Ontario · Bankruptcy
Trustees Preliminary Report - Krisro Metal Industries Corp.
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 filing11 verified · 1 withheld
- appointeeMNP Ltd.
- commencement date27 October 2025
- court file no32-3289853
- provinceOntario
- secured creditorsnote: Krisro in default; NBC issued Notice of Intention to Enforce Security pre-bankruptcy and notice period expired; NBC applied for appointment of a Receiver (MNP proposed), application returnable Nov 12, 2025; Trustee has sought independent legal opinion on validity/enforceability of the security (opinion pending); NBC agreed to fund Trustee's fees, to be added to TAGG Group's debt to NBC. · page: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: Krisro Metal Industries Corp. (also named in receiver application against TAGG, M & G Steel, Tagg Holdings Inc., M & G Holdings, Glass Mechanics Inc.) · creditor: National Bank of Canada (formerly Canadian Western Bank, amalgamated Mar 1, 2025) · currency: CAD · security: PPSA registration over all Property (blanket, all-asset)
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: Krisro Metal Industries Corp. · creditor: Arch Insurance Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG Group projects
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: Krisro Metal Industries Corp. · creditor: Tokio Marine Canada Ltd. · currency: CAD · security: PPSA registration related to bonded TAGG Group projects
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: Krisro Metal Industries Corp. · creditor: Branksome Hall · currency: CAD · security: PPSA registration against the Property (nature unspecified, blanket registrant)
- secured creditorspage: 2 · as of: 2025-10-16 (PPSA registry search date) · debtor: Krisro Metal Industries Corp. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration against the Property (nature unspecified, blanket registrant)
- financial positionnote: Assets per SOA: Inventory/Scrap $75,000; Machinery/Equipment/Plant $110,000; Accounts Receivable $1; Cash in Bank $250,000; Total $435,001 (p.3). Liabilities per SOA by creditor group: Secured $435,001; Contingent $2; Unsecured $39,359,798 (includes estimated deficiency of secured creditors on unrecovered loan balances); Preferred Nil; Total $39,794,801 (p.4). As of 10am EST Nov 10, 2025, Claims as Filed totals differ: Secured $435,001; Contingent $8,007,685; Unsecured $26,513,559; Total $34,956,245 (p.4) — Trustee has not determined admissibility/value of claims for dividend purposes. · page: 4 · basis: sworn Statement of Affairs (SOA); unaudited, per debtor's books and records, not reviewed by Trustee · scope: Krisro Metal Industries Corp. (single entity) · currency: CAD · total assets: 435001 · total liabilities: 39794801
- recovery outcomeentries: basis: estimated · quote: In consideration of these trust, priority, and secured claims relative to the Company's assets, the Trustee concludes that no funds are expected to be available for distribution to the unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.