Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 30, 2026.pdf
Court officer report · 30 October 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 filing14 verified
- secured creditorsnote: Secured creditors in aggregate were stated at $6,473,394 in the Private Receiver's pre-filing liabilities summary (page 45, from the Debtors' books and records, not audited); individual balances are not stated. Validity, enforceability and priority not yet finally determined; independent counsel security review to be completed. · page: 4 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: Kevin Drexler Holdings Inc. (KDH) · currency: CAD · security: Applicant secured creditor of the Debtors; one of several secured creditors asserting claims against the Property (nature and extent of security not stated on these pages)
- secured creditorsnote: Judgment of $23,744.15 plus costs of $362.00, each bearing interest at 5% per annum from May 28, 2025. Underlying debt: electrical servicing and bore installation work in February 2024, invoiced $53,543.92 with only partial payment. To be vested off title by the proposed AVO; claims attach to net sale proceeds. · page: 13 · as of: 2025-07-09 · amount: 23744.15 · debtor: Drexler Construction Limited · creditor: Avertex Utility Solutions Inc. - writ of execution · currency: CAD · security: Writ of execution issued July 9, 2025 against DCL
- secured creditorsnote: Amount is the unpaid amount certified in the Tax Certificate (registered June 9, 2026), plus penalties and interest at the prescribed rate from May 28, 2026 until payment. The lien asserts a portion is subject to deemed trusts (ITA ss. 227(4) and (4.1); ETA s. 222). To be vested off title by the proposed AVO, attaching to net sale proceeds with the same priority. Validity and priority not yet determined. Separately, the CRA lien and Federal Court certificate also assert a lien against the Shop Property for GST/HST (page 47). · page: 13 · as of: 2026-06-09 · amount: 2146261.7 · debtor: Drexler Construction Limited · creditor: His Majesty the King in Right of Canada (CRA) - Tax Lien, Instrument No. WC795983 · currency: CAD · security: Lien registered August 27, 2026 against DCL's interest in the Aunt Jean Property; Tax Certificate under s.316 Excise Tax Act, Federal Court File No. ETA-3242-26
- secured creditorsnote: Not named on these pages. Per the APA Schedule, this first mortgagee and DCL jointly provide the VTB mortgage; the Receiver says this secured creditor consented to the sale. Amount not stated. · page: 14 · debtor: Drexler Construction Limited · creditor: Other secured creditor with an interest in the Aunt Jean Property (unnamed; consented to the sale) · currency: CAD · security: Interest in the Aunt Jean Property (183 and 195 Catherine Street, Guelph/Eramosa); the 'current first position mortgagee'
- financial positionnote: Total liabilities $13,154,765 = secured $6,473,394 + CRA source deductions $76,827 + CRA GST/HST $2,254,244 + priority $244,769 + unsecured $4,105,531 (as stated by the document). No asset total is stated. Asset indicators only: Equipment and Inventory net book value approximately $1,800,000 (realizable value may differ materially); accounts receivable book value $2,023,572.80 as of September 1, 2026; of the receivables, $277,503.14 and $10,170.00 remain outstanding on two completed projects (page 6). Aunt Jean Property sale price is redacted/sealed. · page: 45 · basis: Private Receiver's summary of liabilities from the Debtors' books and records; unaudited and not verified by the Receiver (page 5 terms of reference) · scope: Combined Debtors (Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd.); no entity split stated · currency: CAD · total liabilities: 13154765
- unsecured creditorsnote: Deemed-trust / Crown claim class. Accrued primarily due to lack of cash flow to remit, plus issues claiming input tax credits dating to 2021 (page 46). Includes the Tax Certificate amount of $2,146,261.70 registered against DCL, which also has a lien on the Aunt Jean Property (see secured entry); do not add the two. · page: 45 · basis: Private Receiver's pre-filing summary from the Debtors' books and records; CRA liability to be audited to confirm amounts outstanding · amount: 2254244 · debtor: Debtors (DCL and Down Under) · creditor: Canada Revenue Agency - GST/HST · currency: CAD
- unsecured creditorsnote: Deemed-trust / Crown claim class (payroll source deductions). · page: 45 · basis: Private Receiver's pre-filing summary from the Debtors' books and records; to be audited · amount: 76827 · debtor: Debtors (DCL and Down Under) · creditor: Canada Revenue Agency - Source Deductions · currency: CAD
- unsecured creditorsnote: Aggregate figure; no individual creditors named on these pages. · page: 45 · basis: Private Receiver's pre-filing summary based on the Debtors' books and records; unaudited, not verified; no claims process yet held (page 46). The pre-filing report is dated before the Appointment Date of September 15, 2026; the summary is not dated beyond that. · amount: 4105531 · debtor: Debtors (DCL and Down Under) · creditor: Unsecured Creditors (aggregate per Debtors' books and records) · currency: CAD
- unsecured creditorsnote: Priority class. The Private Receiver noted from the August 1, 2026 property tax statements that arrears have been accruing since prior to 2023 (page 46). Individual creditors not named. · page: 45 · basis: Private Receiver's pre-filing summary based on the Debtors' books and records; unaudited · amount: 244769 · debtor: Debtors (DCL and Down Under) · creditor: Priority Creditors (aggregate; property tax arrears and similar) · currency: CAD
- secured creditorsnote: Interests not yet reviewed or adjudicated by the Receiver; individual creditors and amounts not stated. · page: 46 · debtor: Debtors · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Asserted purchase money security interests on certain Equipment
- financial positionnote: Liabilities table in Appendix B: Secured Creditors $6,473,394; CRA - Source Deductions $76,827; CRA - GST/HST $2,254,244; Priority Creditors $244,769; Unsecured Creditors $4,105,531; Total Liabilities $13,154,765. No as-at date is stated for the liabilities table. No total assets figure is stated; assets are described by component only: Equipment and Inventory aggregate net-book value of approximately $1,800,000; accounts receivable total book value $2,023,572.80 as of September 1, 2026; real property (Shop Property and Aunt Jean Property) with no stated value. Other CRA figures: Tax Certificate certifies $2,146,261.70 owing under the Excise Tax Act, with penalties and interest from May 28, 2026. The Receiver cautions that realizable value of Equipment and Inventory may differ materially from net-book value. · basis: Per the Receiver's pre-filing report (Appendix B, dated September 10, 2026), summarized from the Debtors' books and records; the Receiver states it relied on unaudited, draft and/or other information provided by management and did not verify it. · scope: Combined Debtors: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · currency: CAD · total liabilities: 13154765
- operational summaryThe Debtors have completed all remaining construction projects and ceased operations, with no new projects taken on and staff reduced to a skeleton crew for administrative matters; the Receiver is pursuing collection of outstanding receivables and preparing to realize on the Shop Property, Equipment and Inventory, and the Aunt Jean Property.
- report date30 October 2026
- report noFirst Report