Ontario · Receivership (court-appointed)
Pre-Filing Report of Grant Thornton Limited dated September 10, 2026.pdf
Pre-filing report · 10 September 2026
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What we verified from this filing15 verified
- secured creditorsnote: CRA has registered a certificate and lien in respect of outstanding GST/HST liabilities; classified separately from unsecured/priority CRA amounts reported in liabilities table; amount of the secured lien claim itself not separately quantified from the GST/HST aggregate of $2,254,244 reported at page 9 (deemed trust / regulatory-type claim) · page: 8 · debtor: Drexler Construction Limited · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Certificate registered in Federal Court and a lien against the Shop Property
- financial positionnote: Total liabilities of $13,154,765 comprise Secured Creditors ($6,473,394), CRA-Source Deductions ($76,827), CRA-GST/HST ($2,254,244), Priority Creditors ($244,769), and Unsecured Creditors ($4,105,531); no total assets figure stated in the report; Equipment and Inventory reported separately at net-book value of approximately $1,800,000 (page 5) and Accounts Receivable book value of $2,023,572.80 as of September 1, 2026 (page 6), but no consolidated total assets figure given · page: 9 · basis: Unaudited books and records of the Debtors, summarized by the Private Receiver without audit, review or verification · scope: Combined - Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. (Debtors) · currency: CAD · total liabilities: 13154765
- secured creditorsnote: Aggregate figure from Debtors' books and records summarized in liabilities table; individual creditor balances not broken out in this table (see KDH and Drexler note-holder entries above for named components, which are principal amounts not confirmed balances) · page: 9 · as of: as of the Pre-Filing Report (September 10, 2026) · amount: 6473394 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: Secured Creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Identified as 'a secured creditor of DCL' in report; no amount or security details stated · page: 9 · debtor: Drexler Construction Limited · creditor: Reciprocal Opportunities Incorporated · currency: CAD
- unsecured creditorsnote: Deemed trust / CRA quasi-governmental claim; CRA has also registered a certificate in Federal Court and a lien against the Shop Property in respect of this liability, giving it secured status against that property; accrual attributed partly to input tax credit accounting issues dating to 2021; Receiver intends to audit to confirm amounts · page: 9 · as of: as of the Pre-Filing Report (September 10, 2026) · basis: Liabilities summary reported by the Private Receiver based on Debtors' books and records · amount: 2254244 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: CRA - GST/HST · currency: CAD
- unsecured creditorsnote: Deemed trust / CRA quasi-governmental claim; Receiver intends to arrange audits to confirm amounts outstanding · page: 9 · as of: as of the Pre-Filing Report (September 10, 2026) · basis: Liabilities summary reported by the Private Receiver based on Debtors' books and records · amount: 76827 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: CRA - Source Deductions · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors · page: 9 · as of: as of the Pre-Filing Report (September 10, 2026) · basis: Liabilities summary reported by the Private Receiver based on Debtors' books and records · amount: 4105531 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred/priority creditor class; includes municipal property tax arrears accruing since prior to 2023 per August 1, 2026 property tax statements reviewed; document names no individual creditors · page: 9 · as of: as of the Pre-Filing Report (September 10, 2026) · basis: Liabilities summary reported by the Private Receiver based on Debtors' books and records · amount: 244769 · debtor: Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd. · creditor: Priority Creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Receiver aware certain creditors assert PMSIs on Equipment; interests to be reviewed/adjudicated; amounts not stated · page: 10 · debtor: Drexler Construction Limited / Down Under Pipe and Cable Locating Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase money security interests asserted on certain Equipment
- secured creditorsnote: Assigned from MHCCA to KDH on November 8, 2024; demand issued and NOI under s.244 BIA issued July 7, 2026; part of aggregate 'Secured Creditors' figure of $6,473,394 reported in Pre-Filing Report at page 9 (component amount not broken out) · page: 15 · debtor: Drexler Construction Limited (with guarantee from Down Under Pipe and Cable Locating Ltd.) · creditor: Kevin Drexler Holdings Inc. (KDH) (as assignee of Mitsubishi HC Capital Canada Inc.) · currency: CAD · security: General security agreement over all present and after-acquired personal property; mortgage over Shop Property; revolving credit facility up to maximum principal amount of $2,500,000 (facility limit, not balance); Guarantee from Corporate Guarantor
- secured creditorsnote: Related party; principal amount of secured promissory note (2025 Notes), not confirmed as outstanding balance; part of aggregate 'Secured Creditors' figure of $6,473,394 reported at page 9 · page: 16 · as of: 2025-05-13 · amount: 310000 · debtor: Drexler Construction Limited · creditor: Jerome Michael Drexler · currency: CAD · security: General Security Agreement dated May 13, 2025 over all present and after-acquired personal property (Drexler GSA)
- secured creditorsnote: Related party; principal amount of secured promissory note (2025 Notes), not confirmed as outstanding balance; part of aggregate 'Secured Creditors' figure of $6,473,394 reported at page 9 · page: 16 · as of: 2025-05-13 · amount: 307750 · debtor: Drexler Construction Limited · creditor: Jacob Drexler · currency: CAD · security: General Security Agreement dated May 13, 2025 over all present and after-acquired personal property (Drexler GSA)
- secured creditorsnote: Related party; principal amount of secured promissory note (2025 Notes), not confirmed as outstanding balance; part of aggregate 'Secured Creditors' figure of $6,473,394 reported at page 9 · page: 16 · as of: 2025-05-13 · amount: 1234974.81 · debtor: Drexler Construction Limited · creditor: Jerome Frederick Drexler · currency: CAD · security: General Security Agreement dated May 13, 2025 over all present and after-acquired personal property (Drexler GSA)
- secured creditorsnote: Related party; principal amount of secured promissory note (2025 Notes), not confirmed as outstanding balance; part of aggregate 'Secured Creditors' figure of $6,473,394 reported at page 9 · page: 16 · as of: 2025-05-13 · amount: 580887.5 · debtor: Drexler Construction Limited · creditor: Martin Drexler · currency: CAD · security: General Security Agreement dated May 13, 2025 over all present and after-acquired personal property (Drexler GSA)
- secured creditorsnote: Related party (director/principal); principal amount of secured promissory note (2025 Notes), not confirmed as outstanding balance; part of aggregate 'Secured Creditors' figure of $6,473,394 reported at page 9 · page: 16 · as of: 2025-05-13 · amount: 333333 · debtor: Drexler Construction Limited · creditor: Kevin Drexler · currency: CAD · security: General Security Agreement dated May 13, 2025 over all present and after-acquired personal property (Drexler GSA)