Proceedings.

2039882 Ontario Limited o/a Shelter Cove (CCAA)

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Closed
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
Court
Ontario Superior Court of Justice
File
CV-24-00713069-00CL
Industry
Real estate · Residential development
Filings held69
Last activity21 Oct 2024
On the record1,003 days
Secured debtSubscribers
OverviewSummary updated

2039882 Ontario Limited, operating as Shelter Cove, has been under an initial order made 18 January 2024 under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List), court file CV-24-00713069-00CL, with PricewaterhouseCoopers Inc. as appointee and Aird & Berlis LLP as counsel. Justice H.J. Wilton-Siegel and Justice Peter Osborne have presided, and the proceeding remains active. The list of creditors with claims of $1,000 or more records secured claims of $20,100,585.97 to KHL Investments USA Inc., $5,285,000.00 to Basics Holdings Limited, $2,716,438.71 to Northpoint Commercial Finance Canada Inc. and $183,022.52 to 1093865 Ontario Limited. Unsecured claims include $2,490,338.28 held in aggregate by deposit holders, $1,454,476.80 to Weeping Willow and a further $1,302,334.51 to 1093865 Ontario Limited.

Proceedings AIAsk this case — answers cite the filings
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Case updates69 dated entries
#Order

Initial order made, commencing the company's Companies' Creditors Arrangement Act proceeding in the Commercial List under court file CV-24-00713069-00CL.

Source: Initial Order

Parties

Debtor

2039882 Ontario Limited o/a Shelter Cove (CCAA)

Monitor

PwC

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice ConwayOntario Superior Court of Justice5 orders, Jan 2024 – Feb 2024309 cases on record
Justice OsborneOntario Superior Court of Justice4 orders, Jul 2024 – Oct 2024168 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorPwCAird & Berlis LLP · Bennett Jones LLP24 May 2024Order · 2 Oct 2024
Applicant2039882 Ontario Limited o/a Shelter Cove (CCAA)Reconstruct LLP18 Jan 2024Factum · 21 May 2024
Interim lenderLerners LLP24 May 2024Service list · 24 May 2024
PurchaserMPG Law Professional Corporation24 May 2024Service list · 24 May 2024
CreditorEnvirosearch Operations IncMiller Thomson LLP24 May 2024Service list · 24 May 2024
CreditorKHL Investments USA IncLerners LLP18 Jul 2024Factum · 18 Jul 2024
CreditorNorthpoint Commercial Finance Canada IncLoopstra Nixon LLP24 May 2024Service list · 24 May 2024
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredKHL Investments USA Inc.Classified Secured per the Type column (rows 1-4 in list order). Currency not stated on the list; CAD assumed from the Ontario CCAA filing. No as-at date stated on the list. — debtor: 2039882 Ontario Limited o/a Shelter Cove$20.1MList of Creditors
4Secured
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

63 more claims in 2 classes The stack holds Secured and Unsecured claims.

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Sale processAs stated in the filings

Sale approved — Court approved the Transaction under the Asset Purchase Agreement between the Receiver and 1000948249 Ontario Inc. and vests the Purchased Assets in the Purchaser upon delivery of the Receiver's CertificateApproval and Vesting Order · 2 Oct 2024

Bid deadline (round closed)

27 March 2024

SISP Approval Order

Stalking horse

None

SISP Approval Order

PurchaserPriceStatusSource
1000948249 Ontario Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the Purchased Assets), including the real property at 38 Cheapside, Selkirk (PIN 38204-0094) · asset sale · agreement 23 Aug 2024SubscribersApproved2 Oct 2024outside 12 Apr 2024Approval and Vesting Order
AdvisorsClariti Strategic Advisors Inc. (financial advisor)SISP Approval Order
Closing termsVesting is effective upon delivery of the Receiver's certificate to the Purchaser, confirming payment of the Purchase Price, satisfaction or waiver of the Article 8 closing conditions, and completion of the Transaction to the Receiver's satisfactionApproval and Vesting Order
Sealed materialsThe Sale Agreement is appended as a confidential appendix to the First Report of the ReceiverApproval and Vesting Order
RecoveriesAs stated in the filings

Closed · the record states no distribution outcome.

