​​​​​​​​​​​​Pursuant to Orders made by the Ontario Superior Court of Justice on October 26, 2023 and December 8, 2023 (together, the “Receivership Order"), Deloitte Restructuring Inc. was appointed as receiver (the “Receiver") without security of the assets, undertakings and properties of Velocity Asset and Credit Corporation (“Velocity") 926749 Ontario Ltd., O/A Clonsilla Auto Sales and Leasing (the “Dealer").

On May 3, 2024, an Order was made by the Ontario Superior Court of Justice authorizing the R​eceiver to assign Velocity and the Dealer into bankruptcy. The Receiver filed assignments in bankruptcy in respect of Velocity and the Dealer on May 16, 2024. Details of the First Meeting of Creditors of these entities are noted in the Certificated of Assignment in section 6 below.

Sale Process
On July 5, 2024, the Receiver initiated the sale process for soliciting proposals for Velocity and the Dealer. For additional information, please contact the undersigned: 

Martin Lin, Vice President
416-434-9584

muslin@deloitte.ca

If you have any questions regarding this matter, please contact Deloitte Restructuring Inc. at the following address:

Deloitte Restructuring Inc.
8 Adelaide Street West, Suite 200
Toronto, ON, M5H 0A9

Attention: Jaylon Alleyne
Telephone: 416-607-1120
Email: jalleyne@deloitte.ca