Ontario · Receivership (court-appointed)
First Report of the Receiver dated
Court officer report · 3 May 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing21 verified
- unsecured creditorsnote: Disputed claim for damages relating to spoiled inventory; not reflected in 215 and/or 272's financial statements · page: 14 · basis: Claim asserted by Langer · amount: 666844.02 · debtor: 2156775 Ontario Inc. · creditor: Langer Juice Co. Inc. · currency: CAD
- unsecured creditorsnote: Preferred: wages ($82,094.17), vacation pay ($43,511.32), overtime pay ($1,416.91), public pay ($2,014.54), termination pay ($68,019.31), severance pay ($51,949.68), administrative fee ($24,900.60); may constitute deemed trust claims under the Employment Standards Act ranking in priority to other creditors · page: 16 · as of: as reported per Orders to Pay · basis: Sixteen Orders to Pay issued by MOL · amount: 273906.53 · debtor: 2156775 Ontario Inc. · creditor: Ontario Ministry of Labour (Orders to Pay - former employees) · currency: CAD
- unsecured creditorsnote: Unremitted HST; deemed trust claim, may rank in priority to other secured and unsecured creditor claims · page: 16 · as of: 2021-12-01 · basis: CRA statements of account obtained by the Receiver · amount: 7878261 · debtor: 2156775 Ontario Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unremitted source deductions; deemed trust claim, may rank in priority to other secured and unsecured creditor claims · page: 16 · as of: 2021-12-01 · basis: CRA statements of account obtained by the Receiver · amount: 71046 · debtor: 2156775 Ontario Inc. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Vehicle financing; registered amount · page: 17 · as of: June 2, 2022 (registration date) · amount: 19435 · debtor: 2156775 Ontario Inc. · creditor: Norseman Truck & Trailer Services Ltd. · currency: CAD · security: 2 Trailmobile Vans
- secured creditorsnote: PPSA registration against 215; no registered amount stated · page: 17 · as of: April 6, 2022 (registration date) · debtor: 2156775 Ontario Inc. · creditor: CWB · currency: CAD · security: Assignment and Postponement Agreement
- secured creditorsnote: Related party (272's sole shareholder, officer, director; Mr. D'Angelo's common law spouse); registration also made against 272's assets for $450,000; validity/enforceability opinion not sought by Receiver · page: 18 · as of: February 18, 2021 (registration date) · debtor: 2156775 Ontario Inc. · creditor: Ms. Gemma Runaghan · currency: CAD · security: Alleged general security interest; PPSA registration in amount of $100 million (registered amount, not a balance)
- secured creditorsnote: Related party (215's sole officer/director; Debtors' directing mind) · page: 18 · as of: February 18, 2021 (registration date) · debtor: 2156775 Ontario Inc. · creditor: Mr. Frank D'Angelo · currency: CAD · security: Alleged general security interest; PPSA registered amount of $20 million (registration ceiling, not a balance)
- secured creditorsnote: Aggregated PMSI-class serialized equipment/vehicle financiers per PPSA registry search; individual registered amounts where stated are financing ceilings, not confirmed balances · page: 18 · as of: various registration dates 2017-2022, per PPSA search current April 12, 2023 · debtor: 2156775 Ontario Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized equipment/vehicles: Summit Lease (2019 Volvo VNL x2, $117,209 each registered amount); Tricor Lease & Finance Corp. (2021 Ford Mustang, $92,191); Ford Credit Canada Leasing (2021 Ford F150); Tricor Lease & Finance Corp./Summit Lease (2020 Jaguar I-Pace, $89,500); Blue Chip Leasing Corporation (2 x 2020 Heli forklifts); Toyota Industries Commercial Finance Canada Inc. (materials handling equipment); De Lage Landen Financial Services Canada Inc. (2019 Heli forklift); Penske Truck Leasing (2 x 2019 Volvo VNL64300, partially discharged); Locations De Camion Penske Canada Inc. (2019 Freightliner M2, partially discharged); Meridian Onecap Credit Corp. (2 x 2016 Doosan lift trucks); Penske Truck Leasing Canada Inc. (2017 Volvo VNL64300)
- secured creditorsnote: Registered amount not stated (N/A) · page: 19 · as of: September 27, 2019 (late renewal of September 25, 2009 registration) · debtor: 2156775 Ontario Inc. · creditor: Arizona Beverages USA LLC · currency: CAD · security: Alleged general security interest
