Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 28 May 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 filing4 verified
- financial positionnote: Aggregate Deposit liabilities of 'approximately $12 million' per Endorsement of Justice Black para 11, itemized as: individual Depositors ~$7,708,547.11, Congregant Members/affiliated ministries ~$1,769,684.15, and the Denomination ~$2,580,132.31 (components not summed per reporting rules). The Receiver's First Report (May 28, 2026, p.4) separately estimates liabilities of between $8 million and $12 million owed to approximately 200-250 Depositors. No total asset figure is stated in the reviewed pages; the Fund's BMO operating account held ~$57,000 per Mr. Leadley pre-filing, confirmed by BMO at $17,217 as of May 27, 2026 (p.8), but this is a bank balance, not a stated total asset position. Additional Duroair Sale proceeds/holdbacks (~$3,391,500 remaining, contingent on litigation) are discussed but not incorporated into any stated balance sheet total. · page: 38 · as at: 2026-03-31 · basis: As reported by the Fund (unaudited, based on information produced by the Fund); stated as "approximately" · scope: BIC Fund (entity level) · currency: CAD · total liabilities: 12000000
- unsecured creditorsnote: Category aggregate; document does not name individual depositor creditors. The Receiver's First Report (May 28, 2026, p.4) separately estimates total BIC Fund liabilities of $8 million to $12 million owed to approximately 200-250 Depositors (rounded prose approximation). · page: 38 · as of: 2026-03-31 · basis: Endorsement of Justice Black citing information produced by the Fund, as at March 31 · amount: 7708547.11 · debtor: BIC Fund · creditor: Individual Depositors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Category aggregate; document does not name individual creditors within this class. · page: 38 · as of: 2026-03-31 · basis: Endorsement of Justice Black citing information produced by the Fund, as at March 31 · amount: 1769684.15 · debtor: BIC Fund · creditor: Congregant Members and affiliated ministries (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Named creditor; the Denomination is described as the Fund's largest depositor and is also the Applicant in this proceeding (related-party depositor). · page: 38 · as of: 2026-03-31 · basis: Endorsement of Justice Black citing information produced by the Fund, as at March 31 · amount: 2580132.31 · debtor: BIC Fund · creditor: Be In Christ Church of Canada (the Denomination) · currency: CAD