1682 Victoria Park Avenue Inc. has been in CCAA proceedings in Ontario since July 17, 2026, on an application brought by its fourth mortgagee, Findev Lending Inc., which had issued a demand letter and Notice of Intention to Enforce Security on June 12, 2026 for $22,800,000 plus accruing interest and $11,300 in legal fees, and puts its indebtedness at $24,347,706 as at June 30, 2026 with an anticipated shortfall exceeding $10,000,000. Registered charges rank Windsor Family Credit Union ($24,328,081.23, matured on or about June 30, 2026), Firm Capital ($9,000,000), Westmount ($1,000,000), Findev, then Yonge-Abell ($17,000,000). The Canada Revenue Agency issued a Requirement to Pay on June 9, 2026 for $5,524,569.88 of unremitted HST. Unaudited compiled statements at December 31, 2024 show assets of $113,394,043 against liabilities of $119,204,544, including $11,349,732 in purchasers' deposits.
The court granted an approval and vesting order for the sale to Findev Lending Inc. Sealed: Confidential Appendices to the Second Report, Confidential Exhibit 1 to the Affidavit of Alexander Silver, Confidential Exhibit 1 to the Affidavit of Anthony Heller.
Source: Order of Justice Meyers dated September 15, 2026 (Approval and Reverse Vesting Order)
Motion record of the Applicant (for motion returnable September 15, 2026) — Application / notice of application
Supplementary Motion Record of the Applicant (for motion returnable September 15, 2026) — Application / notice of application
Second Report of the Monitor dated September 11, 2026 (for motion returnable September 15, 2026) — Court officer report
The stay of proceedings was extended to 2026-10-15.
Source: Amended and Restated Initial Order dated July 24, 2026
Motion Record of the Applicant (for motion returnable July 24, 2026) — Application / notice of application
First Report of the Monitor dated July 23, 2026 (for motion returnable July 24, 2026) — Court officer report
Book of Authorities of Findev Lending Inc. dated July 15, 2026 — Application / notice of application
Application Record of Findev Lending Inc. served July 14, 2026 was filed. Court file CL-26-00000319-0000.
Source: Application Record of Findev Lending Inc. served July 14, 2026
Case update
1682 Victoria Park: sixty-five unsold, and the lender who did not prime anybody
Findev Lending put its own borrower into CCAA to sell 65 townhouses, took no DIP charge, and let its administration charge rank fourth behind three mortgages. On July 24 Justice Myers extended the stay and told sixteen existing homeowners what they would need to be heard.
Precedent note
A secured creditor that wants a court-supervised sale has two doors: appoint a receiver, or put its own borrower into CCAA. Four 2026 proceedings show lenders choosing the second — and taking radically different positions on how much priority to ask for once inside.
Debtor
1682 Victoria Park Avenue Inc.
Applicant
Findev Lending Inc.
Monitor
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Myers | Ontario Superior Court of Justice | 3 orders, Jul 2026 | 103 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorAlbert Gelman | Rothstein LLP | 15 Sep 2026 | Factum · 15 Sep 2026 |
| ApplicantFindev Lending Inc. | Manis Law | 15 Jul 2026 | Factum · 15 Jul 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesRequirement to Pay issued pursuant to unremitted HST (the "HST Trust Claim") — Deemed trust claim (unremitted HST). Proposed stalking horse credit bid/RVO structure would reverse priority of the HST Trust Claim, conferring benefit to the Applicant, though Applicant will still suffer a shortfall. — debtor: 1682 Victoria Park Avenue Inc. · as of 9 Jun 2026 | $5.52M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Findev Lending Inc. (Applicant)Mortgage/Charge of Land (Instrument No. AT447215, registered Jan. 27, 2017, originally to Towncorp Asset Management Inc., assigned to Findev Inc. then Findev Lending Inc.); General Assignment of Rents (Instrument No. AT447216); General Security Agreement over personal property (Jan. 17, 2017, first priority); Assignment of Insurance Interest (Jan. 17, 2017). Charge amount increased by successive registered notices to a final registered ceiling of $10,000,000.00 (Instrument No. AT5583517, Nov. 27, 2020) — Approximate indebtedness figure per para. 37 of affidavit. Prior demand letter dated June · as of 30 Jun 2026 | $24.3M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Windsor Family Credit Union Limited (WFCU) · in 2 casesFirst charge against Real Property, Instrument No. AT6105081, registered June 13, 2022, principal sum $70,000,000.00 (registration ceiling); related General Assignment of Rents Instrument No. AT6105082 — Approximate indebtedness figure per para. 37 of affidavit. Plazacorp Investments Limited and Anthony Heller (officer/director of Applicant) personally guaranteed this indebtedness (related party). Charge matured on or about June 30, 2026; Applicant and WFCU negotiating forbearance agreement. First-ranking charge on title. — debtor: 1682 Victoria Park Avenue Inc. · as of 30 Jun 2026 | $24.3M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Yonge-Abell Mortgage Partners LimitedCharge(s) originally granted to Sorrenti Law Professional Corporation (Instrument Nos. AT3444643 and AT4412173, registered 2013), transferred to Yonge-Abell Mortgage Partners Limited September 29, 2020 (Instrument Nos. AT5531426, AT5531427); registered principal amended over time up to $13,540,000.00 (Notice AT4502335, March 3, 2017) (registration