Proceedings.

2301132 Ontario Inc. and 2309840 Ontario Inc.

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Proceeding
NOIBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
Court
Ontario Superior Court of Justice
File
31-2413442
Industry
Real estate · Residential development
Filings held21
Last activity5 Feb 2019
On the record2,830 days
Secured debtSubscribers
OverviewSummary updated

2301132 Ontario Inc. and 2309840 Ontario Inc. face a stack of secured claims against their real property, as set out in the Proposal Trustee's priority review as of September 13, 2018. Harbouredge Mortgage Investment Corporation holds a first mortgage of $1,925,000 over 13764 Hwy 7 and Dayfoot, and issued a section 244 BIA notice of intention to enforce security and a notice of sale on April 25, 2018, with no sale process yet commenced. Home Trust's $412,000 first mortgage over 13758 Hwy 7, subject to a January 30, 2018 notice of sale, was paid out and assigned to guarantor 2413349 Ontario Inc./Derek Martin, who also holds a $350,000 first mortgage over 8 Lindsay. Stasis Group Inc. holds a $2,697,655 first mortgage over 10 Lindsay personally guaranteed by controlling individual Mr. Tilley, and has consented to a proposed $450,000 Administration Charge ranking ahead of it. JYR (approximately $2,368,000) and BDMC (approximately $14,000,000 in aggregate) hold subsequent-ranking mortgages across the properties, with JYR's priority over BDMC on 8 Lindsay under counsel's review. Unnamed judgment creditors hold Writs of execution totalling $703,649, believed subordinate to all mortgages.

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Case updates19 dated entries · 2 undated
#Sale

The court granted an approval and vesting order for the sale to JYR Real Capital Mortgage Investment Corporation and Leaping Loft Ltd. Closing terms, as extracted: Vesting effective upon delivery of the Proposal Trustee's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.

Source: Approval and Vesting Order dated December 14, 2018

#Report

The officer filed report no. Fourth Report. The Companies' principal asset is real property being sold through a court-approved SISP; a sale agreement (the Transaction) was reached with JYR and Leaping Loft, and no other business operations or projected receipts/disbursements are noted during the extension period.

Source: Fourth Report of the Proposal Trustee dated December 7, 2018

#Report

The officer filed report no. Third Report. The Companies' main assets are undeveloped real property generating only nominal rental income, with a court-approved SISP underway to sell or refinance the properties via a stalking horse process; management fees are the only projected disbursements.

Source: Third Report of the Proposal Trustee dated October 29, 2018

#Report

The officer filed a report. The Companies' assets are undeveloped real properties comprising a development assembly; they lack financial resources to advance site plan approval or development, and the restructuring is focused on running a stalking-horse SISP to sell or refinance the Real Property.

Source: Second Report of the Proposal Trustee dated October 5, 2018

Undated filings2 — no date appears on the document · show
—
Order

Endorsement of Justice McEwen dated 15, 2018 — Interim order granted

PDF · Subscribers

Parties

Debtor

2301132 Ontario Inc. and 2309840 Ontario Inc.

Proposal trustee

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice Wilton-SiegelOntario Superior Court of Justice2 orders, Dec 2018111 cases on record

Counsel of record

PartyCounselFirst seenSource
Proposal trusteeKSVBennett Jones LLP20 Sep 2018Application · 20 Sep 2018
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
SecuredBuilding & Development Mortgages Canada Inc. ("BDMC") · in 2 casesMultiple subsequent-ranking mortgages over all of the Real Property (subordinate to JYR mortgage, subject to potential 8 Lindsay priority issue) — Stated as aggregate approximate amount of $14,000,000 across multiple BDMC mortgages; document does not itemize individual mortgage amounts, so no breakdown is reported. Priority table provided for information purposes only and subject to change based on counsel's review. — debtor: 2301132 Ontario Inc. and 2309840 Ontario Inc. · as of 13 Sep 2018$14MFirst Report of the Proposal Trustee dated September 13, 2018
Secured
Secured
Secured
Secured
Secured
Secured
Secured

7 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

3 transactions · 2 proposed · 1 approved — The Transaction is approved and vesting to occur upon delivery of the Proposal Trustee's CertificateApproval and Vesting Order dated December 14, 2018 · 14 Dec 2018

