Ontario · Bankruptcy
Trustees Preliminary Report - 975866 Ontario Limited
Court officer report · 10 November 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 filing10 verified
- court file no32-3289850
- provinceOntario
- appointeeMNP Ltd.
- appointee rolelicensed insolvency trustee
- commencement date27 October 2025
- secured creditorsnote: NBC has applied for appointment of a Receiver over specific assets of Tagg Holdings Inc., TAGG, M&G Steel, Krisro, M&G Holdings and Glass Mechanics Inc. (application returnable Nov 12, 2025). Trustee has sought independent legal opinion on validity/enforceability of CWB/NBC security (opinion pending). Pre-filing, NBC agreed to fund Trustee's fees/expenses, to be added to TAGG Group's debt to NBC. Vera Watson of NBC has requested appointment as inspector. · page: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: 975866 Ontario Limited (TAGG) · creditor: Canadian Western Bank / National Bank of Canada (NBC, successor by amalgamation to CWB) · currency: CAD · security: Blanket PPSA registration over the Property (all-property security); TAGG in default; pre-bankruptcy NOI to Enforce Security issued by NBC, notice period expired
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: 975866 Ontario Limited (TAGG) · creditor: Arch Insurance Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG projects (surety bond security)
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: 975866 Ontario Limited (TAGG) · creditor: Tokio Marine Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG projects (surety bond security)
- secured creditorsnote: Aggregated per serialized-equipment financier classification · page: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: 975866 Ontario Limited (TAGG) · creditor: PPSA equipment financiers (PMSI class): Bercon Rentals Inc., Jim Pattison Industries Ltd., Xerox Canada Ltd. · currency: CAD · security: PPSA registrations against specific serialized assets, including vehicles and equipment
- financial positionnote: SOA also separately stated total claims of $34,882,626 (Secured $210,002; Contingent $2; Preferred Nil; Unsecured $34,672,622), differing from the 'Claims as Filed' total of $37,295,298 (Secured $529,822; Contingent $9,006,905; Preferred $15,177; Unsecured $27,743,394); Trustee has not determined admissibility or value of claims for dividend purposes. · page: 4 · as at: 2025-11-10 · basis: Assets per sworn Statement of Affairs (SOA) estimated realizable values as at Date of Bankruptcy (Oct 27, 2025); liabilities per 'Claims as Filed' summary as of 9:30am EST Nov 10, 2025 (creditor claims filed/admitted for voting purposes only, not yet determined for dividend purposes) · scope: 975866 Ontario Limited (TAGG) estate only, entity level (unconsolidated bankruptcy estate) · currency: CAD · total assets: 210002 · total liabilities: 37295298