Ontario · Receivership (court-appointed)
Second Report of the Receiver dated February 20, 2026
Court officer report · 20 February 2026
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What we verified from this filing17 verified
- report date20 February 2026
- report noSecond Report
- operational summaryThe Receiver secured the Company's property and IT systems, completed the Sitero Transaction (including transition of purchased assets, earn-out and pipeline matters), addressed employee terminations and WEPP administration, resolved matters regarding excluded assets (Rent Deposit, Security Deposit, and Disputed Funds from Necpal Litigation Professional Corporation), and handled general and administrative matters including CRA income tax and HST audits, creditor notices, and case administration.
- professional feesReceiver's fees to January 31, 2026 total $300,440.50 excluding disbursements and HST; Chaitons' fees from July 16, 2025 to November 30, 2025 total $78,562.50, excluding disbursements and HST.
- cash on handamount: 185000 · currency: CAD
- receipts cumulativeamount: 787502 · currency: CAD
- closing confirmedscope: substantially all of Axiom's assets · outcome: completed · purchaser: Sitero Canada Inc. · date basis: unstated
- fee scheduleengagements: form: report_table · rows: · money: approximate: false · period: end: 2026-01-31 · kind: cumulative · quote: For the Period from July 11, 2025 to January 31, 2026 · start: 2025-07-11 · approval: state: unstated · averages: rate: 590.84 · quote: The average hourly rates for the Receiver and Chaitons for the referenced billing period were $590.84 and $638.20, respectively. · scope: Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Second Report of KSV Restructuring Inc. as Receiver and Manager of 2075508 Ontario Inc. · context quote: appointing KSV Restructuring Inc. (' KSV ') as the receiver and manager (the ' Receiver '); form: report_table · rows: · money: approximate: false · period: end: 2025-11-30 · kind: cumulative · label: the Accounts · quote: for the period commencing July 16, 2025 to and including November 30, 2025 (the ' Accounts ') · start: 2025-07-16 · approval: state: unstated · averages: rate: 638.2 · quote: The average hourly rates for the Receiver and Chaitons for the referenced billing period were $590.84 and $638.20, respectively. · scope: Chaitons · currency: · invoices: · firm text: Chaitons · firm quote: the average hourly rates for the Receiver and Chaitons for the referenced billing period were $590.84 and $638.20, respectively. · context quote: for the period commencing July 16, 2025 to and including November 30, 2025 (the ' Accounts '); form: prose · rows: · money: total: quote: unbilled work in process for the period ending January 31, 2026 totalling $331.59 (including HST) · amount: 331.59 · includes tax: true · approximate: false · period: end: 2026-01-31 · kind: unstated · quote: for the period ending January 31, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: Chaitons · firm quote: Chaitons also has unbilled work in process for the period ending January 31, 2026 totalling $331.59 (including HST). · context quote: Chaitons also has unbilled work in process for the period ending January 31, 2026 totalling $331.59 (including HST).
- operational summaryThe Company sold substantially all its business assets to Sitero via the Sitero Transaction and no longer operates; the Receiver is now focused on litigation claims and administrative wind-down matters.
- process resultsbids: 3 · ndas: 30 · note: figures reproduced from the Proposed Receiver's Report dated July 7, 2025 · as of: 2025-07-07
- professional feesnote: Chaitons (Receiver's counsel) fees from July 16, 2025 to November 30, 2025 total $78,562.50, excluding disbursements and HST; both figures exclude disbursements and HST · party: Receiver (KSV Restructuring Inc.) · amount: 300440.5 · period: commencement of the receivership proceeding to January 31, 2026 · currency: CAD
- purchaserSitero Canada Inc.
- recovery outcomeentries: basis: estimated · quote: NBC, which is expected to incur a significant shortfall on the NBC Indebtedness, supports the Transaction; · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada (NBC Indebtedness) · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · table missing:
- report date20 February 2026
- report noSecond Report
- sale advisorSSG Capital Advisors, LLC
- sale outcometext: The Sitero Transaction resulted from a sale process carried out with the assistance of SSG · scope: whole_business · status: closed