Sequent AI Ltd., Sequent AI Exchangeco Ltd. and Fulcrum Stoneworks Exchangeco Ltd. were placed into receivership on April 17, 2026 on application by secured lender Cortland Credit Lending Corporation as agent, owed nearly $39.8 million.

Sequent AI is a reseller of information technology hardware and software in Canada and the parent company of a broader corporate group. Its direct subsidiaries include Sequent AI Exchangeco Ltd. and Fulcrum Stoneworks Exchangeco Ltd., both holding companies. Two operating companies which collectively employ 49 employees were not placed into receivership and are continuing to operate in the ordinary course.

Sequent AI has been in default of its credit agreement with Cortland since January 2024, including failures to comply with reporting requirements and financial covenants, and to advance a viable restructuring plan despite multiple amendments and additional time from lenders.

Sequent AI’s operating capacity also deteriorated sharply. As of March 1, 2026, all but 1 employee had been terminated. Following lender demands, key officers and directors resigned effective upon the appointment of a receiver.

The purpose of the receivership is to preserve value, review records, market assets including equity interests in subsidiaries, and maximize recoveries. Approval for a sale process will be sought.

KSV is the receiver. Counsel is Dentons for Cortland and McCarthy Tétrault for the receiver.