55 Town Centre Holdings Ltd.
- 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
- Industry
- Real estate · Rental & income property
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.
Motion Record of the Receiver returnable May 6, 2025.pdf — Application / notice of application
The court granted an approval and vesting order for the sale to 1606555 Ontario Ltd. 1606555 Ontario Inc. Closing terms, as extracted: Vesting occurs upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction/waiver of closing conditions.
Source: Amended Approval and Vesting Order of Justice Black dated October 7, 2024.pdf
Supplemental Motion Record of the Receiver returnable October 7, 2024.pdf — Application / notice of application
Motion Record of the Receiver returnable October 7, 2024.pdf — Application / notice of application
The court approved a sale and investment solicitation process.
Source: Order for Sale Process of J. Steele dated January 29, 2024.PDF
Motion Record of the Receiver dated January 18, 2024.PDF — Application / notice of application
The court granted the receivership order on November 6, 2023, appointing Grant Thornton Limited receiver and manager of 55 Town Centre Holdings Ltd.
Source: Order Appointing Receiver from Justice Steele dated November 6, 2023.pdf
Alleghe's Responding Application Record dated Nov 2, 2023.pdf — Application / notice of application
Second Supplementary Application Record of the Applicant returnable November 3, 2023.pdf — Application / notice of application
Second Supplementary Responding Record of the respondent dated September 12, 2023.pdf — Response / objection pleading
Supplementary Responding Record of the Respondent dated September 12, 2023.pdf — Response / objection pleading
Supplementary Application Record of the Applicant dated July 24, 2023.pdf — Application / notice of application
The Bank of Nova Scotia issued its Notice of Application seeking the appointment of a receiver over 55 Town Centre Holdings Ltd.
Source: Application Record of the Applicant Appointing of Receiver dated June 30, 2023.pdf
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 | 245 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Jan 2025 – Feb 2025 | 318 cases on record |
| Justice Black | Ontario Superior Court of Justice | 3 orders, Oct 2024 | 198 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, May 2025 | 310 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 · 1 Nov 2023 |
| Debtor55 Town Centre Holdings Ltd. | Solmon Rothbart Tourgis Slodovnick LLP | 14 Sep 2023 | Factum · 13 Sep 2023 |
| CreditorBank of Nova Scotia | McMillan LLP | 14 Sep 2023 | Factum · 12 Sep 2023 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Bank of Nova Scotia · in 115 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 |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
32 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale 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 |
1 blurred figure above
What each firm billed — each as the filing states it, with its source.
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See all plansAs at ·
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justice Conway dated May 6, 2025.pdf
| PDF · Subscribers | |
Order of Justice Conway dated May 6, 2025.pdf
| PDF · Subscribers | |
Book of Authorities of the Receiver returnable 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 | |
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 | |
Endorsement of Justice Black dated October 07, 2024.pdf
| PDF · Subscribers | |
Supplemental Motion Record of the Receiver returnable October 7, 2024.pdf
| PDF · Subscribers | |
Book of Authorities of the Receiver returnable October 7, 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 | |
| Second Report of Receiver dated September 23, 2024.pdf | PDF · Subscribers | |
Endorsement of Justice Steele dated 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 | |
| Book of Authorities of the Receiver returnable January 29, 2024.PDF | PDF · Subscribers | |
| Factum of the Receiver returnable January 29, 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 | |
| Alleghe's Responding Application Record dated Nov 2, 2023.pdf | PDF · Subscribers | |
Second Supplementary Application Record of the Applicant returnable November 3, 2023.pdf
| PDF · Subscribers | |
Supplementary Factum of the Applicant returnable September 14, 2023.pdf
| PDF · Subscribers | |
Factum of the Respondents returnable September 14, 2023.pdf
| PDF · Subscribers | |
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 5 November 2026, https://proceedings.ca/case/55-town-centre-holdings-ltd