Ontario · Receivership (court-appointed)
Application Record of Cortland Credit Lending Corporation dated April 6, 2026
Application / notice of application · 6 April 2026
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What we verified from this filing18 verified
- applicantCORTLAND CREDIT LENDING CORPORATION
- commencement date6 April 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000142-0000
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, as amended, and section 101 of the Courts of Justice Act, RSO 1990, c C.43, as amended
- appointeeKSV RESTRUCTURING INC.
- appointee roleProposed receiver
- secured creditorspage: 14 · debtor: Stoneworks Technologies Inc. · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: Guarantee and security granted in favour of Cortland relating to Borrower's Indebtedness under the Credit Agreement (specific instrument names/dates not detailed on these pages).
- secured creditorsnote: Outstanding balance under Credit Facility, inclusive of principal and accrued interest; one paragraph states interest accrued 'as at March 12, 2026' while the balance itself is stated 'as at March 31, 2026' - document's own inconsistency. · page: 15 · as of: 2026-03-31 · amount: 39779089.64 · debtor: Sequent AI Ltd. (Borrower) · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: General Security Agreement dated March 3, 2022 ("Borrower GSA") and Transfer and Assignment of Insurance Agreement dated March 3, 2022; perfected by financing statement in the Ontario PPR; ON PPR search dated March 20, 2026 confirms Cortland, as agent, is first-ranking secured creditor against Borrower's personal property. Credit Facility total commitment stated as CA$41,000,000 (facility limit, not a balance).
- secured creditorspage: 15 · debtor: P J S Systems Inc. · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: Guarantee and security granted in favour of Cortland relating to Borrower's Indebtedness under the Credit Agreement (specific instrument names/dates not detailed on these pages).
- secured creditorsnote: Secures Stoneworks Exchangeco's guarantee of Borrower's Indebtedness (CA$39,779,089.64 as at March 31, 2026); not a separate stated balance. · page: 16 · debtor: Fulcrum Stoneworks Exchangeco Ltd. (Guarantor) · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: Guarantee dated June 29, 2023; General Security Agreement dated June 29, 2023; perfected by ON PPR financing statement - PPR search dated March 20, 2026 confirms Cortland, as agent, is first-ranking secured creditor against Stoneworks Exchangeco's personal property.
- secured creditorsnote: Secures Exchangeco's guarantee of Borrower's Indebtedness (CA$39,779,089.64 as at March 31, 2026); not a separate stated balance. · page: 16 · debtor: Sequent AI Exchangeco Ltd. (Guarantor) · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: Guarantee dated June 29, 2023; General Security Agreement dated June 29, 2023; perfected by ON PPR financing statement - PPR search dated March 20, 2026 confirms Cortland, as agent, is first-ranking secured creditor against Sequent Exchangeco's personal property.
- secured creditorsnote: Asserted/unconfirmed claim referenced in correspondence; status and applicability to specific Debtor entity unclear on these pages - disputed/unconfirmed. · page: 33 · debtor: Sequent AI / Fulcrum Technology Holdings Ltd. (client files) · creditor: Blakes, Cassels & Graydon LLP · currency: CAD · security: Solicitor's lien asserted by letter received via email January 24, 2026, addressed to 'Sequent AI' asserting a lien over 'Fulcrum Technology Holdings Ltd.' and 'Sequent AI' client files.
- secured creditorsnote: Personal guarantor/pledgor - individual; Notice of Intention to Enforce Security served March 12, 2026 (Clementi Demand). · page: 34 · debtor: Giuseppe Antonio Clementi · creditor: Cortland Credit Lending Corporation (as agent for the Lenders) · currency: CAD · security: Pledge agreement dated January 26, 2026 ("Clementi Pledge") over Mr. Clementi's shares in Stoneworks Technologies Inc.
- secured creditorsnote: Permitted Lien/Permitted Debt defined in Credit Agreement Schedule 1.1. · page: 151 · debtor: Stoneworks Technologies Inc. · creditor: Toronto-Dominion Bank · currency: CAD · security: Lien in connection with credit card debt (Stoneworks-TD Credit Card Debt), limited to cash collateral not exceeding $250,000 at any time (registered cap, not a stated balance).
- secured creditorsnote: Permitted Lien/Permitted Debt defined in Credit Agreement Schedule 1.1. · page: 151 · debtor: iON United Inc. / iON United (US), LLC · creditor: Royal Bank of Canada · currency: CAD · security: Lien in connection with credit card debt (iON-RBC Credit Card Debt), limited to cash collateral not exceeding $200,000 at any time (registered cap, not a stated balance).
- secured creditorsnote: Distinct capacity from Cortland's role as agent for the Lenders under the main Credit Facility; amount not stated. · page: 151 · debtor: Sequent AI Exchangeco Ltd. · creditor: Cortland Credit Lending Corporation (direct creditor, not as agent) · currency: CAD · security: Lien granted by Sequent AI Exchangeco Ltd. in favour of Cortland Credit Lending Corporation in connection with the Cortland-Genesis Debt (Existing Debt).
- secured creditorsnote: Originally required to be repaid/discharged within 30 days of Closing Date; Amendment No. 4 (dated May 8, 2025) removed the discharge requirement, indicating the debt/lien may continue. · page: 214 · debtor: P J S Systems Inc. · creditor: Toronto-Dominion Bank · currency: CAD · security: Lien in connection with PJS-TD Debt (Existing Debt of PJS owing to Toronto-Dominion Bank).