Parties solicited

500

Third Report of the Proposal Trustee dated October 29,…

NDAs signed

21

Third Report of the Proposal Trustee dated October 29,…

Break fee

Subscribers

SISP Approval Order October 15, 2018

Stalking horse

E. Manson Investments Limited

Fourth Report of the Proposal Trustee dated December 7,…

PurchaserPriceStatusSource
E. Manson Investments LimitedStalking horseReal Property · real propertySubscribersProposed15 Oct 2018SISP Approval Order October 15, 2018
2491324 Ontario Inc.Related partythe Purchase Option Property · real propertySubscribersProposedFourth Report of the Proposal Trustee dated…
JYR Real Capital Mortgage Investment Corporation and Leaping Loft Ltd.the Companies' right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 28 Nov 2018not statedApproved14 Dec 2018Approval and Vesting Order dated December 14,…
AdvisorsColliers Macauley Nicolls Inc. (listing broker); Colliers (listing broker)Third Report of the Proposal Trustee dated October 29, 2018
Closing termsVesting effective upon delivery of the Proposal Trustee's Certificate confirming payment of the Purchase Price and satisfaction of closing conditionsApproval and Vesting Order dated December 14, 2018
Documents
21 filings
DateDocumentFile
Certificate of Assignment dated February 5, 2019 - 2301132 OntarioPDF · Subscribers
Certificate of Assignment dated February 5, 2019 - 2309840 OntarioPDF · Subscribers
Approval and Vesting Order dated December 14, 2018
  • Closing terms Vesting effective upon delivery of the Proposal Trustee's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions
  • Order date 14 December 2018
  • Presiding officer Justice Wilton-Siegel
  • Purchaser JYR Real Capital Mortgage Investment Corporation and Leaping Loft Ltd. · the Companies' right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
  • + 2 more extracted facts
PDF · Subscribers
Court Order dated December 14, 2018
  • Presiding officer Justice Wilton-Siegel
PDF · Subscribers
Endorsement of Justice Wilton-Seigel dated December 14, 2018
  • Presiding officer Justice Wilton-Seigel
PDF · Subscribers
Fourth Report of the Proposal Trustee dated December 7, 2018
  • Operational summary The Companies' principal asset is real property being sold through a court-approved SISP; a sale agreement (the Transaction) was reached with JYR and Leaping Loft, and no other business operations or projected receipts/disbursements are noted during the extension period.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Motion Record returnable December 14, 2018PDF · Subscribers
Court Order dated November 5, 2018PDF · Subscribers
Motion Record returnable November 5, 2018 - 2301132 Ontario Inc. and 2309840 Ontario Inc.PDF · Subscribers
Third Report of the Proposal Trustee dated October 29, 2018
  • Operational summary The Companies' main assets are undeveloped real property generating only nominal rental income, with a court-approved SISP underway to sell or refinance the properties via a stalking horse process; management fees are the only projected disbursements.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
SISP Approval Order October 15, 2018
  • Order date 15 October 2018
  • Purchaser E. Manson Investments Limited (stalking horse) · Real Property · real property · back-up bid
  • Sale advisor Colliers Macauley Nicolls Inc. (listing broker)
  • Break fee Subscribers
  • + 2 more extracted facts
PDF · Subscribers
Motion Record returnable October 15, 2018 - 2301132 Ontario Inc. and 2309840 Ontario Inc.PDF · Subscribers
Second Report of the Proposal Trustee dated October 5, 2018
  • Operational summary The Companies' assets are undeveloped real properties comprising a development assembly; they lack financial resources to advance site plan approval or development, and the restructuring is focused on running a stalking-horse SISP to sell or refinance the Real Property.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 6 more extracted facts
PDF · Subscribers
Court Order dated September 20, 2018PDF · Subscribers
Motion Record returnable September 20, 2018 - 2301132 Ontario Inc.
  • Appointee KSV KOFMAN INC.
  • Appointee role Proposal Trustee
  • Counsel Bennett Jones LLP
  • Court ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) (IN BANKRUPTCY AND INSOLVENCY)
  • + 1 more extracted fact
PDF · Subscribers
Motion Record returnable September 20, 2018 - 2309840 Ontario Inc.
  • Appointee KSV KOFMAN INC.
  • Appointee role Proposal Trustee
  • Counsel Bennett Jones LLP
  • Court ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) (IN BANKRUPTCY AND INSOLVENCY)
  • + 3 more extracted facts
PDF · Subscribers
First Report of the Proposal Trustee dated September 13, 2018
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Certificate of Filing of Notice of Intention - 2301132 Ontario Inc.PDF · Subscribers
Certificate of Filing of Notice of Intention - 2309840 Ontario Inc.PDF · Subscribers
Endorsement of Justice McEwen dated 15, 2018
  • Presiding officer Justice McEwen
PDF · Subscribers
Sale Process Clarification Memorandum
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., “2301132 Ontario Inc. and 2309840 Ontario Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/2301132-ontario-inc-and-2309840-ontario-inc

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Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/2301132-ontario-inc-and-2309840-ontario-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.