10268054 Canada Corp.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-20-00652174-00CL
- Industry
- Real estate · Residential development
10268054 Canada Corp. has been under court-appointed receivership in Ontario since January 14, 2021, when the Ontario Superior Court of Justice (Commercial List) appointed BDO Canada Limited receiver and manager on the application of Centurion Mortgage Capital Corporation under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Centurion's demand letter of November 18, 2020 put the amount owing at $8,505,625.90 in Canadian dollars plus unquantified legal fees and protective disbursements, secured by a charge registered at a principal amount of $17,500,000, a general security agreement, and unlimited joint and several guarantees from Dream Maker Developments Inc. and Temitope Olowolafe. The proceeding, file CV-20-00652174-00CL, remains active. Subordinate registered encumbrances include $6,000,000 in favour of Westmount Guarantee Services Inc., $2,000,000 and $500,000 held by Diversified Capital Inc., $500,000 in favour of Garrison Hill Developments Inc. and Kimila Treasure Campbell Greaux, and $1,565,000 in favour of 5023018 Ontario Inc.
Supplementary Motion Record - Receiver - BDO Canada Limited - 17-November-2021 — Application / notice of application
Motion Record - Receiver - BDO Canada Limted - 12-November-2021 — Application / notice of application
The court granted an approval and vesting order for the sale to 12931109 Canada Inc. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate.
Source: CV-20-00652174-00CL_Order - Amended Approval and Vesting Order 7 SEP 2021
Further Supplementary Motion Record - Receiver - BDO Canada Limited - 14-June-2021 — Application / notice of application
Receivership application filed on May 31, 2021, commencing the proceeding under BIA s. 243 on Commercial List file CV-20-00652174-00CL.
Source: Motion Record - Receiver - BDO Canada Limited - 31-May-2021
Court placed the company in receivership on Centurion Mortgage Capital Corporation's application, appointing BDO Canada Limited as receiver and manager over the debtor.
Supplementary Motion Record of the Plaintiff December 18, 2020 — Application / notice of application
Motion Record of the Plaintiff, Centurion Mortgage Capital Corporation dated December 4, 2020 — Application / notice of application
Debtor
10268054 Canada Corp.
Receiver
BDO
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Nov 2021 | 310 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Jan 2021 | 94 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverBDO | Robins Appleby LLP | 2 Mar 2021 | Order · 2 Mar 2021 |
| Applicant | Robins Appleby LLP | 14 Jan 2021 | Order · 14 Jan 2021 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Centurion Mortgage Capital Corporation · in 5 casesCharge/Mortgage (Instrument No. DR1762699), registered principal $17,500,000; General Security Agreement; Guarantee and Postponement of Claim from Dream Maker Developments Inc. and Temitope Olowolafe; Assignment of Rights under Agreements of Purchase and Sale — Amount owing per Demand Letter dated November 18, 2020, plus legal fees and other protective disbursements not quantified; loan principal was $15,948,280, amended to increase by $681,312; one advance of $7,331,559 made December 21, 2018; Guarantors (Dream Maker Developments Inc. and Temitope Olowolafe) provided unlimited joint and sever · as of 18 Nov 2020 | $8.51M | Motion Record of the Plaintiff, Centurion Mortgage Capital Corporation dated December 4, 2020 |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
5 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale approvedCV-20-00652174-00CL_Order - Amended Approval and Vesting Order 7 SEP… · 7 Sep 2021
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 12931109 Canada Inc.102co's (the 'Debtor') right, title, benefit and interest in the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 17 May 2021 | not stated | Approved7 Sep 2021 | CV-20-00652174-00CL_Order - Amended Approval… |
Centurion Mortgage Capital Corporation: paid in full.FinalMotion Record - Receiver - BDO Canada Limted - 12-November-2021 · 12 Nov 2021
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Centurion Mortgage Capital Corporation | — | paid in full | Finalper the receiver | Motion Record - Receiver - BDO Canada Limted - 12-November-2021 · 12 Nov 2021 |
| Secured | Diversified Capital Inc | — | shortfall | Estimatedper the receiver | Motion Record - Receiver - BDO Canada Limted - 12-November-2021 · 12 Nov 2021 |
| Secured | Westmount | final | per the receiver | Motion Record - Receiver - BDO Canada Limted - 12-November-2021 · 12 Nov 2021 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justice Conway- 19-November-2021
| PDF · Subscribers | |
Issued Order of Justice Conway - 19-November-2021
| PDF · Subscribers | |
Supplementary Motion Record - Receiver - BDO Canada Limited - 17-November-2021
| PDF · Subscribers | |
Motion Record - Receiver - BDO Canada Limted - 12-November-2021
| PDF · Subscribers | |
CV-20-00652174-00CL_Order - Amended Approval and Vesting Order 7 SEP 2021
| PDF · Subscribers | |
Interim Distribution Order - 25-June-2021
| PDF · Subscribers | |
Further Supplementary Motion Record - Receiver - BDO Canada Limited - 14-June-2021
| PDF · Subscribers | |
| Final Draft Order -Approval and Vesting Order | PDF · Subscribers | |
| Final Draft Order- Disclaiming of Purchase Agreements and Administrative matters | PDF · Subscribers | |
Motion Record - Receiver - BDO Canada Limited - 31-May-2021
| PDF · Subscribers | |
Order Compelling Production of Documents
| PDF · Subscribers | |
| Motion Record - BDO Canada Limited - February 24,2021 | PDF · Subscribers | |
The Receiver requires interested parties to sign a confidentiality and non-disclosure agreement (“the NDA ”) prior to gaining access to an encrypted electronic data room (“ Data Room ”) that contains the Receiver’s Confidential Information Memorandum (“ CIM ”) and other pertinent information with respect to the Project and the Receiver’s Sale Process. A copy of the NDA can be found here and executed copies should be sent via e-mail to Michael Litwack, [email protected] .
| PDF · Subscribers | |
Court Order dated January 14, 2021
| PDF · Subscribers | |
Endorsement of Madam Justice Dietrich dated January 14, 2021
| PDF · Subscribers | |
Supplementary Motion Record of the Plaintiff December 18, 2020
| PDF · Subscribers | |
Motion Record of the Plaintiff, Centurion Mortgage Capital Corporation dated December 4, 2020
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “10268054 Canada Corp.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/10268054-canada-corp