ceiling) — Approximate indebtedness figure per para. 37 of affidavit. Fifth (lowest) ranking charge on title, postponed to WFCU, Firm Capital, Westmount and Applicant's Charges. — debtor: 1682 Victoria Park Avenue Inc. · as of 30 Jun 2026 | $17M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Firm Capital Mortgage Fund Inc. · in 10 casesSecond charge against Real Property, Instrument No. AT6870139, registered July 30, 2025, principal sum $15,000,000.00 (registration ceiling); related General Assignment of Rents Instrument No. AT6870140 — Approximate indebtedness figure per para. 37 of affidavit. Second-ranking charge, behind WFCU Charge. — debtor: 1682 Victoria Park Avenue Inc. · as of 30 Jun 2026 | $9M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Westmount Guarantee Services Inc. · in 16 casesCharge against Real Property, Instrument No. AT5550826, registered October 21, 2020, principal sum $27,000,000.00 (registration ceiling) — Approximate indebtedness figure per para. 37 of affidavit. Third-ranking charge, postponed to WFCU and Firm Capital Charges. — debtor: 1682 Victoria Park Avenue Inc. · as of 30 Jun 2026 | $1M | Affidavit of Anthony Heller sworn July 13, 2026 |
| 4 | Secured | Broadway Hardwood Flooring LimitedConstruction Lien registered against title to Unit 16 (PIN 77137-0061), Instrument No. AT7028624 — Registered construction lien claim appearing on parcel register exhibit; not addressed in body of affidavit's secured creditor summary. — debtor: 1682 Victoria Park Avenue Inc. · as of 19 Mar 2026 | $237K | Affidavit of Anthony Heller sworn July 13, 2026 |
Sale approvedOrder of Justice Meyers dated September 15, 2026 (Approval and Reverse… · 15 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Findev Lending Inc.the sale of shares in the Debtor to the Purchaser by way of a reverse vesting order · share sale · ResidualCo: 1001740770 Ontario Inc. · agreement 10 Sep 2026 | not stated | Approved15 Sep 2026 | Order of Justice Meyers dated September 15,… |
Findev Lending Inc.: shortfall.EstimatedFirst Report of the Monitor dated July 23, 2026 (for motion · 23 Jul 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Securedthe Applicant | Findev Lending Inc. | — | shortfall | Estimatedper the monitor | First Report of the Monitor dated July 23, 2026 (for motion · 23 Jul 2026 |
| SecuredWindsor Family Credit Union Limited (WFCU), Firm Capital Mortgage Fund Inc., Westmount Guarantee Services Inc. | Windsor Charge, Firm Capital Charge and Westmount Charge | — | paid in fullconditional | Estimatedper the monitor | First Report of the Monitor dated July 23, 2026 (for motion · 23 Jul 2026 |
| Unsecured | Findev Lending Inc. | — | shortfall | Estimatedper the monitor | Prefiling Report of the Monitor · 14 Jul 2026 |
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.
As at 31 Dec 2024 · per Unaudited, compiled financial information (Compilation Engagement Report per CSRS 4200; management-prepared on cash and historical cost basis with modifications per Note 1); the Applicant advised this is the most recent financial statement obtained by Victoria Park · Entity-level - 1682 Victoria Park Avenue Inc. only — Balance sheet shows Mortgages payable of $103,496,456 (aggregate, not broken down by mortgagee), Purchasers' deposits of $11,349,732, Accounts payable of $3,485,315, Bank overdraft of $615,704, Loans payable of $186,828, and Advances from shareholders of $70,509 within Total Liabilities; Total Shareholders' Deficiency of $(5,810,501)
| Date | Document | File |
|---|---|---|
Aide Memoire of the Monitor (for motion returnable September 15, 2026)
| ||
Endorsement of Justice Meyers dated September 15, 2026
| ||
| Motion record of the Applicant (for motion returnable September 15, 2026) | ||
Order of Justice Meyers dated September 15, 2026 (Approval and Reverse Vesting Order)
| ||
| Supplementary Motion Record of the Applicant (for motion returnable September 15, 2026) | ||
| First Supplement to the Second Report of the Monitor dated September 14, 2026 (for motion returnable September 15, 2026) | ||
| Second Report of the Monitor dated September 11, 2026 (for motion returnable September 15, 2026) | ||
| Service List as of July 27, 2026 | ||
Amended and Restated Initial Order dated July 24, 2026
| ||
Endorsement of Justice Myers dated July 24, 2026
| ||
Factum of the Applicant (for motion returnable July 24, 2026)
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| Motion Record of the Applicant (for motion returnable July 24, 2026) | ||
First Report of the Monitor dated July 23, 2026 (for motion returnable July 24, 2026)
| ||
| Notice to Creditors re Initial Order dated July 23, 2026 | ||
| Creditor Listing ($1,000 or more) as at July 20, 2026 | ||
Endorsement of Justice Myers dated July 17, 2026
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Initial Order dated July 17, 2026
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| Book of Authorities of Findev Lending Inc. dated July 15, 2026 | ||
Factum of Findev Lending Inc. dated July 15, 2026
| ||
Application Record of Findev Lending Inc. served July 14, 2026
| ||
Prefiling Report of the Monitor dated July 14, 2026
| ||
Affidavit of Anthony Heller sworn July 13, 2026
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “1682 Victoria Park Avenue Inc.” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/1682-victoria-park-avenue-inc
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/1682-victoria-park-avenue-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.