Documents
69 filings
DateDocumentFile
Monitor's Discharge CertificatePDF · Subscribers
Ancillary and Sealing Order
  • Counsel Aird & Berlis LLP
  • Presiding officer Justice Peter Osborne
PDF · Subscribers
Approval and Vesting Order
  • Closing terms Vesting is effective upon delivery of the Receiver's certificate to the Purchaser, confirming payment of the Purchase Price, satisfaction or waiver of the Article 8 closing conditions, and completion of the Transaction to the Receiver's satisfaction
  • Counsel Aird & Berlis LLP
  • Order date 2 October 2024
  • Presiding officer Justice Peter Osborne
  • + 4 more extracted facts
PDF · Subscribers
CCAA Termination and Fee Approval Order
  • Counsel Bennett Jones LLP
  • Presiding officer Justice Osborne
PDF · Subscribers
Endorsement of J Osborne (re October 2, 2024 motion)PDF · Subscribers
Factum of the Monitor re CCAA Termination and Fee Approval Order
  • Counsel Bennett Jones LLP
PDF · Subscribers
Sixth Report of the MonitorPDF · Subscribers
Motion Record of the Monitor (re CCAA Termination and Fee Approval Order)PDF · Subscribers
Motion Record of the Receiver (re Approval and Vesting Order, Ancillary and Sealing Order) - Volume 2PDF · Subscribers
Motion Record of the Receiver (re Approval and Vesting Order, Ancillary and Sealing Order) - Volume IPDF · Subscribers
Endorsement of J Osborne (re Receivership Order)PDF · Subscribers
Lifting Stay of Proceedings to Northpoint Order
  • Counsel Loopstra Nixon LLP
PDF · Subscribers
Receivership Order (appointing Fuller Landau as Receiver)
  • Counsel Lerners LLP
  • Presiding officer Justice Osborne
PDF · Subscribers
Affidavit of D. McNamara, sworn July 18, 2024PDF · Subscribers
DRAFT Receivership OrderPDF · Subscribers
Factum of KHL Investments USA Inc.
  • Counsel Lerners LLP
PDF · Subscribers
Fifth Report of the MonitorPDF · Subscribers
Motion Record of Northpoint Commercial Finance Canada Inc.PDF · Subscribers
Pre-Filing Report of Fuller Landau Group Inc., the Proposed ReceiverPDF · Subscribers
Responding Motion Record of the CompanyPDF · Subscribers
Motion Record of KHL Investments USA Inc.PDF · Subscribers
Endorsement of J Osborne (re Potential Receivership)PDF · Subscribers
Aide Memoire of 2039882 Ontario Limited
  • Counsel Reconstruct LLP
PDF · Subscribers
Aide Memoire of KHL Investments USA Inc.PDF · Subscribers
Aide Memoire of the MonitorPDF · Subscribers
Endorsement of J. Steele (re Stay Extension Order)PDF · Subscribers
Endorsement of Justice H.J. Wilton-Siegel (re Hearing scheduled on May 28, 2024)
  • Presiding officer Justice H.J. Wilton-Siegel
PDF · Subscribers
Stay Extension Order
  • Counsel Reconstruct LLP
  • Presiding officer Justice Steele
PDF · Subscribers
Factum of the Applicant (Re: Stay Extension)PDF · Subscribers
Fourth Report of the MonitorPDF · Subscribers
Responding Record KHL Investments USA Inc.PDF · Subscribers
Supplementary Responding Record of KHL Investments USA Inc.PDF · Subscribers
Application Record of the Applicant (re Extension Order)PDF · Subscribers
Service List
  • Counsel Bennett Jones LLP
PDF · Subscribers
Aide Memoire of the Applicant
  • Counsel Reconstruct LLP
PDF · Subscribers
Endorsement of J. Conway Re: Stay Extension OrderPDF · Subscribers
Supplemental Endorsement of J. Conway Re: Stay Extension OrderPDF · Subscribers
Third Report of the MonitorPDF · Subscribers
Motion Record of the Company (re Stay Extension to May 31, 2024)PDF · Subscribers
Endorsement of J Conway (re Case Conference on March 26, 2024)PDF · Subscribers
Comparison - SISP Order from motion record to Current SISP Order
  • Presiding officer Justice Conway
PDF · Subscribers
DRAFT SISP Approval OrderPDF · Subscribers
Endorsement of J ConwayPDF · Subscribers
SISPPDF · Subscribers
SISP Approval Order
  • Bid deadline 27 March 2024
  • Counsel Reconstruct LLP
  • Order date 6 February 2024
  • Outside date 12 April 2024
  • + 4 more extracted facts
PDF · Subscribers
Supplemental Motion Record of the ApplicantPDF · Subscribers
Factum of the ApplicantPDF · Subscribers
Second Report of the Monitor
  • Sale outcome Marketed — The Monitor recommends approval of the proposed SISP, to solicit interest in a refinancing, sale or investment in the Company; the SISP has not yet been approved or launched.
  • Stalking horse Subscribers
PDF · Subscribers
Monitor's Notice to Shelter Cove PurchasersPDF · Subscribers
Monitor's Notice to Shelter Cove ResidentsPDF · Subscribers
Motion Record of the Applicant (re SISP Approval Order)PDF · Subscribers
FAQ for Tenants of Shelter CovePDF · Subscribers
Amended and Restated Initial Order
  • Applicant 2039882 ONTARIO LIMITED
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Commencement date 18 January 2024
  • + 5 more extracted facts
PDF · Subscribers
Endorsement of J Conway re Amended and Restated Initial Order
  • Presiding officer Justice Conway
PDF · Subscribers
Litera Compare Redline - Draft ARIO-1376-9031-6041-v10 and Draft ARIO-1376-9031-6041-v11PDF · Subscribers
Monitor’s Payout Certificate - filed with CourtPDF · Subscribers
Supplementary Motion Record of the ApplicantPDF · Subscribers
First Report of the MonitorPDF · Subscribers
List of Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of CCAAPDF · Subscribers
Endorsement of J Conway re Initial OrderPDF · Subscribers
Initial Order
  • Applicant 2039882 ONTARIO LIMITED
  • Appointee PricewaterhouseCoopers Inc.
  • Commencement date 18 January 2024
  • Counsel Reconstruct LLP
  • + 5 more extracted facts
PDF · Subscribers
Responding Factum of the ApplicantPDF · Subscribers
Cross-Application Record of KHL Investments USA Inc.PDF · Subscribers
Pre-Filing Report of the MonitorPDF · Subscribers
Application Record of the ApplicantPDF · Subscribers
Motion Record of the Applicant re ARIO and SISP Approval OrderPDF · Subscribers
Supplemental Affidavit of Mario BevacquaPDF · Subscribers
Supplemental Affidavit of Martin BrodiganPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “2039882 Ontario Limited o/a Shelter Cove (CCAA)” (CCAA), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/2039882-ontario-limited-o-a-shelter-cove-ccaa

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Sources last checked · summary updated 30 September 2026 · Report a correction · Printed from proceedings.ca/case/2039882-ontario-limited-o-a-shelter-cove-ccaa

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.