Novo Plastics and Affiliate Enter Court-Ordered Receivership

On September 15, 2026, the Ontario Superior Court of Justice (Commercial List) appointed Deloitte Restructuring Inc. as receiver over the assets, undertakings and properties of Novo Plastics Inc. and 2139654 Ontario Limited (collectively, the “Debtors”), including the real property located at 388 Markland Street in Markham, Ontario. The receivership proceedings were commenced by The Toronto-Dominion Bank (“TD Bank”), to which the Debtors owed approximately $31 million.

The court found that Novo Plastics, which operates a manufacturing business in Markham, had breached its obligations to TD Bank and been unable to complete a proposed transaction, despite multiple extensions and forbearance agreements. TD Bank had not been repaid and had limited visibility into the Debtors’ financial affairs. The court concluded that appointing a receiver was just and convenient in the circumstances.

Aird & Berlis is representing TD Bank in connection with the receivership proceedings, with a team including Calvin Horsten and Robb English (Restructuring & Insolvency).