#Order
The court appointed msi Spergel inc. as receiver, on the application of MERIDIAN CREDIT UNION LIMITED. Court file CV-24-00733400-CL.
Source: Order of the Honourable Justice Dietrich dated March 25, 2025
2465 Brock Rd Development Inc.
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- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-24-00733400-CL
- Industry
- Real estate · Residential development
OverviewSummary updated
2465 Brock Rd Development Inc. has been in court-appointed receivership since March 25, 2025, on an application under section 243 of the BIA by Meridian Credit Union Limited. Meridian's loan matured June 22, 2024 and went into default; its demand and notice of intention to enforce security dated November 1, 2024 stated a balance of $13,924,736.47 as of October 31, 2024, comprising principal of $13,724,560.02, accrued interest of $197,276.45 and a $2,900.00 administrative fee, with interest running at $3,064.53 per day. Meridian holds a first-ranking collateral charge on 2465 Brock Road, Pickering, registered June 22, 2023, a general security agreement and an assignment of rents, plus guarantees from Sacha Singh and 9319697 Canada Ltd., each capped at $13,800,000. Charges in favour of The Forty Eight Corporation and New Canadian Capital Inc. were later registered on title without Meridian's consent, and City of Pickering tax arrears of $18,234.39 rank ahead of the mortgage.
Proceedings AIOpen Proceedings AI
Case updates5 dated entries
#Filing
Application Record of the Applicant dated January 3, 2025 was filed. Court file CV-24-00733400-00CL.
Source: Application Record of the Applicant dated January 3, 2025
Parties
Debtor
2465 Brock Rd Development Inc.
Applicant
Meridian Credit Union
Receiver
msi Spergel inc.
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Meridian Credit Union Limited · in 20 casesFirst-ranking collateral mortgage/charge registered June 22, 2023 as Instrument No. DR2240625 for $15,250,000.00 (registered principal, not a balance); General Security Agreement dated June 14, 2023, perfected under the Ontario PPSA; Notice of Assignment of Rents registered June 22, 2023 as Instrument No. DR2240626; demand loan of $13,800,000.00 advanced under Credit Agreement/Commitment Agreement dated June 22, 2023 — Exact dated balance per Nov 1, 2024 demand letter and Notice of Intention to Enforce Security: principal $13,724,560.02 + accrued interest $197,276.45 + administrative fee $2,90 · as of 31 Oct 2024 | $13.9M | Application Record of the Applicant dated January 3, 2025 |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
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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.
Documents4 filings
| Date | Document | File |
|---|---|---|
Endorsement of The Honourable Justice Dietrich dated March 25, 2025
| PDF · Subscribers | |
Order of the Honourable Justice Dietrich dated March 25, 2025
| PDF · Subscribers | |
| Factum of the Applicant dated March 14, 2025 | PDF · Subscribers | |
Application Record of the Applicant dated January 3, 2025
| 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., “2465 Brock Rd Development Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/2465-brock-rd-development-inc