Ontario · NOI
First Report of the Proposal Trustee (February 8, 2026)
Court officer report · 8 February 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 filing3 verified
- financial positionnote: Total liabilities of approximately $10.2 million comprise: (a) ~$3.5M secured First Promissory Note to 115 Ontario; (b) $650,000 secured Second Promissory Note to 115 Ontario; and (c) ~$6.1 million unsecured liabilities (including ~$4.7 million owing to shareholders on unsecured loans). No total assets figure stated in these pages. · page: 7 · as at: NOI filing date · basis: Proposal Trustee's understanding based on Notice to Creditors (unaudited, as represented by Company) · scope: entity - JointCraft Inc. · currency: CAD · total liabilities: 10200000
- secured creditorsnote: Amount stated as approximate ("approximately $3.5 million, plus all accrued and accruing interest"); 115 Ontario also holds board-nomination rights under a Shareholders' Agreement dated July 1, 2025, indicating a related-party relationship with the Company. · page: 7 · as of: NOI filing date · amount: 3500000 · debtor: JointCraft Inc. · creditor: 1158667 Ontario Inc. ("115 Ontario") · currency: CAD · security: Secured term promissory note dated October 10, 2024 ("First Promissory Note"), 9% interest, matures October 2027
- secured creditorsnote: Plus all accrued and accruing interest. Proposal Trustee has not obtained an independent security opinion confirming validity/enforceability of this security as of the date of the First Report (opinion pending). 115 Ontario delivered a demand to repay the entire secured indebtedness and a s.244(1) BIA notice on December 30, 2025 (no separate dollar figure stated in that demand). Related-party relationship noted (board nomination rights, shareholder discussions). · page: 8 · as of: NOI filing date · amount: 650000 · debtor: JointCraft Inc. · creditor: 1158667 Ontario Inc. ("115 Ontario") · currency: CAD · security: Secured term promissory note dated October 10, 2024 ("Second Promissory Note"), 7.5% interest, matured March 31, 2025 (in default)