BDO appointed interim receiver to 14 Popeyes franchise corporations tied to Irfan Memon

On October 10, 2025, the Ontario Superior Court of Justice (Commercial List) appointed BDO Canada Ltd. as interim receiver over fourteen affiliated companies operating Popeyes Louisiana Kitchen restaurants across the Greater Toronto Area. The appointment was granted on consent of the debtors at the request of their primary lender, Meridian Credit Union Ltd.

The respondent companies—2225909 Ontario Inc., 2397495 Ontario Ltd., 2619342 Ontario Inc., Al-Baasit Foods Inc., Al-Haadi Foods Inc., Al-Haqq Foods Inc., Al-Khaliq Foods Inc., Al-Mueed Foods Inc., Al-Razzaaq Foods Inc., Al-Waali Foods Inc., Al-Wakeel Foods Inc., An-Naafi Foods Inc., MIFK Foods Inc., and Y & F Food Corporation Ltd.—each operated a Popeyes location. They form part of a group of 23 corporations under the common control of Irfan Memon and his spouse, Kauser Memon.

Between August 2023 and March 2024, Meridian advanced credit facilities to the companies secured by general security agreements and guarantees. The borrowers defaulted, leaving approximately $10.83 million outstanding as of May 6, 2025, which remains unpaid. After demands and s. 244 BIA notices were delivered in May 2025, the parties entered a forbearance agreement in September 2025 to permit time for franchise sales—but those efforts failed. By early October, all restaurants had ceased operations, franchise agreements were terminated, landlords had begun terminating leases or locking premises, and the companies carried significant unpaid wages, source deductions, and HST remittances.

The 14 companies are among a broader group of Popeyes locations previously associated with Memon that faced employee wage complaints and franchise terminations in September. Meridian continues to work with the franchisor on an expedited sale process. The interim receivership will remain in place until November 14, with a comeback hearing scheduled for November 12.

Counsel is Spetter Zeitz Klaiman for Meridian and Loopstra Nixon for the companies.