DAYMAK Inc., Receivership

DAYMAK Inc., a Toronto, Ontario-based manufacturer and wholesaler of e-bikes and electronic scooters, was placed into receivership on May 23 on application by TD, owed approximately $16 million.

DAYMAK has been in default of its loan with TD since March 31, 2024. TD initially did not enforce on its collateral as DAYMAK made various representations that it would be refinancing its indebtedness. However, remaining unpaid over one year later, TD demanded payment on April 15, 2025.

DAYMAK responded by filing an NOI and providing a proposal outline to the bank. TD was not supportive of the proposal outline and instead successfully applied to appoint Albert Gelman as receiver.

Counsel is Miller Thomson for TD, Chaitons for the receiver and Loopstra Nixon for Daymak.