Ontario · NOI
Report of Proposal Trustee -Final
Court officer report · 13 January 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 filing12 verified
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY & INSOLVENCY)
- court file no31-3166040
- provinceOntario
- appointeeBDO Canada Limited
- appointee roleproposal trustee
- commencement date16 December 2024
- statutory basissection 50.4(9) of the BIA
- secured creditorsnote: Provincial regulatory/tax registration; amount not stated. · page: 7 · as of: 2024-11-21 · debtor: 864884 Ontario Inc. · creditor: Province of Ontario · currency: CAD · security: PPSA registration - 2023 Employer Health Tax
- secured creditorsnote: Serialized-equipment/vehicle financiers registered per PPSA report dated November 21, 2024; amounts not stated. · page: 7 · as of: 2024-11-21 · debtor: 864884 Ontario Inc. · creditor: PPSA equipment financiers (PMSI class): Vault Credit Corporation, Meridian OneCap Credit Corp., Toyota Credit Canada Inc. · currency: CAD · security: Vault Credit Corporation - specific equipment financing; Meridian OneCap Credit Corp. - specific equipment financing; Toyota Credit Canada Inc. - vehicle financing
- secured creditorsnote: Related party - guarantor and shareholder of the Company; acquired the RBC Loan and associated security by paying off the balance under the Mercantile Law Amendment Act, R.S.O. 1990, c. M.10, effectively taking assignment from RBC; RBC's prior security is discharged/paid off as of this date and RBC is not a current secured creditor. Facility provided for maximum credit availability of $750,000 (a facility limit, not a balance). First-position secured creditor; further advances during Proposal Proceedings may increase the balance. · page: 7 · as of: 2024-12-13 · amount: 469646.42 · debtor: 864884 Ontario Inc. · creditor: Gianna Ponzi · currency: CAD · security: General Security Agreement dated August 20, 2009 (assigned from Royal Bank of Canada)
- secured creditorsnote: Ranks or may rank in priority to Gianna Ponzi's secured claim; document states '$4,000 for outstanding wages and vacation pay respectively' for the two terminated employees - allocation unclear, amount not broken out precisely. · page: 8 · as of: 2024-12-16 · debtor: 864884 Ontario Inc. · creditor: Terminated Illuminex employees (2) · currency: CAD · security: Statutory super-priority security interest under Section 81.3 of the BIA
- secured creditorsnote: Amount not stated in PPSA report. · page: 8 · as of: 2024-11-21 · debtor: 864884 Ontario Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: General Security Agreement (blanket all-property registrant)