Ontario · Receivership (court-appointed)
Application Record of the Applicant dated November 4, 2025
Application / notice of application · 4 November 2025
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 filing12 verified
- applicantROYAL BANK OF CANADA
- commencement date4 November 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00004184-0000
- proceeding typereceivership_court
- 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
- 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
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- secured creditorsnote: Demand Letter/NITES dated August 8, 2025 stated total indebtedness of $1,900,349.94 as of August 8, 2025, comprising the revolving demand facility balance of $1,512,661.87 (principal $1,510,000.00 + accrued interest $2,661.87) and the credit card facility balance of $387,688.07; this earlier figure is superseded by the October 7, 2025 balance reported in the Notice of Application and Affidavit of Peter Gordon. · page: 20 · as of: 2025-10-07 · amount: 2285530.1 · debtor: 1626177 Ontario Limited (o/a Ferro Mechanical) · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated May 29, 2024 over all personal property of the Company; PPSA registration (file 505747701, registered May 27, 2024) covering inventory, equipment, accounts, other and motor vehicles; Credit Agreement dated May 28, 2024 (as amended April 8, 2025) established a revolving facility (principal limit $2,000,000.00) and a credit card facility (maximum principal $400,000.00) — these are facility limits, not balances.
- secured creditorsnote: Registration date and collateral classes only; document does not state an amount. · page: 22 · debtor: 1626177 Ontario Limited · creditor: Merchant Opportunities Canada Limited Partnership · currency: CAD · security: PPSA financing statement registered July 29, 2025 against collateral classified as inventory, equipment, accounts, and other (a blanket-style registration including accounts receivable); no balance or registration ceiling disclosed in the record.
- secured creditorsnote: Aggregated per serialized-equipment financier convention; component amounts not summed since most are unstated. The Lithia registration bearing a stated amount ($80,759.09) names Michael Filippo (sole director/President of the Company) personally as a co-debtor — possible personal vehicle financing/guarantee; individual named only here per rule. · page: 68 · debtor: 1626177 Ontario Limited · creditor: PPSA equipment financiers (PMSI class) — Toyota Credit Canada Inc.; Lithia Canada Leasing GP, Inc. / Lithia Canada Leasing, LP · currency: CAD · security: Serialized motor vehicle PMSI registrations: Toyota Credit Canada Inc. registered PPSA financing statements on December 31, 2024 against a 2024 Toyota Tundra (file 512330193, amount not stated) and a 2021 Toyota Tacoma (file 512330697, amount field shows $0); Lithia Canada Leasing GP, Inc./Lithia Canada Leasing, LP registered PPSA financing statements on September 23, 2024 (file 509393655, collateral: 2023 Porsche Cayenne, amount $80,759.09, listing both the Company and Michael Filippo personally as debtors) and March 6, 2025 (collateral: inventory/equipment/other/motor vehicle, amount not stated).