7 Maple Avenue and 161 Beckwith Street North, Smiths Falls, Ontario
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00740748-00CL
- Industry
- Real estate · Residential development
Hammer & Nails Developments Ltd., through its Maple Street and Beckwith Street entities, has been under court-appointed receivership since May 16, 2025 in respect of 7 Maple Avenue and 161 Beckwith Street North, Smith Falls, Ontario. First Source Financial Management Inc. and First Source Mortgage Corporation, holding a first-ranking charge on the Maple property and a second-ranking charge on Beckwith, put loan indebtedness at $11,892,760.64 as at March 20, 2025, plus $5,000 in legal costs and per diem interest of $5,476.56 to March 31, 2025, rising to $5,622.60 daily from April 1, 2025; the Maple loan matured unpaid on February 8, 2025, triggering cross-default across all First Source security. Caisse Desjardins Ontario Credit Union Inc. ranks first on Beckwith, at $4,601,153.25 as at June 29, 2026 plus $533.57 per diem, and proceeds of the Beckwith transaction will not repay it in full. Four construction liens are registered against the Maple property.
The court granted an approval and vesting order for the sale to Jingjing Gao and Jianquan Yang. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction/waiver of closing conditions.
7 Maple Avenue and 161 Beckwith Street North, Smith Falls, Ontario — Receivership filed, Ontario.
Outcome brief
Hammer & Nails: Beckwith's sale is approved, and Maple's offers fell short
On July 24, Justice Steele approved the sale of the 16-unit Beckwith building in Smiths Falls at a sealed price the receiver says will not repay Desjardins in full or leave anything for First Source. Offers for the Maple building fell short of its secured debt, and the receiver is repositioning it before a sale.
Debtor
7 Maple Avenue and 161 Beckwith Street North, Smiths Falls, Ontario
Applicant
First Source Financial Management Inc. et al.
Receiver
TDB Restructuring
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jul 2026 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverTDB Restructuring | Robins Appleby LLP | 22 Jul 2026 | Factum · 22 Jul 2026 |
| ApplicantFirst Source Financial Management Inc. et al. | Robins Appleby LLP | 16 May 2025 | Service list · 29 Jun 2026 |
| CreditorFarley, Smith & Denis Surveying Ltd | Vincent Ronald MacDonell | 26 Aug 2026 | Service list · 26 Aug 2026 |
| CreditorGuarantors, Hammer & Nails Developments Ltd | Arjomandi Law Previously Howard Kelford & DuBois LLP (last seen 29 Jun 2026) | 29 Jun 2026 | Service list · 26 Aug 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | First Source Financial Management Inc. / First Source Mortgage CorporationFirst-ranking Charge/Mortgage of Land on Maple Property (Instrument No. LC235577, registered 2022-03-17, as amended); second-ranking Charge/Mortgage of Land on Beckwith Property (Instrument No. LC263057, registered 2024-09-25, registered principal $13,326,300); General Security Agreements (Borrower and Guarantors); Assignment of Rents (Instruments LC235578, LC263058); Negative Pledges; Guarantee and Postponement of Claim from Dylan James Sliter and Patrick Barry Lane Linnen; PPSA registrations against Borrower, Beckwith and Guarantors — Discharge Statement/Demand dated March 21, 2025 states in · as of 20 Mar 2025 | $11.9M | Application Record dated April 21, 2025 |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
7 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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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.
2 transactions · 1 not completed · 1 approved — the Receiver requests a limited amendment to the AVO to expressly identify the Corporate Purchaser as purchaser so the transaction can be registeredAide Memoir of the Receiver dated August 5, 2026 · 5 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Jingjing Gao and Jianquan YangBeckwith Street's right, title and interest in and to the Purchased Assets (as defined in the Sale Agreement, and including the Beckwith Property) · real property · nominee/assignee: permitted assignee or nominee · agreement 9 Jun 2026 | Subscribers | Not completed | Approval and Vesting Order dated July 24, 2026 |
| 161 Beckwith Holding Inc.the Beckwith Property · real property · agreement 9 Jun 2026 | not stated | Approved | Aide Memoir of the Receiver dated August 5, 2026 |
Caisse Desjardins Ontario Credit Union Inc.: a distribution.EstimatedFirst Report of the Receiver · 17 Jul 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Caisse Desjardins Ontario Credit Union Inc. | — | a distributioninterim | Estimatedper the receiver | First Report of the Receiver · 17 Jul 2026 |
| Secured | First Source | — | no distribution | per the receiver | Motion Record of the Receiver · 17 Jul 2026 |
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.
| Date | Document | File |
|---|---|---|
Service List dated August 26, 2026
| PDF · Subscribers | |
Aide Memoir of the Receiver dated August 5, 2026
| PDF · Subscribers | |
Ancillary Relief Order dated July 24, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated July 24, 2026
| PDF · Subscribers | |
Factum of the Receiver dated July 22, 2026
| PDF · Subscribers | |
First Report of the Receiver dated July 17, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated July 17, 2026
| PDF · Subscribers | |
Service List dated June 29, 2026
| PDF · Subscribers | |
Appointment Order dated May 16, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Osborne dated May 16, 2025
| PDF · Subscribers | |
Application Record dated April 21, 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., “7 Maple Avenue and 161 Beckwith Street North, Smiths Falls, Ontario” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/7-maple-avenue-and-161-beckwith-street-north-smith-falls-ontario