55 Town Centre Holdings Ltd.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00701950-00CL
55 Town Centre Holdings Ltd. was placed in court-appointed receivership on November 6, 2023, when Justice Steele of the Ontario Superior Court of Justice (Commercial List) also approved a claims process, on the application of The Bank of Nova Scotia filed June 28, 2023, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Grant Thornton Limited was appointed receiver and manager. The company's unaudited books valued its assets at $30,503,235 as at November 7, 2023. The Bank of Nova Scotia had demanded repayment of $29,346,624 as of May 25, 2023, and Alleghe Mortgage Fund Ltd. was recorded in the company's books as owed $3,000,000. The Receiver's creditor mailing list included $690,278.73 in Toronto property taxes, $178,813.81 owed to Toronto Hydro, and $161,979.00 to the Canada Revenue Agency.
38 earlier updates, back to 6 November 2023 — subscribers.
Debtor
55 Town Centre Holdings Ltd.
Receiver
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 4 orders, Nov 2023 – Jan 2024 | 220 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Jan 2025 – Feb 2025 | 288 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, May 2025 | 285 cases on record |
| Justice Black | Ontario Superior Court of Justice | 2 orders, Oct 2024 | 176 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Harrison Pensa LLP | 26 Jan 2024 | Factum · 26 Jan 2024 |
| Applicant | McMillan LLP | 3 Nov 2023 | Application · 3 Nov 2023 |
| Debtor55 Town Centre Holdings Ltd. | Solmon Rothbart Tourgis Slodovnick LLP | 14 Sep 2023 | Factum · 14 Sep 2023 |
| CreditorBank of Nova Scotia | McMillan LLP | 14 Sep 2023 | Factum · 14 Sep 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Bank of Nova Scotia · in 110 casesPer demand dated May 25, 2023; PPSA registration search, no acknowledgement by Receiver of amounts owing or security claimed — debtor: 55 Town Centre Holdings Ltd. · as of 25 May 2023 | $29.3M | Notice and Statement of the Receiver.pdf |
Sale closed — The Transaction closed and the Receiver filed the Receiver's Certificate confirming same; the Bank will suffer a significant shortfall against its secured loan position.Trustee's Preliminary Report dated March 17, 2025.pdf · 17 Mar 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1606555 Ontario Ltd. 1606555 Ontario Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · agreement 31 May 2024 | not stated | Closed8 Nov 2024 | Trustee's Preliminary Report dated March 17,… |
Unsecured creditors: no distribution. Bank of Nova Scotia short.EstimatedTrustee's Preliminary Report dated March 17, 2025.pdf · 17 Mar 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Bank of Nova Scotia | — | shortfall | per the receiver | Trustee's Preliminary Report dated March 17, 2025.pdf · 17 Mar 2025 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Preliminary Report dated March 17, 2025.pdf · 17 Mar 2025 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 engagements · 2 firms — latest: Harrison Pensa LLP, 4 Jan – 16 Jan 2024Motion Record of the Receiver dated January 18, 2024.PDF · 18 Jan 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Grant Thornton LimitedReceiver | 31 Oct 2023 – 4 Jan 2024 | — | — | not stated | Motion Record of the Receiver dated January 18, 2024.PDF · 18 Jan 2024 |
| Harrison Pensa LLPCounsel to the receiver | 4 Jan – 16 Jan 2024 | — | — | ••• | Motion Record of the Receiver dated January 18, 2024.PDF · 18 Jan 2024 |
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
| Date | Document | File |
|---|---|---|
Book of Authorities of the Receiver returnable May 6, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Conway dated May 6, 2025.pdf
| PDF · Subscribers | |
| Factum of the Receiver returnable May 6, 2025.pdf | PDF · Subscribers | |
| Motion Record of the Receiver returnable May 6, 2025.pdf | PDF · Subscribers | |
Order of Justice Conway dated May 6, 2025.pdf
| PDF · Subscribers | |
Trustee's Preliminary Report dated March 17, 2025.pdf
| PDF · Subscribers | |
| Bankruptcy Package to Creditors - February 27, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated February 14, 2025.pdf
| PDF · Subscribers | |
Order to Lift Stay of Justice Cavanagh dated February 14, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated January 8, 2025.pdf
| PDF · Subscribers | |
Factum of the Applicant returnable January 8, 2025.pdf
| PDF · Subscribers | |
Motion Record dated November 15, 2024.pdf
| PDF · Subscribers | |
Amended Approval and Vesting Order of Justice Black dated October 7, 2024.pdf
| PDF · Subscribers | |
Ancillary Order of Justice Black dated October 07, 2024.pdf
| PDF · Subscribers | |
Book of Authorities of the Receiver returnable October 7, 2024.pdf
| PDF · Subscribers | |
Endorsement of Justice Black dated October 07, 2024.pdf
| PDF · Subscribers | |
Factum of the Receiver returnable October 7, 2024.pdf
| PDF · Subscribers | |
| Motion Record of the Receiver returnable October 7, 2024.pdf | PDF · Subscribers | |
Supplemental Motion Record of the Receiver returnable October 7, 2024.pdf
| PDF · Subscribers | |
| Second Report of Receiver dated September 23, 2024.pdf | PDF · Subscribers | |
| Book of Authorities of the Receiver returnable January 29, 2024.PDF | PDF · Subscribers | |
Endorsement of Justice Steele dated January 29, 2024.PDF
| PDF · Subscribers | |
| Factum of the Receiver returnable January 29, 2024.PDF | PDF · Subscribers | |
Order for Sale Process of J. Steele dated January 29, 2024.PDF
| PDF · Subscribers | |
Aide Memoire of the Receiver dated January 26, 2024.PDF
| PDF · Subscribers | |
First Report of the Receiver dated January 18, 2024.pdf
| PDF · Subscribers | |
Motion Record of the Receiver dated January 18, 2024.PDF
| PDF · Subscribers | |
| Service List as of November 24, 2023.docx | PDF · Subscribers | |
Notice and Statement of the Receiver.pdf
| PDF · Subscribers | |
Endorsement of Justice Steele dated November 6, 2023.pdf
| PDF · Subscribers | |
Order Appointing Receiver from Justice Steele dated November 6, 2023.pdf
| PDF · Subscribers | |
Second Supplementary Application Record of the Applicant returnable November 3, 2023.pdf
| PDF · Subscribers | |
| Alleghe's Responding Application Record dated Nov 2, 2023.pdf | PDF · Subscribers | |
Factum of the Applicant returnable September 14, 2023.pdf
| PDF · Subscribers | |
Factum of the Respondents returnable September 14, 2023.pdf
| PDF · Subscribers | |
Supplementary Factum of the Applicant returnable September 14, 2023.pdf
| PDF · Subscribers | |
| Second Supplementary Responding Record of the respondent dated September 12, 2023.pdf | PDF · Subscribers | |
| Supplementary Responding Record of the Respondent dated September 12, 2023.pdf | PDF · Subscribers | |
| Responding Record of the Respondent dated July 26, 2023.pdf | PDF · Subscribers | |
| Supplementary Application Record of the Applicant dated July 24, 2023.pdf | PDF · Subscribers | |
Application Record of the Applicant Appointing of Receiver dated June 30, 2023.pdf
| 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., “55 Town Centre Holdings Ltd.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 21 September 2026, https://proceedings.ca/case/55-town-centre-holdings-ltd