Cash Today placed into limited receivership after $83 million lender dispute

Cash Today Inc., an Edmonton-based consumer lending company, was placed into receivership effective September 9, 2026, on application by Grow Capital Two Inc. (GC2), following a dispute over financial reporting obligations, unpaid investor redemptions and approximately $83.1 million in outstanding indebtedness. The appointment is limited to monitoring the company's finances and loan portfolio, with management permitted to continue operating the business.

Cash Today provides short-term consumer loans secured principally against motor vehicles and other assets, with an average loan size of approximately $6,000. The company operates from locations in Edmonton and Red Deer and maintains tens of thousands of active loans. Its financing was arranged through GC2, which administered funds provided by individual and corporate investors, with Union Lending Corporation acting as broker. The original financing agreement was entered into in September 2023 and revised in December 2024. An initial advance of approximately $12.1 million ultimately grew to approximately $82.4 million in outstanding principal. The demand, non-revolving facility carried interest at 21.5% annually, of which 18% was distributed to investors, with GC2 retaining the difference as an administration fee. The loan was limited to 50% of Cash Today's receivables and secured by substantially all of its assets, together with guarantees from 2327619 Alberta Ltd. and 2327624 Alberta Ltd., holding companies owned by Cash Today's principals.

According to GC2's court materials, Cash Today repeatedly failed to provide required annual financial statements, tax returns, semi-annual borrowing compliance reports and monthly access to financial records and randomly selected loan files. The lender said it received a complete electronic listing of the loan portfolio on only two occasions and was unable to verify the value, quality or delinquency levels of the receivables securing its loan. Following a March 2026 meeting, Cash Today made approximately 160 loan files available, but GC2 argued that the company had pre-selected them from a portfolio of tens of thousands of loans, preventing an independent assessment of the collateral.

The reporting dispute was compounded by missed investor redemption payments. GC2 alleged that Cash Today failed to make a $5 million payment due March 31, 2026, and another $5 million payment due June 30. On May 15, GC2 demanded repayment of the entire outstanding indebtedness, then approximately $83.1 million, and issued a notice of intention to enforce security. The lender commenced an oppression application on May 21 seeking production of financial records, followed by a receivership application on June 29. Cash Today opposed the proceedings, alleging that GC2 had acted in bad faith, breached confidentiality obligations, contributed to its financial difficulties and impaired refinancing efforts. GC2 denied those allegations, maintaining that the company's reporting failures and missed payments justified independent oversight.

The Court ultimately approved a limited receivership under which MNP may monitor receipts, disbursements and borrower collections, access financial records and examine a statistically significant random sample of loan files to verify documentation and registered security interests. MNP cannot take possession of the company's assets, operate the business or employ its staff without further court authorization. The order also restricts principal repayments on other borrowings and distributions to shareholders, while permitting ordinary-course interest payments and operating expenses. No sale process or liquidation timetable has been established.

MNP's initial creditor notice identifies approximately $83.1 million owed to GC2, alongside substantial reported unsecured claims, including $195 million attributed to Collin Gobin, $58.8 million to Atlas Sky Holdings and $48.8 million to Maddmitch Ltd. The amounts have not been verified.

Counsel includes DLA Piper for GC2, Parlee McLaws for the receiver and Henein Hutchison Robitaille for Cash Today.