485 Logan Developments Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00743351-00CL
- Industry
- Real estate · Residential development
485 Logan Developments Inc. has been the subject of a court-appointed receivership in Ontario since 2025-07-24, brought under section 243 of the BIA and provincial Judicature Act authority. The principal secured creditor is Romspen Investment Corporation, owed $14,118,249.31 as of 2025-05-01 against total principal advances of $29,971,593.36 made in 14 tranches; that balance includes a Maturity Grace Period Fee, accrued interest, a $961,414.73 protective advance that funded a condominium lien payoff, and legal and statement fees. Romspen holds a 2021 charge with registered principal of $30,620,000, a general assignment of rents, a general security agreement, and a collateral mortgage over property at 667 Nashville Road, Kleinburg, owned by David Martino, the debtor's sole officer and director. Westmount Guarantee Services Inc. holds charges with registered principal of $8,500,000, postponed in priority to Romspen. A condominium lien held by Toronto Standard Condominium Corporation No. 3023 was satisfied on 2025-04-29 by a $66,077.34 protective payment from Romspen.
Debtor
485 Logan Developments Inc.
Applicant
Romspen Investment Corporation
Receiver
Rosen Goldberg
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantRomspen Investment Corporation | Dickinson Wright LLP | 24 Jul 2025 | Order · 24 Jul 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Romspen Investment Corporation · in 17 casesMortgage/Charge registered 2021-12-23 (Instrument AT5947488, registered principal $30,620,000); collateral charge registered 2024-03-04 (Instrument AT5654709) against townhouse units 305, 308 and combined parking/locker units 24A, 25A, same $30,620,000 registered principal; General Assignment of Rents registered 2021-12-23 (Instrument AT5947489); Assignment of Insurance Proceeds dated 2021-12-20; Assignment of Agreements of Purchase and Sale dated 2021-12-20; General Security Agreement over personal property dated 2022-05-16; also a collateral mortgage over David Martino's personal property at · as of 1 May 2025 | $14.1M | Application Record |
| Secured | |||
| Secured |
2 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.
| Date | Document | File |
|---|---|---|
Receivership Order dated July 24, 2025
| PDF · Subscribers | |
Responding Application Record
| PDF · Subscribers | |
| Factum of Applicant | PDF · Subscribers | |
Application Record
| 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., “485 Logan Developments Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/485-logan-developments-inc