- secured creditorsnote: Registered amount not stated (N/A) · page: 19 · as of: March 20, 2012 (registration date) · debtor: 2156775 Ontario Inc. · creditor: Toronto Dominion Bank · currency: CAD · security: Alleged general security interest
- unsecured creditorsnote: Approximate rent arrears plus costs in respect of Eastgate Locations; component of larger accounts payable figure · page: 20 · as of: 2021-02-04 · basis: Notices issued by Landlords and D'Angelo Transcripts · amount: 5100000 · debtor: 2156775 Ontario Inc. · creditor: Rovinelli Holdings Ltd. / Eastgate Group Inc. (Landlords - rent arrears) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure; includes rent arrears of approximately $5.1 million (Eastgate) plus approximately $299,938 (Tomken Premises) referenced separately · page: 20 · as of: 2021-02-04 · basis: Unaudited financial statements provided by Feldstein & Associates LLP · amount: 22248477 · debtor: 2156775 Ontario Inc. · creditor: Trade accounts payable (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Rent arrears re Tomken Premises; component of larger accounts payable figure · page: 20 · as of: 2021-02-04 · basis: Notices issued by Landlords and D'Angelo Transcripts · amount: 299938 · debtor: 2156775 Ontario Inc. · creditor: Landlord (Tomken Premises) · currency: CAD
- unsecured creditorsnote: Purportedly owing by 215 to Arizona under promissory notes; disputed; not confirmed by Receiver · page: 21 · as of: 2022-09-30 · basis: Motion for summary judgment filed by Arizona · amount: 4600000 · debtor: 2156775 Ontario Inc. · creditor: Arizona Beverages USA LLC · currency: CAD
- unsecured creditorsnote: Related party (family holding company of the Barry Sherman estate; shareholder); unsecured advances · page: 21 · as of: 2021 financial statements · basis: 215's 2021 financial statements · amount: 120205666 · debtor: 2156775 Ontario Inc. · creditor: Sherfam Inc. · currency: CAD
- unsecured creditorsnote: Purportedly owing to ABC under promissory note(s); disputed; not confirmed by Receiver · page: 21 · as of: 2022-09-30 · basis: Motion for summary judgment filed by Arizona · amount: 1600000 · debtor: 2156775 Ontario Inc. · creditor: Arizona Beverages USA LLC (ABC) · currency: CAD
- financial positionnote: Total liabilities not stated by document; components: current liabilities $14,272,112 (bank indebtedness $6,466 nil in this period per table, accounts payable $14,265,646, income taxes payable nil) plus long-term due to shareholder $2,588,298 and due to 2156775 Ontario Inc. $2,139,026 (long-term subtotal $4,727,324); deficit -$1,258,054; comparative August 31, 2021 column shows total assets $16,023,913. 215's balance sheet as at Feb 4, 2021 is presented as an image/table on page 9 but full liability total not extracted verbatim here beyond accounts payable of $22,248,477 already reported as unsecured creditor entry. · page: 23 · as at: 2022-01-31 · basis: Unaudited financial statements · scope: entity - 2722959 Ontario Inc. only · currency: CAD · total assets: 17741383 · total liabilities: 19000437
- unsecured creditorsnote: Document names no individual creditors for this aggregate; comparative balance sheet also shows $11,891,530 as at August 31, 2021 (note: use later date column) · page: 23 · as of: 2022-01-31 · basis: 272's unaudited financial statements (balance sheet) · amount: 14265646 · debtor: 2722959 Ontario Inc. · creditor: 272 - Accounts Payable (aggregate as reported) · currency: CAD
- secured creditorsnote: Facility limit: $100,000 demand loan, $500,000 non-revolving demand loan, $25,000 corporate credit card; $500,000 advanced April 7, 2022; security opinion confirms valid and enforceable against 272 and effective against a trustee in bankruptcy · page: 24 · as of: approximately, per commitment letter April 4, 2022 · amount: 625000 · debtor: 2722959 Ontario Inc. · creditor: Canadian Western Bank · currency: CAD · security: General Security Agreement dated April 5, 2022; Assignment and Postponement Agreements from 215 and Ms. Runaghan
- secured creditorsnote: Related party (shareholder); registered amount, not confirmed balance; Receiver has not sought legal opinion on validity/enforceability · page: 26 · as of: registration date (unstated, per PPSA search current April 12, 2023) · amount: 450000 · debtor: 2722959 Ontario Inc. · creditor: Ms. Gemma Runaghan · currency: CAD · security: Security interest in 272's personal property