10503452 Canada Inc. has been in court-appointed receivership in the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) since May 14, 2024, under court file CV-24-00716425-00CL, on the application of secured lender DUCA Financial Services Credit Union Ltd. DUCA is owed $4,378,516.86 as at April 2, 2024, comprising $4,242,000 in principal and $136,516.86 in interest excluding legal expenses, with interest accruing at $1,109.89 per day. Its security includes a first-ranking charge registered March 1, 2021 against 740-748 Sheppard Avenue West in Toronto, a general assignment of rents, a general security agreement over all present and future property, cash collateral and insurance assignments, and an unlimited personal guarantee from director Asif Karimov dated February 23, 2021. A $67,869 construction lien registered against the Sheppard Avenue property on February 15, 2024 by Tregebov Cogan Architecture Ltd. was made without DUCA's consent and constitutes an event of default under the DUCA mortgage. The proceeding remains active.
The court granted an approval and vesting order for the sale to 1001334444 Ontario Inc. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction/waiver of closing conditions.
Source: Approval and Vesting Order of the Honourable Justice Dunphy dated August 17, 2026
Motion Record of the Receiver dated July 24, 2026 Part 1 — Application / notice of application
Motion Record of the Receiver dated July 24, 2026 Part 2 — Application / notice of application
Receivership order made, placing 10503452 Canada Inc. into court-appointed receivership under BIA s. 243 and commencing the proceeding in Ontario.
Source: Receivership Order
Application Record of DUCA returnable April 11, 2024 was filed. Court file CV-24-00716425-00CL.
Source: Application Record of DUCA returnable April 11, 2024
Outcome brief
Sheppard West: the sale approved after the buyer said he couldn't close
A vacant lot on Sheppard Avenue West sat through two years of marketing, six offers and two extended closing dates. Days before the approval motion, a principal of the purchaser texted the receiver to say his health would not let the company complete, and asked for the deposit back. On August 17, Justice Dunphy approved the sale anyway — and sealed the price for six months because of it.
Debtor
10503452 Canada Inc.
Receiver
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dunphy | Ontario Superior Court of Justice | 3 orders, Aug 2026 | 93 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, Apr 2024 – May 2024 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | Harrison Pensa LLP | 17 Aug 2026 | Order · 17 Aug 2026 |
| Applicant | Blaney McMurtry LLP | 14 May 2024 | Order · 14 May 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | DUCA Financial Services Credit Union Ltd. · in 19 casesFirst-registered Charge (mortgage) registered March 1, 2021 in principal sum of $4,670,000 ("Duca Charge"), together with a registered Notice of Assignment of Rents (General) of same date; General Security Agreement referenced in the Appointment Order endorsement — Endorsement of Justice Conway states 105 'owes over $4.3 million to Duca' (floor, quoted 'owes over') as at May 14, 2024, and has been in default since the loan matured January 1, 2024. Receiver's Counsel (Harrison Pensa LLP opinion dated June 18, 2026) confirms the Duca first mortgage is valid, enforceable and a senior charge over · as of 14 May 2024 | $4.3M | Motion Record of the Receiver dated July 24, 2026 Part 1 |
| Secured | |||
| Secured | |||
| Secured |
3 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 approved — Transaction approved, sale agreement execution authorized, vesting order grantedApproval and Vesting Order of the Honourable Justice Dunphy dated… · 17 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1001334444 Ontario Inc.all of the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · agreement 7 Oct 2025 | not stated | Approved17 Aug 2026 | Approval and Vesting Order of the Honourable… |
1 engagement · 1 firm — Harrison Pensa LLP, 21 May 2024 – 17 Jul 2026, soughtMotion Record of the Receiver dated July 24, 2026 Part 2 · 24 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Harrison Pensa LLPCounsel | 21 May 2024 – 17 Jul 2026Sought | — | 15 people | Motion Record of the Receiver dated July 24, 2026 Part 2 · 24 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 people — Harrison Pensa LLP, 21 May 2024 – 17 Jul 2026 · 48 blurred figures
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50 blurred figures above
What the firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Approval and Vesting Order of the Honourable Justice Dunphy dated August 17, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Dunphy dated August 17, 2026
| PDF · Subscribers | |
Order of the Honourable Justice Dunphy dated August 17, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated July 24, 2026 Part 1
| PDF · Subscribers | |
Motion Record of the Receiver dated July 24, 2026 Part 2
| PDF · Subscribers | |
Endorsement of The Honourable Justice Conway dated May 14, 2024
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Endorsement of The Honourable Justice Conway dated April 11, 2024
| PDF · Subscribers | |
Application Record of DUCA returnable April 11, 2024
| PDF · Subscribers | |
| Factum of DUCA dated April 5, 2024 | 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., “10503452 Canada Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 5 November 2026, https://proceedings.ca/case/10503452-canada-inc
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/10503452-canada-inc
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.