1943391 Ontario Ltd. v. Biosenta Inc., 2026 ONSC 3042
2026-05-22
Read full decision. Summary prepared by Alan Macek:
"This is an unusual application for the appointment of a receiver and manager. The Respondent Biosenta Inc. owes over $7 million to the Applicant under a promissory note. The Applicant has limited security over a specific patent held by Biosenta and the product produced by working the patent, if any. … Biosenta is a public company. … I urge the parties to seek securities’ law advice immediately. … On January 8, 2026, the Applicant registered its security agreement with the Canadian Intellectual Property Office. … there is no basis before me for the Applicant to assert a security interest in Biosenta’s assets and undertaking apart from the one patent described above and the Tri-Filler inventory produced by working that patent, if any. … I am not about to put a public company into receivership for a licensed insolvency trustee to go and take a look around to save the Applicant the cost of retaining an IP specialist who will be needed by a receiver in any event. … The motion is dismissed."