements registered in Ontario and UCC financing statements filed with the Michigan Department of State
- secured creditorsnote: The BMO Facilities were recently acquired by XOBPGC Holdings Inc., which is non-arm's length to management of the Debtors - related party · page: 37 · debtor: Mara Technologies Inc. (Mara Canada) · creditor: XOBPGC Holdings Inc. · currency: CAD · security: Successor to Bank of Montreal (BMO) loan agreement comprising (i) a Master Equipment Leasing Facility limit of $2.1M and (ii) a corporate credit card facility limit of $100,000 (facility limits, not stated balances); per Intercreditor Agreement, XOBPGC holds first ranking/senior lien on Canadian Term Priority Collateral (equipment and real property of Invotek Canada and Mara Canada), third ranking/subordinate lien on ABL Priority Collateral, and no liens on US Term Priority Collateral
- secured creditorsnote: EDC Loan Agreement dated November 22, 2022; initial borrowing USD $21,000,000, later increased to USD $29,600,000 (facility limits, not balances); document does not explicitly restate currency for the $36.7 million outstanding figure - assumed USD consistent with the facility's original denomination · page: 37 · as of: 2026-02-28 · amount: 36700000 · debtor: the Debtors (Mara Technologies Inc., Mara Technologies USA Inc., Invotek Group Inc., Invotek Group USA Inc.) · creditor: Export Development Canada (EDC) · currency: USD · security: Subject to Intercreditor Agreement dated December 16, 2022; EDC holds third ranking/subordinate lien on Canadian Term Priority Collateral, second ranking/subordinate lien on ABL Priority Collateral, and first ranking/senior lien on US Term Priority Collateral (equipment and real property of Invotek US and Mara US located in the United States)