Ontario · Receivership (court-appointed)
Algo Medical Group Inc. - Supplementary Report to the Receivers First Report
Court officer report · 7 May 2026
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What we verified from this filing5 verified
- secured creditorsnote: Outstanding indebtedness amount not stated numerically in these pages; described as primary secured lender/first ranking secured creditor; net sale proceeds insufficient to pay in full (shortfall). · page: 7 · debtor: Algo Medical Group Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: First-ranking mortgage (principal $3,065,000, registered July 15, 2024) on Property; General Security Agreement dated June 28, 2024; Loan principal $2,000,000 per Letter of Agreement dated June 3, 2024
- secured creditorspage: 7 · debtor: Algo Medical Group Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration - collateral classified as motor vehicles
- secured creditorsnote: Source deductions outstanding; deemed trust/priority claim to be paid in priority to BMO per Receiver's advice from CRA. · page: 8 · amount: 2628.86 · debtor: Algo Medical Group Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $116,630.13 prior to disbursements of $17,387.38 and applicable taxes · amount: 116630.13 · approximate: false · disbursements: quote: prior to disbursements of $17,387.38 and applicable taxes · amount: 17387.38 · period: end: 2026-03-09 · kind: invoice · quote: The Receiver's fees and disbursements for the period ending March 9, 2026, are detailed in the affidavit of Christopher J. · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, Chaitons LLP (' Chaitons ' or ' Counsel '), as outlined herein; · state: sought · averages: rate: 430.37 · quote: 271 hours at an average hourly rate of $430.37 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: SUPPLEMENTARY REPORT TO THE RECEIVER'S FIRST REPORT SUBMITTED BY BDO CANADA LIMITED IN ITS CAPACITY AS RECEIVER OF ALGO MEDICAL GROUP INC. · hours total: quote: The Receiver's fees encompass 271 hours at an average hourly rate of $430.37 · value: 271 · context quote: in its capacity as Receiver of Algo Medical Group Inc.; form: prose · rows: · money: fees: quote: Chaitons' fees to March 31, 2026, total $7,100.87 prior to disbursements of $636.10 and HST. · amount: 7100.87 · approximate: false · disbursements: quote: prior to disbursements of $636.10 and HST · amount: 636.1 · period: end: 2026-03-31 · kind: invoice · quote: Chaitons' fees to March 31, 2026, total $7,100.87 prior to disbursements of $636.10 and HST. · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, Chaitons LLP (' Chaitons ' or ' Counsel '), as outlined herein; · state: sought · averages: · currency: · invoices: · firm text: Chaitons LLP · firm quote: its legal counsel, Chaitons LLP (' Chaitons ' or ' Counsel ') · context quote: its legal counsel, Chaitons LLP (' Chaitons ' or ' Counsel ')
- recovery outcomeentries: basis: estimated · quote: As a consequence, there will be no funds available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-05-07 · table missing: