Ontario · Receivership (court-appointed)
Motion Record of the Respondents
Application / notice of application · 14 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 filing5 verified
- financial positionnote: Shareholders' equity $8,121,105. Property and equipment net book value $12,212,265. Colliers appraisal (Feb 26, 2026) values the real property at 388 Markland St. at $31,800,000 (direct comparison; income approach $24,800,000). TD mortgage balance and TD security not stated on these pages; operating facilities say secured by specific assets and a GSA, with $5,060,000 utilized at March 31, 2025; combined facility maximum $17,325,485 is a limit, not a balance. · page: 30 · as at: 2025-03-31 · basis: Unaudited balance sheet; BDO Canada LLP review engagement report dated November 6, 2025 (limited assurance, not an audit); ASPE book values · scope: Novo Plastics Inc. only (operating company); excludes 213's Markham property and its TD mortgage · currency: CAD · total assets: 26123781 · total liabilities: 18002676
- unsecured creditorsnote: Related party; subordinated to the banking facilities (Note 6). · page: 30 · as of: 2025-03-31 · basis: Unaudited balance sheet (review engagement) Note 11: unsecured, non-interest bearing, due on demand; shareholder waived demand within next fiscal year · amount: 2047163 · debtor: Novo Plastics Inc. · creditor: Due to shareholder (ultimate shareholder advances) · currency: CAD
- unsecured creditorsnote: Related party. Company also rents premises from a shareholder-owned company at $1,800,000/yr (lease to Dec 31, 2028). · page: 30 · as of: 2025-03-31 · basis: Unaudited balance sheet Note 13: unsecured, non-interest bearing, due on demand · amount: 607055 · debtor: Novo Plastics Inc. · creditor: Due to related party (company owned by ultimate shareholder) · currency: CAD
- unsecured creditorsnote: Aggregate trade/accrued figure; no individual creditors named. Also salaries and wages payable $104,838 and payroll remittances payable $39,531 on same balance sheet (Note 7 says government remittances incl. payroll taxes and WCB $99,117) — deemed-trust/preferred-type items. · page: 30 · as of: 2025-03-31 · basis: Unaudited balance sheet as at March 31, 2025 (BDO review engagement) · amount: 2311933 · debtor: Novo Plastics Inc. · creditor: Accounts payable and accrued liabilities (aggregate) · currency: CAD
- unsecured creditorsnote: Carrying amount is discounted fair value; face amounts $781,162 and $1,500,000 per Note 10. Current portion $157,503. Security not stated. · page: 41 · as of: 2025-03-31 · basis: Unaudited financial statements Note 10: non-interest bearing government loans at fair value (face $781,162 + $1,500,000) · amount: 1945718 · debtor: Novo Plastics Inc. · creditor: Federal Economic Development Agency for Southern Ontario (FedDev) and Regional Development Program government loans · currency: CAD