IDC Technologies (Canada) Inc., Receivership

IDC Technologies (Canada) Inc., a Toronto, Ontario-based company which operates as a host of managed IT consulting and staffing services, was placed in receivership on December 2 on application by TD Bank, owed approximately $7.6 million.

The company connects its customers with specific IT contractors available for hire that best suit the customers’ needs.

In October 2022, TD Bank made a demand operating facility available to IDC Technologies. The company committed various defaults under the loan agreement, prompting TD Bank to issue a demand in August 2024.

The parties entered into a forbearance agreement in October 2024, but IDC Technologies failed to meet multiple reporting requirements under that agreement. 

Albert Gelman is the receiver.

Counsel is Aird & Berlis for TD Bank and Klotz Associates for IDC Technologies.