54 Shepherd Road Inc. and 60 Shepherd Road Inc. have been under court-appointed receivership since October 24, 2019, when the Ontario Superior Court of Justice (Commercial List) appointed msi Spergel Inc. as receiver on the application of FirstOntario Credit Union Limited under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in Court File No. CV-19-00628680-00CL. FirstOntario, the only registered PPSA secured party against the debtors and first in priority, claimed $2,584,724.65 as of October 4, 2019, comprising principal of $2,500,000.00, accrued interest of $84,264.65, administrative fees of $210.00 and an administrative collection fee of $250.00, with interest accruing at Prime plus 3% (6.95% at the time of filing). Its security includes Charge/Mortgage Instrument No. HR1257414 registered April 7, 2017, general security agreements dated March 19, 2015, and two general assignments of rents. Community Trust Company, as trustee and mortgage administrator for numerous unrelated syndicated investors holding RSP, RIF and LIRA plans, and Hi-Rise Capital Ltd. hold mortgage security subordinated and postponed to FirstOntario under standstill agreements dated March 19, 2015. The proceeding remains active.
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The court granted an approval and vesting order for the sale to Jacques Emond, Chairperson of the Investor Representatives, for and on behalf of an Ontario company or other legal entity to be incorporated or formed by or on behalf of the Syndicated Investors. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions under sections 12 and 13 of the Sale Agreement, and completion of the Transaction to the Receiver's satisfaction. Sealed: confidential appendices to the Report and the unredacted copy of the motion record.
FirstOntario Credit Union Limited · in 5 casesCharge/Mortgage Instrument No. HR1257414 registered April 7, 2017; Business Loan General Security Agreements dated March 19, 2015; Assignments of Rents - General registered as Instrument Nos. HR1257416 and HR1257415; first in priority security — Principal $2,500,000.00 plus accrued interest $84,264.65, administrative fees $210.00, and administrative collection fee $250.00; interest continues to accrue at Prime + 3% (6.95% at time of filing); also only registered PPSA secured party against the Debtor — debtor: 54 Shepherd Road Inc. and 60 Shepherd Road Inc. · as of 4 Oct 2019
$2.58M
Application Record Returnable October 24, 2019
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This 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.
Jacques Emond, Chairperson of the Investor Representatives, for and on behalf of an Ontario company or other legal entity to be incorporated or formed by or on behalf of the Syndicated Investorsthe Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · nominee/assignee: 2757269 Ontario Inc. (the 'Transferee'), being the general partner of Oakville Revival Limited Partnership and on its behalf · agreement 31 Jan 2020
Closing termsVesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions under sections 12 and 13 of the Sale Agreement, and completion of the Transaction to the Receiver's satisfaction.Approval and Vesting Order of The Honourable Justice Madam Conway dated…
Approval and Vesting Order of The Honourable Justice Madam Conway dated August 17, 2020
Closing termsVesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions under sections 12 and 13 of the Sale Agreement, and completion of the Transaction to the Receiver's satisfaction.
Order date17 August 2020
PurchaserJacques Emond, Chairperson of the Investor Representatives, for and on behalf of an Ontario company or other legal entity to be incorporated or formed by or on behalf of the Syndicated Investors · nominee/assignee 2757269 Ontario Inc. (the 'Transferee'), being the general partner of Oakville Revival Limited Partnership and on its behalf · the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · approved
Sealed itemsconfidential appendices to the Report and the unredacted copy of the motion record
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CiteProceedings., “54 Shepherd Road Inc. and 60 Shepherd Road Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/54-shepherd-road-inc-and-60-shepherd-road-inc
Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/54-shepherd-road-inc-and-60-shepherd-road-inc
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