Ontario · Receivership (court-appointed)
Receiver’s First Report to Court dated June 5, 2025 (for motion returnable June 15, 2026)
Court officer report · 5 June 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 filing10 verified
- secured creditorsnote: MPL is the former owner of the business sold to the Company; MPL entered into a subordination agreement granting TD Bank priority ahead of MPL (cession of rank); balance owing not stated · page: 7 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Maracle Press Limited (MPL) · currency: CAD · security: General security agreement registered March 14, 2024 over Inventory, Equipment, Accounts, Other, Motor Vehicle, securing deferred portion of purchase price for the printing business sold to the Company
- secured creditorsnote: Company's senior secured creditor pursuant to operating loan and term loan; A&B legal counsel opinion (April 22, 2026) confirmed the security is valid, enforceable, and properly perfected; amount stated is plus accruing interest and costs · page: 7 · as of: 2026-05-29 · amount: 1526515 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreement; PPSA registrations dated March 15, 2024 over Inventory, Equipment, Accounts, Other, Motor Vehicle (two registrations)
- secured creditorsnote: Despite the PPSA registration, the Receiver determined Merchant does not hold a secured claim against the Company's assets, as the Company neither owned nor possessed any leased equipment; Merchant instead filed a Proof of Claim asserting an unsecured claim in the bankruptcy estate · page: 8 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Merchant Opportunities Canada Limited Partnership · currency: CAD · security: PPSA registration dated February 4, 2025 over Inventory, Equipment, Accounts, Other
- secured creditorsnote: Super priority claim for unpaid wages resulting from Receiver's administration of the WEPP program; ranks ahead of all other creditors per s.81.4 BIA; included in Final Distributions to be paid first · page: 8 · amount: 4959.12 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Service Canada (Wage Earner Protection Program) · currency: CAD · security: Statutory super-priority charge under section 81.4 of the BIA attaching to the Company's current assets
- unsecured creditorsnote: None of this amount constitutes a deemed trust; does not rank ahead of secured claims · page: 8 · basis: Claim asserted by CRA in letter received by the Receiver · amount: 457931.88 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Canada Revenue Agency (unpaid payroll source deductions) · currency: CAD
- unsecured creditorsnote: Of this amount, $61,391.07 represents deemed trust funds pursuant to subsection 222(3) of the Excise Tax Act; document states this deemed trust does not give CRA priority ahead of the secured claims of TD Bank or MPL because the Company is bankrupt · page: 8 · basis: Claim asserted by CRA in letter received by the Receiver · amount: 93173.01 · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Canada Revenue Agency (unpaid HST) · currency: CAD
- unsecured creditorsnote: Amount of the filed proof of claim not stated in this document; also holds a PPSA registration but Receiver determined it does not constitute a secured claim (see secured creditors) · page: 8 · basis: Proof of Claim filed in the Company's bankruptcy estate asserting an unsecured claim · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Merchant Opportunities Canada Limited Partnership · currency: CAD
- unsecured creditorsnote: The Receiver states it is unable to determine the total quantum of unsecured claims without conducting a claims process; no distribution to unsecured creditors is expected given the anticipated shortfall to TD Bank's secured claim; document names no individual creditors beyond CRA and Merchant · page: 8 · basis: Receiver's statement that the Company has numerous unsecured creditors · debtor: 1000760489 Ontario Inc. o/a Maracle Press · creditor: Unsecured creditors (aggregate, quantum undetermined) · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The Receiver's total fees are $150,350.50 · amount: 150350.5 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 473.1 · quote: The Receiver's average hourly rate per the AGI Fee Affidavit is $473.10. · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This report (the ' First Report ') is filed by Albert Gelman Inc. (' AGI ') in its capacity as the courtappointed receiver · hours total: quote: its total hours spent is 317.8 · value: 317.8 · context quote: in its capacity as the courtappointed receiver (in such capacity, the ' Receiver '), without security; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 673.27 · quote: A&B's average hourly rate per the A&B Fee Affidavit is $673.27. · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: its legal counsel, Aird & Berlis LLP (' A&B ') · context quote: approving this First Report and the actions, conduct and activities of the Receiver and its legal counsel, Aird & Berlis LLP (' A&B '), as described herein
- recovery outcomeentries: basis: estimated · quote: Given that it is likely that TD Bank, the Company's senior secured creditor, will suffer a shortfall with respect to the repayment of its secured indebtedness, the Receiver does not expect there to be a distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Unsecured Liabilities · interim final: unstated · conditional on: If the Receiver becomes aware of potential surplus funds, following payment by the Receiver of all secured claims and priority payables, it will provide a further report to the Court seeking approval of a claims process for unsecured creditors. · claims qualifier: unstated; basis: unstated · quote: TD Bank will suffer a significant shortfall in respect of the TD Bank Debt. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Bank · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated · stated on: 2026-06-05 · table missing: