Ontario · Receivership (court-appointed)
First Report of Ernst & Young Inc., in its capacity as Court-appointed Receiver of Delviro Inc. dated May 16, 2025 Appendix A Appointment Order dated April 14, 2025 Confidential Appendix B 2024 Asset Listing dated May 13, 2024 Confidential Appendix C Summary of six proposals submitted by liquidation services firms Appendix D Auction Agreement between the Receiver and Maynards Industries II Canada Ltd. dated May 15, 2025 (redacted) Confidential Appendix E Auction Agreement between the Receiver and Maynards Industries II Canada Ltd. dated May 15, 2025 (unredacted)
Court officer report · 16 May 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 filing1 verified
- secured creditorsnote: No stated outstanding balance in these pages; Debtor in default under Offer to Finance since late 2023. Personal guarantee of obligations provided by Joseph (Joe) Delonghi, sole officer/director, dated February 16, 2023, in the maximum amount of $1,000,000 plus interest (personal guarantor, related party). Subordination agreement dated February 16, 2023 subordinating all claims/sums owed by Debtor to Mr. Delonghi to National Bank's claims. National Bank also supports/funds the receivership post-filing via Receiver's Borrowing Certificates (separate from pre-filing claim). · page: 4 · debtor: Delviro Inc. · creditor: National Bank of Canada · currency: CAD · security: General security agreement dated February 17, 2023 over all Property; PPSA registration (Ontario) February 24, 2023 against all classes of collateral except consumer goods and motor vehicles; designated beneficiary of Property insurance proceeds. Credit facilities (facility limits, not balances): line of credit max $3,000,000; term loan max $2,000,000; global net risk line for derivatives max $200,000; credit card max $100,000 (the 'National Bank Loan').