Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated September 25, 2026
Application / notice of application · 25 September 2026
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
- secured creditorsnote: Amount is per BMO payout statement as at September 16, 2026, with interest and costs continuing to accrue. Earlier figure: approx. $23.5 million and USD$20,000 as of April 28, 2026 (exclusive of accruing interest, legal fees and disbursements). BMO demanded payment May 1, 2026 and issued BIA s.244 notices. Fasken security opinion: BMO Security valid and enforceable, subject to customary assumptions and qualifications (confirmed). BMO is the only creditor with a charge registered on title to the Thorndale Property. As of May 31, 2026 balance sheet, BMO operating line approx. $3.1 million and term debt approx. $16.8 million (unaudited). · page: 29 · as of: 2026-09-16 · amount: 23735454 · debtor: TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc. (cross-guaranteed) · creditor: Bank of Montreal · currency: CAD · security: GSA over all present and future personal property (original GSA July 25, 2022; TNT attornment April 1, 2023); Bank Act (Canada) s.427 security dated July 25, 2022; debenture by Plant 22 dated July 25, 2022 registered as a $10 million charge/mortgage on the Thorndale Property (a registered charge amount, not the balance); cross-guarantees among the Companies; limited recourse guarantees from TRS Holdco and ATRS Real Estate
- secured creditorsnote: Stated total owing to Vendors: Vendor VTB (including interest) $5,355K + Vendor Earnout $4,000K = Total Vendor Indebtedness $9,355K, plus contingent consideration payable $303K = $9,658K (unaudited). Celina's representatives advise these amounts may not be accurate and that its current understanding is approx. $12.8 million owing to the Vendors. The Receiver does not expect there to be funds to distribute to the Vendors. Subordinated to BMO. · page: 30 · as of: 2026-05-31 · amount: 9658000 · debtor: TRS Components Ltd. · creditor: Whirl 2 Ltd., 2070400 Ontario Ltd., Jeff Young and Chad Lambourn (the Vendors; Vendor VTB and Vendor Earnout) · currency: CAD · security: Vendor VTB secured by all present and after-acquired assets, undertaking and property of TRS under a general security agreement dated July 25, 2022; subject to a postponement and subordination agreement in favour of BMO dated July 25, 2022
- secured creditorsnote: Stated Fox Indebtedness: Fox VTB $4,000K + Fox Earnout $1,800K = $5,800K (unaudited). Celina's representatives advise the amount may not be accurate and that its current understanding is approx. $4 million owing to FII. Related party: Mark Fox is sole shareholder of Fox Investments Inc. and, through 1213558 Ontario Inc., an indirect shareholder of TRS Holdco. The Receiver does not expect there to be funds to distribute to FII. Subordinated to BMO. · page: 31 · as of: 2026-05-31 · amount: 5800000 · debtor: TRS Components Ltd. · creditor: Fox Investments Inc. (Fox VTB and Fox Earnout) · currency: CAD · security: Fox VTB secured by the property and undertaking then owned or thereafter acquired by TRS under a general security agreement dated April 1, 2023; postponement, subordination and standstill agreement in favour of BMO dated April 1, 2023
- financial positionnote: Total shareholders' equity (deficiency) of $(495)K; share capital $11,800K, retained earnings $(7,416)K, YTD net income $(4,879)K. Total assets as presented include a $(3,056)K BMO operating line line item within current assets. Liabilities include BMO long-term debt $16,777K, Vendor Indebtedness $9,355K plus contingent consideration $303K, Fox Indebtedness $5,800K, capital leases $22K, accounts payable $3,731K, deferred revenue $755K, income taxes payable $102K and due to related parties $187K. Related-party creditor positions per Celina may be higher than booked (see secured creditor notes). · page: 74 · as at: 2026-05-31 · basis: Unaudited consolidated balance sheet; the Companies advised that externally reviewed financial statements have not been issued since FY2023. Book values. The Receiver states goodwill ($15,733K) and intangible assets ($11,449K) together with the approx. $1.1 million TNP receivable (combined book value approx. $28.3 million) have negligible, if any, value, given that TRS and TNT are insolvent, and that book value of tangible assets (accounts receivable, inventory, prepaids, capital assets) is approx. $12.4 million against secured debt of approx. $35.3 million (excluding capital leases). · scope: Consolidated TRS Components Ltd. and 976711 Ontario Inc. (TNT) only; Plant 22 Ltd. is not included in this balance sheet. · currency: CAD · total assets: 36532000 · total liabilities: 37027000
- unsecured creditorsnote: Taxing authority not named on the balance sheet line; tax claim not stated as deemed trust. Separately, the First Report states the Receiver has received no notice of any unpaid sales tax amounts owing and the Purchaser has agreed to assume any unpaid sales taxes and unremitted source deductions due at closing. · page: 74 · as of: 2026-05-31 · basis: Unaudited consolidated balance sheet as of May 31, 2026 · amount: 102000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Income taxes payable (aggregate) · currency: CAD
- unsecured creditorsnote: Related-party balances; individual parties not named on the balance sheet. · page: 74 · as of: 2026-05-31 · basis: Unaudited consolidated balance sheet as of May 31, 2026; current liability 'Due to related parties' $187K, plus a separate long-term line of $(5)K · amount: 187000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Related parties (due to related parties, aggregate) · currency: CAD
- unsecured creditorsnote: Document names no individual customers. · page: 75 · as of: 2026-05-31 · basis: Unaudited consolidated balance sheet as of May 31, 2026; deposits received from customers for future orders · amount: 755000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated) · creditor: Deferred revenue (customer deposits for future orders, aggregate) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors. Excludes off-balance-sheet obligations, including amounts that may be owing to employees for termination and severance pay, real property lessors on termination of leases, and unpaid HST (including amounts that may be owing in respect of two CRA audits presently being conducted). Purchasers intend to assume substantially all obligations owing to trade creditors as Assumed Liabilities. · page: 75 · as of: 2026-05-31 · basis: Unaudited consolidated balance sheet of TRS and TNT as of May 31, 2026; accounts payable and accrued liabilities represent amounts owing to suppliers, service providers and rent, plus accruals for payroll and other normal course obligations · amount: 3731000 · debtor: TRS Components Ltd. and 976711 Ontario Inc. (consolidated, net of intercompany balances) · creditor: Trade creditors, service providers and landlords (accounts payable and accrued liabilities, aggregate) · currency: CAD