Ontario · Interim receivership
Third Report of the Proposal Trustee and Interim Receiver
Court officer report · 7 August 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
- secured creditorsnote: Described as Assembly's 'principal secured creditor'; delivered demand notices for repayment of the 'PaceZero Facilities' to Assembly and its guarantors on or about April 27, 2026 (personal/corporate guarantees exist, individuals not named); PaceZero previously served a notice of intention to enforce security and the statutory notice period has expired; counsel provided a security opinion dated July 20, 2026 confirming the PaceZero Security is valid and effective, subject to usual assumptions and qualifications; PaceZero Security ranks ahead of the Interim Receiver's/Administration Charges except for fees incurred up to July 20, 2026, per court order priority scheme. · page: 25 · debtor: Assembly Corp. · creditor: PaceZero Sustainable Credit Fund II (by its general partner PaceZero Capital Partners GP II Ltd.) · currency: CAD · security: PaceZero Security - first-ranking security interest over Assembly's cash balances and its property (blanket all-asset security); no dollar balance stated in the reviewed pages
- unsecured creditorsnote: Loftin (Assembly's contractor) was responsible for preservation costs under its contract on certain Projects and continued paying such costs 'notwithstanding the significant amounts owed to it by Assembly'; no dollar figure is given in the reviewed pages. · page: 32 · basis: Referenced in the Third Report as a contractor owed significant unquantified amounts by Assembly · debtor: Assembly Corp. · creditor: Loftin Ltd. · currency: CAD
- secured creditorsnote: Per the Summary of Registered Lien Claims as of August 6, 2026 (Appendix L); this aggregate is indicative only and likely includes overlapping lien claims asserted at different levels of the construction pyramid; the validity, quantum and priority of each claim remain to be determined; the total includes a lien claim registered by Assembly itself against the Kingston Project in the amount of $2,830,581.09 on July 28, 2026 (an asset/claim of Assembly, not a liability of Assembly). · page: 36 · as of: 2026-08-06 · amount: 20542571 · debtor: Assembly Corp. (liens registered against the real property of the applicable Project Owners for amounts allegedly owed in connection with Assembly's construction work) · creditor: Construction lien claimants (aggregate, registered against the Projects) · currency: CAD · security: Construction liens registered under the Construction Act (Ontario) against the real property of the Projects
- financial positionnote: Figures are approximations ('approximately') as stated in the First Report; not a formal audited balance sheet. · page: 48 · as at: 2026-05-23 · basis: Approximate figures as reported in the First Report of the Proposal Trustee (management-prepared, unaudited); assets consist of ~$6,170,000 current assets (cash and cash equivalents, accounts receivable, prepaid expenses, deposit and holdback receivable) and ~$1,510,000 non-current assets (property, plant and equipment and amounts owing by related entities); liabilities consist of ~$15,200,000 current liabilities (accounts payable, current loan payables, accrued loan liabilities, vacation pay accrual and holdbacks payable) and ~$8,600,000 non-current liabilities (long-term loan payables) · scope: Assembly Corp. (entity-level; wholly owned subsidiary of Assembly Holding Corp., not consolidated) · currency: CAD · total assets: 7680000 · total liabilities: 23800000
- unsecured creditorsnote: Deemed trust class (HST remittances); as of the First Report there were no net amounts owing to CRA because Assembly also holds a net ITC balance of $833,868.49 for April 2026, which if filed would eliminate the Q1 liability and produce a net refund of $720,326.76. · page: 48 · as of: Q1 2026 HST filing · basis: Stated HST liability resulting from Assembly's Q1 2026 HST filing, per First Report of the Proposal Trustee · amount: 113541.73 · debtor: Assembly Corp. · creditor: Canada Revenue Agency (HST/GST) · currency: CAD