#Filing
Motion Record of the Receiver (returnable September 18, 2026) — Application / notice of application
177 Cross Argus Development Inc.
FollowActive
- Proceeding
- NOIsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CL-25-00753599-0000
OverviewSummary updated
177 Cross Argus Development Inc. filed a notice of intention to make a proposal under section 50.4 of the BIA on October 2, 2025 in Ontario, and the proceeding remains active. The debtor acquired 177-185 Cross Avenue and 580 Argus Road in Oakville for $53,000,000 on or around March 15, 2023, financed by vendor-take-back first and second mortgages from 915643 Ontario Inc. registered at $31,800,000 and $5,300,000; approximately $39,622,030 including accrued interest was owing as of October 28, 2025. A $5,000,000 third mortgage held by Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc. matured in 2024, and the third mortgagee obtained default judgment on March 5, 2025. Its September 30, 2025 notices of attornment of rents and direction to pay were declared null and void by order dated October 30, 2025, the mortgagee being found subject to the BIA stay.
Claims processIf you are owed money
The claims bar date has passed — claims were due by
Per the Priority Claims Procedure Order dated January 20, 2026 dated 20 January 2026.
Proceedings AIAsk this case — answers cite the filings
Case updates27 dated entries
#Report
Third Report confirmed the sale closed April 22, 2026 at 4:12pm; the receiver held approximately $88,000 as at August 31, 2026 and is winding down before seeking its discharge.
Source: Third Report of the Receiver dated September 11, 2026
24 earlier updates, back to 2 October 2025 — subscribers.
AnalysisAll insights
Case update
177 Cross Argus: the seller credit-bids its Oakville land back
915643 Ontario Inc. held 2.5 acres near the Oakville GO station for 32 years, sold them in 2023 for $53,000,000 to a developer planning 1,895 condominiums, and on April 22, 2026 bought them back from a receiver largely with the debt its vendor-take-back mortgages secured; the receiver's Third Report now asks to be discharged, with $88,383 in hand and the balance bound for the buyer.
Parties
Debtor
177 Cross Argus Development Inc.
Proposal trustee
Albert Gelman
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | 915643 Ontario Inc.First VTB mortgage (original registered amount $31,800,000) and second VTB mortgage (original registered amount $5,300,000) against the Property (177-185 Cross Ave & 580 Argus Road, Oakville, Ontario) — Vendor-take-back mortgages granted on purchase of the Property (purchase price $53,000,000 on/around March 15, 2023, vendor was 915643 Ontario Inc.); current amount owing described in the affidavit as 'approximately' $39,622,030 including accrued interest as of the affidavit's affirmation date — debtor: 177 Cross Argus Development Inc. · as of 28 Oct 2025 | $39.6M | Motion Record dated October 28, 2025 |
40 more claims across lower-ranking classesSubscribe to view
Sale processAs stated in the filings
Sale approved — the Stalking Horse Bid was determined to be the Successful Bid following rejection of a competing LOI, and the SISP did not proceed to Phase 2Second Report of the Receiver dated March 24, 2026 · 24 Mar 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 915643 Ontario Inc.Stalking horsethe Debtor's right, title and interest in and to the assets described in the APS (the "Purchased Assets") · asset sale · agreement 14 Jan 2026 | Subscribers | Closed22 Apr 2026outside 30 Apr 2026 | Third Report of the Receiver dated September… |
AdvisorsLennard Commercial Realty, Brokerage (listing broker)Third Report of the Receiver dated September 11, 2026
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the Transaction.Order (Approval and Vesting) dated March 31, 2026
Fees and ratesAs stated in the filings
1 engagement · 1 firm — Albert Gelman Inc., the PeriodSecond Report of the Receiver · 24 Mar 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Albert Gelman Inc.Receiver | the Period | — | — | — | Second Report of the Receiver · 24 Mar 2026 |
1 stated figure across 1 engagement, each sourcedSubscribe to view
Estate financialsReported figures — never derived
Cumulative receipts
$641K
As at 11 Sep 2026Third Report of the Receiver dated September 11, 2026
3 more reported figures, as at 11 Sep 2026Subscribe to view
Documents
27 filings
| Date | Document | File |
|---|---|---|
| Motion Record of the Receiver (returnable September 18, 2026) | PDF · Subscribers | |
Third Report of the Receiver dated September 11, 2026
| PDF · Subscribers | |
| Receiver’s Certificate dated April 22, 2026 | PDF · Subscribers | |
Endorsement dated March 31, 2026
| PDF · Subscribers | |
| Motion Record of the Receiver (returnable March 31, 2026) | PDF · Subscribers | |
Order (Ancillary Relief) dated March 31, 2026
| PDF · Subscribers | |
Order (Approval and Vesting) dated March 31, 2026
| PDF · Subscribers | |
Second Report of the Receiver dated March 24, 2026
| PDF · Subscribers | |
| Ancillary Order dated January 20, 2026 | PDF · Subscribers | |
Endorsement dated January 20, 2026
| PDF · Subscribers | |
| Motion Record of the Receiver (returnable Jan. 20, 2026) | PDF · Subscribers | |
Priority Claims Procedure Order dated January 20, 2026
| PDF · Subscribers | |
SISP Order dated January 20, 2026
| PDF · Subscribers | |
| First Report of the Receiver dated January 13, 2026 | PDF · Subscribers | |
| Endorsement dated Nov 27, 2025 | PDF · Subscribers | |
Order Appointing Receiver dated November 27, 2025
| PDF · Subscribers | |
| Endorsement dated November 20, 2025 | PDF · Subscribers | |
Endorsement dated November 18, 2025
| PDF · Subscribers | |
Order – Withdrawal of NOI dated November 18, 2025
| PDF · Subscribers | |
| Application Record dated November 13, 2025 | PDF · Subscribers | |
| Motion Record dated November 13, 2025 | PDF · Subscribers | |
| Court Order dated October 30, 2025 | PDF · Subscribers | |
| Endorsement dated October 30, 2025 | PDF · Subscribers | |
First Report of the Proposal Trustee dated October 29, 2025
| PDF · Subscribers | |
Motion Record dated October 28, 2025
| PDF · Subscribers | |
Notice to Creditors of NOI filing dated October 8, 2025
| PDF · Subscribers | |
| Certificate for the Notice of Intention | 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., “177 Cross Argus Development Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/177-cross-argus-development-inc